{
"documentInfo": {
"documentType": "https://xbrl.org/2021/xbrl-json",
"features": {
"xbrl:canonicalValues": true
},
"namespaces": {
"ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full",
"iso4217": "http://www.xbrl.org/2003/iso4217",
"pre": "http://pensana.co.uk/20230630",
"scheme": "http://standards.iso.org/iso/17442",
"xbrl": "https://xbrl.org/2021",
"xbrli": "http://www.xbrl.org/2003/instance"
},
"taxonomy": [
"http://pensana.co.uk/xbrl/2023/213800H4QP6T9499RU64-2023-06-30.xsd"
]
},
"facts": {
"f8761": {
"value": "5375576",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:AdministrativeExpense",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8763": {
"value": "8787109",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:AdministrativeExpense",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8767": {
"value": "308260",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ImpairmentLossOnFinancialAssets",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8769": {
"value": "669470",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ImpairmentLossOnFinancialAssets",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8772": {
"value": "1381041",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8774": {
"value": "-2255471",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8777": {
"value": "-4302795",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8779": {
"value": "-11712050",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8782": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8784": {
"value": "28",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8787": {
"value": "28",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8789": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8792": {
"value": "-4302823",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8794": {
"value": "-11712022",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8798": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8800": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8803": {
"value": "-4302823",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8805": {
"value": "-11712022",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8811": {
"value": "-886297",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8813": {
"value": "265581",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8816": {
"value": "-5189120",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8818": {
"value": "-11446441",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8822": {
"value": "-4302823",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8824": {
"value": "-11712022",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8828": {
"value": "-5189120",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8830": {
"value": "-11446441",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8835": {
"value": "-0.0169",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f8837": {
"value": "-0.0511",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f8841": {
"value": "-0.0169",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f8843": {
"value": "-0.0511",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f8886": {
"value": "45594650",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8888": {
"value": "31277770",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8890": {
"value": "18507768",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-02T00:00:00",
"unit": "iso4217:USD"
}
},
"f8894": {
"value": "13820318",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8896": {
"value": "5417432",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8898": {
"value": "132040",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-02T00:00:00",
"unit": "iso4217:USD"
}
},
"f8901": {
"value": "59414968",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8903": {
"value": "36695202",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8905": {
"value": "18639808",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-02T00:00:00",
"unit": "iso4217:USD"
}
},
"f8910": {
"value": "9695491",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8912": {
"value": "2930162",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8914": {
"value": "16787591",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-02T00:00:00",
"unit": "iso4217:USD"
}
},
"f8918": {
"value": "2515234",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherReceivables",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8920": {
"value": "2400011",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherReceivables",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8922": {
"value": "5370007",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherReceivables",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-02T00:00:00",
"unit": "iso4217:USD"
}
},
"f8925": {
"value": "12210725",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8927": {
"value": "5330173",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8929": {
"value": "22157598",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-02T00:00:00",
"unit": "iso4217:USD"
}
},
"f8932": {
"value": "71625693",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8934": {
"value": "42025375",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8936": {
"value": "40797406",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-02T00:00:00",
"unit": "iso4217:USD"
}
},
"f8942": {
"value": "14865091",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherPayables",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8944": {
"value": "3646386",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherPayables",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8946": {
"value": "4628772",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherPayables",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-02T00:00:00",
"unit": "iso4217:USD"
}
},
"f8949": {
"value": "14865091",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8951": {
"value": "3646386",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8953": {
"value": "4628772",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-02T00:00:00",
"unit": "iso4217:USD"
}
},
"f8956": {
"value": "14865091",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Liabilities",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8958": {
"value": "3646386",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Liabilities",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8960": {
"value": "4628772",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Liabilities",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-02T00:00:00",
"unit": "iso4217:USD"
}
},
"f8963": {
"value": "56760602",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:NetAssetsLiabilities",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8965": {
"value": "38378989",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:NetAssetsLiabilities",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8967": {
"value": "36168634",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:NetAssetsLiabilities",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-02T00:00:00",
"unit": "iso4217:USD"
}
},
"f8972": {
"value": "356898",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8974": {
"value": "295425",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8976": {
"value": "279398",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-02T00:00:00",
"unit": "iso4217:USD"
}
},
"f8980": {
"value": "70826007",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8982": {
"value": "47043782",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8984": {
"value": "34195957",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-02T00:00:00",
"unit": "iso4217:USD"
}
},
"f8988": {
"value": "46522193",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:OtherReserves",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8990": {
"value": "47681455",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:OtherReserves",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8992": {
"value": "51534520",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:OtherReserves",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-02T00:00:00",
"unit": "iso4217:USD"
}
},
"f8996": {
"value": "-60944496",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f8998": {
"value": "-56641673",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9000": {
"value": "-49841241",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-02T00:00:00",
"unit": "iso4217:USD"
}
},
"f9003": {
"value": "56760602",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9005": {
"value": "38378989",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9007": {
"value": "39168634",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-02T00:00:00",
"unit": "iso4217:USD"
}
},
"f9018": {
"value": "The \ufb01nancial statements were approved by the board of directors and authorised for issue on 30 October 2023 and are signed on its behalf by:
\nSteven Sharpe
\nChairman of the audit and risk committee",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f9052": {
"value": "279398",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f9054": {
"value": "34195957",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f9056": {
"value": "-49841241",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f9060": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f9062": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f9064": {
"value": "-11712022",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f9068": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f9070": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f9072": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f9076": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f9078": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f9080": {
"value": "-11712022",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f9083": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "pre:VestingAndLapsesOfHistoricalPerformanceRightsAndOptions",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f9085": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "pre:VestingAndLapsesOfHistoricalPerformanceRightsAndOptions",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f9087": {
"value": "4911590",
"decimals": 0,
"dimensions": {
"concept": "pre:VestingAndLapsesOfHistoricalPerformanceRightsAndOptions",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f9092": {
"value": "15012",
"decimals": 0,
"dimensions": {
"concept": "pre:IssueOfShares",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f9094": {
"value": "13176014",
"decimals": 0,
"dimensions": {
"concept": "pre:IssueOfShares",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f9096": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "pre:IssueOfShares",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f9099": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f9101": {
"value": "410887",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f9103": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f9108": {
"value": "1015",
"decimals": 0,
"dimensions": {
"concept": "pre:IssueOfSharesConversionOfPerformanceRights",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f9110": {
"value": "82698",
"decimals": 0,
"dimensions": {
"concept": "pre:IssueOfSharesConversionOfPerformanceRights",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f9112": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "pre:IssueOfSharesConversionOfPerformanceRights",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f9115": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f9117": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f9119": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f9122": {
"value": "295425",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f9124": {
"value": "47043782",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f9126": {
"value": "-56641673",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f9129": {
"value": "295425",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f9131": {
"value": "47043782",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f9133": {
"value": "-56641673",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f9136": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f9138": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f9140": {
"value": "-4302823",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f9143": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f9145": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f9147": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f9150": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f9152": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f9154": {
"value": "-4302823",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f9159": {
"value": "61473",
"decimals": 0,
"dimensions": {
"concept": "pre:IssueOfShares",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f9161": {
"value": "24143839",
"decimals": 0,
"dimensions": {
"concept": "pre:IssueOfShares",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f9163": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "pre:IssueOfShares",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f9166": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f9168": {
"value": "361614",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f9170": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f9173": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f9175": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f9177": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f9180": {
"value": "356898",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f9182": {
"value": "70826007",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f9184": {
"value": "-60944496",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f9225": {
"value": "45748045",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember",
"unit": "iso4217:USD"
}
},
"f9227": {
"value": "422678",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f9229": {
"value": "5863797",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember",
"unit": "iso4217:USD"
}
},
"f9231": {
"value": "-500000",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "pre:EquityReservesMember",
"unit": "iso4217:USD"
}
},
"f9233": {
"value": "36168634",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9235": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember",
"unit": "iso4217:USD"
}
},
"f9237": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f9239": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember",
"unit": "iso4217:USD"
}
},
"f9241": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "pre:EquityReservesMember",
"unit": "iso4217:USD"
}
},
"f9243": {
"value": "-11712022",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9245": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember",
"unit": "iso4217:USD"
}
},
"f9247": {
"value": "265581",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f9249": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember",
"unit": "iso4217:USD"
}
},
"f9251": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "pre:EquityReservesMember",
"unit": "iso4217:USD"
}
},
"f9253": {
"value": "265581",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9255": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember",
"unit": "iso4217:USD"
}
},
"f9257": {
"value": "265581",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f9259": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember",
"unit": "iso4217:USD"
}
},
"f9261": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "pre:EquityReservesMember",
"unit": "iso4217:USD"
}
},
"f9263": {
"value": "-11446441",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9265": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "pre:VestingAndLapsesOfHistoricalPerformanceRightsAndOptions",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember",
"unit": "iso4217:USD"
}
},
"f9267": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "pre:VestingAndLapsesOfHistoricalPerformanceRightsAndOptions",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f9269": {
"value": "-4911590",
"decimals": 0,
"dimensions": {
"concept": "pre:VestingAndLapsesOfHistoricalPerformanceRightsAndOptions",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember",
"unit": "iso4217:USD"
}
},
"f9271": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "pre:VestingAndLapsesOfHistoricalPerformanceRightsAndOptions",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "pre:EquityReservesMember",
"unit": "iso4217:USD"
}
},
"f9273": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "pre:VestingAndLapsesOfHistoricalPerformanceRightsAndOptions",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9275": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "pre:IssueOfShares",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember",
"unit": "iso4217:USD"
}
},
"f9277": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "pre:IssueOfShares",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f9279": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "pre:IssueOfShares",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember",
"unit": "iso4217:USD"
}
},
"f9281": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "pre:IssueOfShares",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "pre:EquityReservesMember",
"unit": "iso4217:USD"
}
},
"f9283": {
"value": "13191026",
"decimals": 0,
"dimensions": {
"concept": "pre:IssueOfShares",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9285": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember",
"unit": "iso4217:USD"
}
},
"f9287": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f9289": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember",
"unit": "iso4217:USD"
}
},
"f9291": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "pre:EquityReservesMember",
"unit": "iso4217:USD"
}
},
"f9293": {
"value": "410887",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9295": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "pre:IssueOfSharesConversionOfPerformanceRights",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember",
"unit": "iso4217:USD"
}
},
"f9297": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "pre:IssueOfSharesConversionOfPerformanceRights",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f9299": {
"value": "-83713",
"decimals": 0,
"dimensions": {
"concept": "pre:IssueOfSharesConversionOfPerformanceRights",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember",
"unit": "iso4217:USD"
}
},
"f9301": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "pre:IssueOfSharesConversionOfPerformanceRights",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "pre:EquityReservesMember",
"unit": "iso4217:USD"
}
},
"f9303": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "pre:IssueOfSharesConversionOfPerformanceRights",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9305": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember",
"unit": "iso4217:USD"
}
},
"f9307": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f9309": {
"value": "876657",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember",
"unit": "iso4217:USD"
}
},
"f9311": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "pre:EquityReservesMember",
"unit": "iso4217:USD"
}
},
"f9313": {
"value": "876657",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9315": {
"value": "45748045",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember",
"unit": "iso4217:USD"
}
},
"f9317": {
"value": "688259",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f9319": {
"value": "1745151",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember",
"unit": "iso4217:USD"
}
},
"f9321": {
"value": "-500000",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "pre:EquityReservesMember",
"unit": "iso4217:USD"
}
},
"f9323": {
"value": "38378989",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9325": {
"value": "45748045",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember",
"unit": "iso4217:USD"
}
},
"f9327": {
"value": "688259",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f9329": {
"value": "1745151",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember",
"unit": "iso4217:USD"
}
},
"f9331": {
"value": "-500000",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "pre:EquityReservesMember",
"unit": "iso4217:USD"
}
},
"f9333": {
"value": "38378989",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9335": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember",
"unit": "iso4217:USD"
}
},
"f9337": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f9339": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember",
"unit": "iso4217:USD"
}
},
"f9341": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "pre:EquityReservesMember",
"unit": "iso4217:USD"
}
},
"f9343": {
"value": "-4302823",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9345": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember",
"unit": "iso4217:USD"
}
},
"f9347": {
"value": "-886297",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f9349": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember",
"unit": "iso4217:USD"
}
},
"f9351": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "pre:EquityReservesMember",
"unit": "iso4217:USD"
}
},
"f9353": {
"value": "-886297",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9355": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember",
"unit": "iso4217:USD"
}
},
"f9357": {
"value": "-886297",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f9359": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember",
"unit": "iso4217:USD"
}
},
"f9361": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "pre:EquityReservesMember",
"unit": "iso4217:USD"
}
},
"f9363": {
"value": "-5189120",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9365": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "pre:IssueOfShares",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember",
"unit": "iso4217:USD"
}
},
"f9367": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "pre:IssueOfShares",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f9369": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "pre:IssueOfShares",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember",
"unit": "iso4217:USD"
}
},
"f9371": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "pre:IssueOfShares",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "pre:EquityReservesMember",
"unit": "iso4217:USD"
}
},
"f9373": {
"value": "24205312",
"decimals": 0,
"dimensions": {
"concept": "pre:IssueOfShares",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9375": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember",
"unit": "iso4217:USD"
}
},
"f9377": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f9379": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember",
"unit": "iso4217:USD"
}
},
"f9381": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "pre:EquityReservesMember",
"unit": "iso4217:USD"
}
},
"f9383": {
"value": "361614",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9385": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember",
"unit": "iso4217:USD"
}
},
"f9387": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f9389": {
"value": "-272965",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember",
"unit": "iso4217:USD"
}
},
"f9391": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "pre:EquityReservesMember",
"unit": "iso4217:USD"
}
},
"f9393": {
"value": "-272965",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9395": {
"value": "45748045",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember",
"unit": "iso4217:USD"
}
},
"f9397": {
"value": "-198038",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"f9399": {
"value": "1472186",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember",
"unit": "iso4217:USD"
}
},
"f9401": {
"value": "-500000",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "pre:EquityReservesMember",
"unit": "iso4217:USD"
}
},
"f9403": {
"value": "56760602",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9429": {
"value": "-5753905",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperations",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9431": {
"value": "-7948231",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperations",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9434": {
"value": "-5753905",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9436": {
"value": "-7948231",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9440": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9442": {
"value": "28",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9445": {
"value": "2411677",
"decimals": 0,
"dimensions": {
"concept": "pre:RAndDTaxCredit",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9447": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "pre:RAndDTaxCredit",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9451": {
"value": "13990532",
"decimals": 0,
"dimensions": {
"concept": "pre:PaymentsForPropertyPlantAndEquipmentAndIntangiblesClassifiedAsInvestingActivities",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9453": {
"value": "20846747",
"decimals": 0,
"dimensions": {
"concept": "pre:PaymentsForPropertyPlantAndEquipmentAndIntangiblesClassifiedAsInvestingActivities",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9456": {
"value": "-11578855",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9458": {
"value": "-20846719",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9462": {
"value": "-28",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9464": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9467": {
"value": "24265820",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ProceedsFromIssuingOtherEquityInstruments",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9469": {
"value": "16780204",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ProceedsFromIssuingOtherEquityInstruments",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9472": {
"value": "361614",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:PaymentsForShareIssueCosts",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9474": {
"value": "410887",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:PaymentsForShareIssueCosts",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9477": {
"value": "23904234",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9479": {
"value": "16369317",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9482": {
"value": "6571474",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9484": {
"value": "-12425633",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9487": {
"value": "2930162",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9489": {
"value": "16787591",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9492": {
"value": "193855",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9494": {
"value": "-1431796",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9498": {
"value": "9695491",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9500": {
"value": "2930162",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f9523": {
"value": "1. GENERAL INFORMATION
\nThe consolidated \ufb01nancial statements present the \ufb01nancial information of Pensana Plc and its subsidiaries (collectively, the
\ngroup) for the year ended 30 June 2023 in United States dollars (US$). Pensana Plc (the company or the parent) is a public
\ncompany limited by shares listed on the Main Market of the London Stock Exchange (LSE) and incorporated in England
\nand Wales on 13 September 2019. The registered of\ufb01ce is located at 107 Cheapside, Second Floor, London, EC2V 6DN,
\nUnited Kingdom.
\nThe company is focused on the establishment of an integrated rare earth processing facility in the UK with a view to creating
\nthe world\u2019s \ufb01rst sustainable magnet metal supply chain. Initial feedstock will be shipped as a clean, high-purity mixed rare earth
\nsulphate from the company\u2019s Longonjo low-impact mine in Angola.
\nIn early 2020, Pensana Metals Limited redomiciled the group to the UK pursuant to a scheme of arrangement in which Pensana
\nMetals Limited became a wholly owned subsidiary of Pensana Plc. Prior to the transaction, the company was incorporated on
\n13 September 2019 and was a wholly owned subsidiary of Pensana Metals Limited.
\nThe board of Pensana resolved to restructure the group to remove redundant holding companies and streamline the group
\nstructure. As part of this restructuring process, the shares in the wholly owned subsidiaries, Sable Minerals GmbH and Sable
\nRare Earths GmbH, were acquired directly by Pensana Rare Earths Plc and it is anticipated that additional dormant entities in
\nTanzania and Australia will be liquidated in due course.
\n2.
NEW ACCOUNTING STANDARDS AND INTERPRETATIONS
\nChanges in accounting policies and disclosures
\nFrom 1 July 2022, the group has adopted the following standards and interpretations, mandatory for annual periods beginning
\non or after 1 January 2022:
\nStandard
Description
Effective date
\nImprovements to IFRS
Annual Improvements to IFRS: 2018 \u2013 2020 Cycle
1 January 2022
\nAmendments to IFRS 3
Conceptual Framework for Financial Reporting
\n(Amendments to IFRS 3)
\n1 January 2022
\nAmendments to IAS 37
Amendments to IAS 37
Provisions, Contingent Liabilities
\nand Contingent Assets
(Amendment \u2013 Onerous
\nContracts \u2013 Cost of Ful\ufb01lling a Contract)
\n1 January 2022
\nAmendments to IAS 16
Amendments to IAS 16
Property, Plant and Equipment
\n(Amendment \u2013 Proceeds before Intended Use)
\n1 January 2022
\nThe application of these standards has not had a material impact on the \ufb01nancial statements.
\n\u00a0
\u00a0
\u00a0
continued
\n
\n
\nAccounting standards and interpretations issued but not yet effective
\nThe group has elected not to early adopt the following revised and amended standards:
\nStandard
Description
Effective date
\nAmendment to IAS 1 and IFRS
\nPractice Statement 2
\nDisclosure of Accounting Policies \u2013
Amendments to
\nIAS\u00a01 and IFRS Practice Statement 2
\n1 January 2023
\nAmendment to IAS 8
IAS 8
Accounting Policies, Changes in Accounting
\nEstimates and Errors
(Amendment \u2013 De\ufb01nition of
\nAccounting Estimates)
\n1 January 2023
\nAmendment to IAS 12
IAS 12
Income Taxes
(Amendment \u2013 Deferred Tax
\nrelated to Assets and Liabilities arising from a Single
\nTransaction)
\n1 January 2023
\nIFRS 17
\n1
\nIFRS 17
Insurance Contracts
1 January 2023
\nAmendments to IAS 12
\n1
\nInternational Tax Reform \u2014 Pillar Two Model Rules \u2013
\nAmendments to IAS 12
\n1 January 2023 (subject to
\nUK endorsement)
\nAmendments to IAS 1
\n1
\nNon-current liabilities with covenants \u2013
\nAmendments to IAS 1
\n1 January 2024
\nAmendments to IFRS 16
\n1
\nLease liability in sale and leaseback \u2013
\nAmendments to IFRS 16
\n1 January 2024
\n1
\nNot yet endorsed by the European Union.
\nManagement has reviewed and considered these new standards and interpretations and none of these are expected to have a
\nmaterial effect on the reported results or \ufb01nancial position of the group.
\n3.
SIGNIFICANT ACCOUNTING POLICIES
\nAND GOING CONCERN
\nBasis of preparation
\nThe consolidated \ufb01nancial statements of the company
\nare prepared in accordance with UK-adopted
\ninternational accounting standards. The parent company
\n\ufb01nancial statements have been properly prepared in
\naccordance with UK-adopted international accounting
\nstandards and as applied in accordance with the
\nprovisions of the Companies Act 2006.
\nThe company was incorporated on 13 September 2019
\nas a wholly owned subsidiary of Pensana Metals Limited.
\nThe company subsequently acquired 100% of the share
\ncapital of Pensana Metals Limited and its subsidiary
\ncompanies for the effective issuance of 152,973,315
\nshares to the shareholders of Pensana Metals Limited
\nfurther to the scheme of arrangement approved on
\n22 January 2020 and completed on 5 February 2020.
\nThe shares issued to the former shareholders of Pensana
\nMetals Limited comprised 50,000,000 shares with
\na nominal value of \u00a30.001 per share subscribed for
\nincorporation of the company by Pensana Metals Limited
\nwhich were transferred to CHESS Depositary Nominees
\nProprietary Limited (a subsidiary of the Australian
\nSecurities Exchange (ASX)) for use in the scheme of
\narrangement and 102,973,314 shares with a nominal
\nvalue of \u00a30.001 per share additionally issued by the
\ncompany to CHESS Depositary Nominees Proprietary
\nLimited for use in the scheme of arrangement. CHESS
\nDepositary Nominees Proprietary Limited subsequently
\nissued CHESS Depositary Instruments in proportion
\nto the interests the former shareholders of Pensana
\nMetals held in that company for trading on the ASX
\nwith 152,973,315 CHESS Depositary Instruments
\nissued for trading. The transaction represented a group
\nreconstruction and common control transaction.
\nThe accounting for common control transactions is
\nscoped out of IFRS 3 and, accordingly, the group has
\ndeveloped an accounting policy with reference to methods
\napplied in alternative generally accepted accounting
\nprinciples (GAAPs). Consequently, the consolidated
\n\ufb01nancial statements are presented as if the company has
\nalways been the holding company for the group, and the
\ngroup has elected to apply merger accounting principles.
\nUnder this policy, the company and its subsidiaries are
\ntreated as if they had always been a group.
\nThe results are included from the date the subsidiaries
\njoined the group and the comparatives re\ufb02ect the
\nresults of the company and its subsidiaries. No fair value
\nadjustments were made as a result of the transaction,
\nand the assets and liabilities are incorporated at their
\npredecessor carrying values.
\n\u00a0
\u00a0
\u00a0
\u00a0
The principal accounting policies adopted by the group
\nin the preparation of the \ufb01nancial statements are set
\nout\u00a0below.
\nThe policies have been consistently applied to all the
\nyears presented, unless otherwise stated.
\nThe consolidated \ufb01nancial statements are presented in
\nUnited States dollars (US$) rounded to the nearest dollar.
\nBasis of measurement
\nThe consolidated \ufb01nancial statements have been
\nprepared on the basis of historical cost, adjusted for the
\ntreatment of certain \ufb01nancial instruments, as explained
\nin the accounting policies below. Historical cost is
\ngenerally based on the fair values of the consideration
\ngiven in exchange for goods and services. Fair value is
\nthe price that would be received to sell an asset or paid
\nto transfer a liability in an orderly transaction between
\nmarket participants at the measurement date, regardless
\nof whether that price is directly observable or estimated
\nusing another valuation technique. In estimating the
\nfair value of an asset or a liability, the group takes into
\naccount the characteristics of the asset or liability if
\nmarket participants would take those characteristics
\ninto account when pricing the asset or liability at the
\nmeasurement date.
\nIn addition, for \ufb01nancial reporting purposes, fair value
\nmeasurements are categorised into Level 1, 2 or 3
\nbased on the degree to which the inputs to the fair value
\nmeasurements are observable and the signi\ufb01cance of the
\ninputs to the fair value measurement in its entirety, which
\nare described as follows:
\n\u2022
Level 1 inputs are quoted prices (unadjusted) in active
\nmarkets for identical assets or liabilities that the entity
\ncan access at the measurement date;
\n\u2022
Level 2 inputs are inputs, other than quoted prices
\nincluded within Level 1, that are observable for the
\nasset or liability, either directly or indirectly; and
\n\u2022
Level 3 inputs are unobservable inputs for the asset
\nor liability.
\nGoing concern
\nThe group \ufb01nancial statements and parent company
\n\ufb01nancial statements have been prepared on a going
\nconcern basis with the directors of the opinion that the
\ngroup and parent company will be able to meet their
\nobligations as and when they fall due.
\nAs at 30 June 2023, the group has a net asset position
\nof US$56,760,601 (2022: US$38,378,989), net current
\nliabilities of US$2,654,366 (2022: US$1,683,7871 net
\ncurrent assets), had incurred a net loss after income tax of
\nUS$4,302,823 (2022: US$11,712,0221) and experienced
\ncumulative net cash out\ufb02ows from operating and investing
\nactivities of US$17,332,760 (2022:\u00a0US$28,794,950).
\nCash and cash equivalents totalled US$9,695,491
\n(2022:\u00a0US$2,930,162) at the year-end.
\nThe directors have prepared a cash \ufb02ow forecast for the
\nperiod ending 31 March 2025.
\nOn the Saltend Project, the UK DBT has offered Pensana
\na conditional grant of up to \u00a34,000,000 towards the
\nfunding which is anticipated to be received in Q4 FY2024
\nand forms part of the forecast.
\nIn Angola, the group has secured a US$15 million loan
\nfacility secured over the indirect shareholding in the group\u2019s
\nAngolan subsidiary which matures in February\u00a02024 from
\nFSDEA which is available to meet operating cash \ufb02ow
\nrequirements and progress the Longonjo Project in the
\nnear term. The parent company is well advanced in its
\nmain \ufb01nancing workstreams on the Longonjo Project and
\nis aiming to complete the main \ufb01nancing in Q1 2024 which
\nwould enable settlement of the FSDEA facility and provide
\nfunds for the wider project development.
\nThe forecast indicates that funding is required to settle
\nexisting project-related contractor balances in the UK
\nand to also provide working capital. Continuing support
\nof these contractors will be required until the group has
\nsecured this required funding and then remain as the
\ngroup subsequently moves towards main \ufb01nancing in the
\nnormal course of project development.
\nThe board notes that, in addition to the funding
\nrequirement for the UK operations, additional funding will
\nalso be required during the period to maintain liquidity
\nin the event that the grant funding is delayed, or the
\nconditions are not met. Additionally, the group would
\nneed to re\ufb01nance the FSDEA facility in the event the main
\n\ufb01nancing is not complete by the maturity date of the
\nFSDEA loan. Given the support provided by the Angolan
\nGovernment for the Longonjo Project, the directors
\nanticipate such a re\ufb01nancing being made available to
\nthe\u00a0group.
\nIn assessing the going concern basis of preparation, the
\ndirectors have also considered supply chain challenges,
\nin\ufb02ation, the availability of funding and its impact on the
\nprogression of the Longonjo Project in Angola and the
\nSaltend Project in the UK. Similarly, the directors have also
\nconsidered the impact of the ongoing Russia-Ukraine and
\nIsrael-Gaza wars as it relates to costs and the potential
\nvolatility in the debt and equity markets.
\nThe directors have continued to actively engage with
\ninstitutional investors and \ufb01nancing institutions in the
\nUK, Europe and Africa to discuss opportunities around
\npotential future \ufb01nancing in anticipation of a \ufb01nal
\ninvestment decision being taken to initiate main project
\ndevelopment. Such additional funding will be required to
\nmeet the group\u2019s committed and planned development
\nexpenditure across the forthcoming year. The ability of
\nthe parent company and group to continue as a going
\nconcern is dependent on securing such additional funding.
\n\u00a0
\u00a0
\u00a0
\n
\n
\n
\n
\nAs noted earlier, on the Saltend Project, the UK DBT has
\noffered Pensana a conditional grant of up to \u00a34,000,000
\ntowards the funding; engagement continues at the highest
\nlevel within the UK government and the UK Infrastructure
\nBank and bond \ufb01nanciers, which is coupled with strategic
\nengagement with offtake partners. Despite the current
\nturbulence in the world\u2019s \ufb01nancial markets, the directors
\nhave received positive interest from several key sectors
\nacross the rare earth supply chain and are con\ufb01dent of
\nunlocking the Saltend main \ufb01nancing by mid-2024 in
\ncollaboration with these key industry players.
\nDespite the ongoing engagements, the directors note that
\nthe required funding outlined above has not been secured
\nat the date of approval of these \ufb01nancial statements and
\nthe availability of such funding on terms that would be
\nacceptable is not guaranteed. Similarly, the grant from
\nthe UK DBT remains conditional and is dependent on
\nprogression of the main \ufb01nancing, while settlement of the
\nFSDEA loan is similarly dependent on the main \ufb01nancing.
\nThese circumstances indicate the existence of a material
\nuncertainty which may cast signi\ufb01cant doubt about the
\ngroup\u2019s and parent company\u2019s ability to continue as
\na going concern and therefore the group and parent
\ncompany may be unable to realise their assets and
\ndischarge their liabilities in the normal course of business.
\nThe group and parent company \ufb01nancial statements do
\nnot include the adjustments that would result if the group
\nwas unable to continue as a\u00a0going concern.
\nPrinciples of consolidation
\nThe consolidated \ufb01nancial information comprises the
\n\ufb01nancial statements of Pensana Plc and its subsidiaries
\nas at 30 June 2023.
\nSubsidiaries are all those entities controlled by the
\ncompany. Control is achieved when the group is
\nexposed, or has rights, to variable returns from its
\ninvolvement with the investee and has the ability to affect
\nthose returns through its power over the investee. A list
\nof controlled entities is shown in
note 20
. Speci\ufb01cally, the
\ngroup controls an investee if and only if the group has:
\n\u2022
power over the investee (i.e., existing rights that give it
\nthe current ability to direct the relevant activities of the
\ninvestee);
\n\u2022
exposure, or rights, to variable returns from its
\ninvolvement with the investee; and
\n\u2022
the ability to use its power over the investee to affect
\nits returns.
\nWhen the group has less than a majority of the voting
\nor similar rights of an investee, the group considers all
\nrelevant facts and circumstances in assessing whether it
\nhas power over an investee, including:
\n\u2022
the contractual arrangement with the other vote
\nholders of the investee;
\n\u2022
rights arising from other contractual arrangements; and
\n\u2022
the group\u2019s voting rights and potential voting rights.
\nThe group reassesses whether or not it controls an
\ninvestee if facts and circumstances indicate that there are
\nchanges to one or more of the three elements of control.
\nConsolidation of a subsidiary begins when the group
\nobtains control over the subsidiary and ceases when
\nthe group loses control of the subsidiary. Income and
\nexpenses of a subsidiary acquired or disposed of during
\nthe year are included in the statement of comprehensive
\nincome from the date the group gains control until the
\ndate the group ceases to control the subsidiary.
\nAll inter-company balances and transactions between
\nentities in the economic entity, including any unrealised
\npro\ufb01ts or losses, have been eliminated on consolidation.
\nAccounting policies of subsidiaries have been changed
\nwhere necessary to ensure consistency with those
\npolicies applied by the parent entity. All controlled entities
\nhave a June \ufb01nancial year-end.
\nNon-controlling interests represent the portion of pro\ufb01t
\nor loss and net assets in subsidiaries not held by the
\ngroup and are presented separately in the consolidated
\nstatement of pro\ufb01t or loss and other comprehensive
\nincome and within equity in the consolidated statement
\nof \ufb01nancial position. For the period under consideration,
\nno non-controlling interest is applicable and the minorities
\nhave a free-carry on the Longonjo Project up until such
\npoint as main construction starts which is subject to main
\n\ufb01nancing.
\nIn the company\u2019s \ufb01nancial statements, investments in
\nsubsidiaries are carried at cost less impairments.
\nGroup reconstruction and merger accounting
\nprinciples
\nThe company was incorporated on 13 September 2019
\nas a wholly owned subsidiary of Pensana Metals Limited.
\nThe company subsequently acquired 100% of the share
\ncapital of Pensana Metals and its subsidiary companies
\nfor the effective issuance of 152,973,315 shares to the
\nshareholders of Pensana Metals Limited further to the
\nscheme of arrangement approved on 22 January 2020
\nand completed on 5 February 2020.
\nThe shares issued to the former shareholders of Pensana
\nMetals Limited comprised 50,000,000 shares with
\na nominal value of \u00a30.001 per share subscribed for
\nincorporation of the company by Pensana Metals Limited
\nwhich were transferred to CHESS Depositary Nominees
\nProprietary Limited (a subsidiary of the ASX) for use in the
\n
\u00a0
\u00a0
\u00a0
\u00a0
scheme of arrangement and 102,973,314 shares with a
\nnominal value of \u00a30.001 per share additionally issued by
\nthe company to CHESS Depositary Nominees Proprietary
\nLimited for use in the scheme of arrangement. CHESS
\nDepositary Nominees Proprietary Limited subsequently
\nissued CHESS Depositary Instruments in proportion to the
\ninterests the former shareholders of Pensana Metals held
\nin that company for trading on the ASX with 152,973,315
\nCHESS Depositary Instruments issued for trading. The
\ntransaction represented a group reconstruction and
\ncommon control transaction.
\nThe accounting for common control transactions is
\nscoped out of IFRS 3 and, accordingly, the group
\nhas developed an accounting policy with reference to
\nmethods applied in alternative GAAPs. Consequently,
\nthe consolidated \ufb01nancial statements are presented as
\nif the company has always been the holding company
\nfor the group and the group has elected to apply merger
\naccounting principles. Under this policy, the company
\nand its subsidiaries are treated as if they had always
\nbeen a group. The results are included from the date the
\nsubsidiaries joined the group and the comparatives re\ufb02ect
\nthe results of the company and its subsidiaries. No fair
\nvalue adjustments occurred as a result of the transaction
\nand the assets and liabilities are incorporated at their
\npredecessor carrying values.
\nUnder the Companies Act 2006, the transaction was
\nconsidered to meet the qualifying criteria for merger
\nrelief. Accordingly, shares issued by the company as part
\nof the scheme of arrangement are recorded at nominal
\nvalue. The difference between the share capital and the
\ninvestment is recorded in a merger reserve.
\nUnder IAS 27, the investment is measured at cost at the
\ncarrying amount of its share of the equity items shown in
\nthe separate \ufb01nancial statements of the original parent at
\nthe date of the scheme of arrangement i.e., the net asset
\nvalue of the company acquired as part of the common
\ncontrol transaction. Accordingly, the investment was
\ninitially recorded at US$11,756,018.
\nSegment information
\nAn operating segment is a component of an entity that
\nengages in business activities from which it may earn
\nrevenues and incur expenses (including revenues and
\nexpenses relating to transactions with other components
\nof the same entity), whose operating results are regularly
\nreviewed by the entity\u2019s chief operating decision maker
\nto make decisions about resources to be allocated
\nto the segment and assess its performance and for
\nwhich discrete \ufb01nancial information is available. This
\nincludes start-up operations which are yet to earn
\nrevenues. Management will also consider other factors in
\ndetermining operating segments such as the existence
\nof a line manager and the level of segment information
\npresented to the board of directors.
\nOperating segments have been identi\ufb01ed based on the
\ninformation provided to the chief operating decision
\nmaker, being the executive management team.
\nForeign currency translation
\nFunctional and presentation currency
\nThe functional currency of each of the group\u2019s operations
\nis measured using the currency of the primary economic
\nenvironment in which that entity operates.
\nThe functional currency of the company is British
\npounds. The functional currency of its Australian
\nsubsidiaries is Australian dollars. The functional currency
\nof its Angolan subsidiaries is United States dollars and
\nthe functional currency of the Portuguese entities is Euro.
\nThe presentational currency of the group and parent
\ncompany is US Dollars.
\nTransactions and balances
\nForeign currency transactions are translated into the
\nfunctional currency using the exchange rates prevailing
\nat the date of the transaction. Foreign currency monetary
\nassets and liabilities are translated at the year-end
\nexchange rate. Non-monetary items measured at
\nhistorical cost continue to be carried at the exchange
\nrate at the date of the transaction. Non-monetary items
\nmeasured at fair value are reported at the exchange rate
\nat the date when fair values were determined. Exchange
\ndifferences arising on the translation of monetary items
\nare recognised in the statement of comprehensive
\nincome. The gain or loss arising from translation of non-
\nmonetary items measured at fair value is treated in line
\nwith the recognition of the gain or loss on the change in
\nfair value of the item (i.e., translation differences on items
\nwhose fair value gain or loss is recognised in equity or
\npro\ufb01t or loss are also recognised in equity or pro\ufb01t or
\nloss, respectively).
\nThe \ufb01nancial results and position of foreign subsidiaries
\nwhose functional currency is different from the group\u2019s
\npresentation currency are translated as follows:
\n\u2022
Assets and liabilities are translated at year-end
\nexchange rates prevailing at that reporting date;
\n\u2022
Income and expenses are translated at average
\nexchange rates for the period; and
\n\u2022
All resulting exchange differences shall be recognised
\nin other comprehensive income.
\nExchange differences arising on translation of foreign
\noperations are transferred directly to the group\u2019s
\nforeign currency translation reserve in the statement of
\n\ufb01nancial position. These differences are recognised in
\nthe statement of comprehensive income in the period in
\nwhich the operation is disposed.
\n\u00a0
\u00a0
\u00a0
\n
\n
\n
\n
\n
\nUnrealised gains and losses arising on the translation
\nof loans to subsidiaries into the currency in which they
\nare denominated and that are not expected to be
\nrepaid in the foreseeable future are treated as part of
\nthe net investment in foreign operations. The unrealised
\nforeign exchange gains and losses attributable to
\nforeign operations are taken directly to the consolidated
\nstatement of other comprehensive income and
\nre\ufb02ected in the foreign currency translation reserve.
\nSuch unrealised gains and losses are recycled through
\nthe consolidated income statement on disposal of the
\ngroup\u2019s shares in the entity. Unrealised gains and losses
\narising on the translation of loans to subsidiaries into
\nthe currency in which they are denominated and that
\nare expected to be repaid in the foreseeable future are
\nrecognised in the consolidated income statement.
\nCash and cash equivalents
\nCash and cash equivalents include cash on hand,
\ndeposits held at call with banks and other short-term
\nhighly liquid investments with original maturities of less
\nthan three months.
\nFinancial instruments
\nFinancial assets
\nInitial recognition and measurement
\nFinancial assets are classi\ufb01ed, at initial recognition, and
\nsubsequently measured at amortised cost, fair value
\nthrough other comprehensive income or fair value
\nthrough pro\ufb01t or loss. The classi\ufb01cation of \ufb01nancial assets
\nat initial recognition that are debt instruments depends on
\nthe \ufb01nancial asset\u2019s contractual cash \ufb02ow characteristics
\nand the group\u2019s business model for managing them.
\nThe group initially measures a \ufb01nancial asset at its fair
\nvalue plus, in the case of a \ufb01nancial asset not at fair
\nvalue through pro\ufb01t or loss, transaction costs. In order
\nfor a \ufb01nancial asset to be classi\ufb01ed and measured at
\namortised cost or fair value through other comprehensive
\nincome, it needs to give rise to cash \ufb02ows that are
\nsolely payments of principal and interest on the principal
\namount outstanding. This assessment is referred to as
\nthe solely payments of principal and interest test and is
\nperformed at an instrument level.
\nThe group\u2019s business model for managing \ufb01nancial assets
\nrefers to how it manages its \ufb01nancial assets in order to
\ngenerate cash \ufb02ows. The business model determines
\nwhether cash \ufb02ows will result from collecting contractual
\ncash \ufb02ows, selling the \ufb01nancial assets, or both.
\nPurchases or sales of \ufb01nancial assets that require delivery
\nof assets within a time frame established by regulation or
\nconvention in the market place (regular way trades) are
\nrecognised on the trade date i.e., the date that the group
\ncommits to purchase or sell the asset.
\nSubsequent measurement
\nFor purposes of subsequent measurement, \ufb01nancial
\nassets are classi\ufb01ed into four categories:
\n\u2022
Financial assets at amortised cost (debt instruments);
\n\u2022
Financial assets at fair value through other
\ncomprehensive income with recycling of cumulative
\ngains and losses (debt instruments);
\n\u2022
Financial assets designated at fair value through
\nother comprehensive income with no recycling of
\ncumulative gains and losses upon derecognition
\n(equity instruments); and
\n\u2022
Financial assets at fair value through pro\ufb01t or loss.
\nFinancial assets at amortised cost (debt instruments)
\nThe group measures \ufb01nancial assets at amortised cost if
\nboth of the following conditions are met:
\n\u2022
The \ufb01nancial asset is held within a business model
\nwith the objective to hold \ufb01nancial assets in order to
\ncollect contractual cash \ufb02ows; and
\n\u2022
The contractual terms of the \ufb01nancial asset give
\nrise on speci\ufb01ed dates to cash \ufb02ows that are solely
\npayments of principal and interest on the principal
\namount outstanding.
\nFinancial assets at amortised cost are subsequently
\nmeasured using the effective interest rate method and are
\nsubject to impairment. Gains and losses are recognised
\nin pro\ufb01t or loss when the asset is derecognised, modi\ufb01ed
\nor impaired. All of the group\u2019s \ufb01nancial assets are
\nmeasured at amortised cost.
\nImpairment of \ufb01nancial assets
\nThe group recognises an allowance for expected credit
\nlosses (ECLs) for other receivables, as well as for inter-
\ncompany receivables at company level. ECLs are based
\non the difference between the contractual cash \ufb02ows
\ndue in accordance with the contract and all the cash
\n\ufb02ows that the group expects to receive, discounted at
\nan\u00a0approximation of the original effective interest rate.
\nThe expected cash \ufb02ows will include cash \ufb02ows from the
\nsale of collateral held or other credit enhancements that
\nare integral to the contractual terms.
\nECLs are recognised in two stages. For credit exposures
\nfor which there has not been a signi\ufb01cant increase in
\ncredit risk since initial recognition, ECLs are provided
\nfor credit losses that result from default events that are
\npossible within the next 12 months (a 12-month ECL).
\nFor those credit exposures for which there has been a
\nsigni\ufb01cant increase in credit risk since initial recognition,
\na loss allowance is required for credit losses expected
\nover the remaining life of the exposure, irrespective of the
\ntiming of the default (a lifetime ECL).
\n\u00a0
\u00a0
\u00a0
The group considers a \ufb01nancial asset in default when
\ncontractual payments are 90 days past due. However,
\nin certain cases, the group may also consider a
\n\ufb01nancial asset to be in default when internal or external
\ninformation indicates that the group is unlikely to receive
\nthe outstanding contractual amounts in full before taking
\ninto account any credit enhancements held by the
\ngroup. A \ufb01nancial asset is written off when there is no
\nreasonable expectation of recovering the contractual
\ncash \ufb02ows and usually occurs when past due for more
\nthan one year and not subject to enforcement activity.
\nAt each reporting date, the group assesses whether
\n\ufb01nancial assets carried at amortised cost are credit-
\nimpaired. A \ufb01nancial asset is credit-impaired when one
\nor more events that have a detrimental impact on the
\nestimated future cash \ufb02ows of the \ufb01nancial asset have
\noccurred.
\nFinancial liabilities
\nInitial recognition and measurement
\nFinancial liabilities are classi\ufb01ed, at initial recognition, as
\n\ufb01nancial liabilities at fair value through pro\ufb01t or loss, loans
\nand borrowings, payables, or as derivatives designated
\nas hedging instruments in an effective hedge, as
\nappropriate. All \ufb01nancial liabilities are recognised initially
\nat fair value and, in the case of loans and borrowings and
\npayables, net of directly attributable transaction costs.
\nTrade and other payables
\nTrade and other payables are carried at amortised
\ncost. They represent liabilities for goods and services
\nprovided to the group, prior to the end of the period,
\nthat are unpaid and arise when the group and company
\nbecome obligated to make future payments in respect
\nof the purchase of goods and services. The amounts
\nare unsecured and are usually paid within 30 days of
\nrecognition. Payables to related parties are carried at the
\nprincipal amount. Interest, when charged by the lender,
\nis\u00a0recognised as an expense on an accrual basis.
\nExploration and evaluation expenditure
\nExploration and evaluation assets are initially measured
\nat cost and include the acquisition of sampling and
\nassociated activities and an allocation of depreciation and
\namortisation of assets used in exploration and evaluation
\nactivities. Exploration and evaluation expenditure incurred
\nby or on behalf of the group is accumulated separately
\nfor each area of interest. Such expenditure comprises
\nnet direct costs and an appropriate portion of related
\noverhead expenditure but does not include general
\noverheads or administrative expenditure not having a
\nspeci\ufb01c connection with a particular area of interest.
\nExploration and evaluation costs in relation to separate
\nareas of interest for which rights of tenure are current are
\nbrought to account in the year in which they are incurred
\nand carried forward provided that:
\n\u2022
the rights to tenure of the area of interest are current;
\nand
\n\u2022
such costs are expected to be recouped through
\nsuccessful development and exploitation of the area,
\nor alternatively through its sale; or
\n\u2022
exploration and/or evaluation activities in the area
\nhave not yet reached a stage which permits a
\nreasonable assessment of the existence or otherwise
\nof economically recoverable reserves.
\nOnce a development decision has been taken
\nbased on \ufb01nalisation of a de\ufb01nitive feasibility study
\nor a bankable feasibility study (or equivalent), all past
\nevaluation expenditure in respect of the area of interest
\nis reclassi\ufb01ed as capitalised costs of development within
\nproperty, plant and equipment. Capitalised development
\ncosts have not been depreciated to date; depreciation
\nwill commence upon commissioning of the assets. Prior
\nto reclassi\ufb01cation, capitalised exploration and evaluation
\nexpenditure is not depreciated but is assessed for
\nimpairment yearly.
\nR&D tax credits
\n1
\nR&D tax credits are recognised when reliable estimates
\nof the future bene\ufb01ts have been made and when it is
\nreasonably certain that the tax credit will be received.
\nR&D tax credits related to capital expenditure are
\ndeferred on the balance sheet and netted off against the
\ndevelopment asset associated with the grant deferral.
\nImpairment
\nThe group assesses at each reporting date whether there
\nis an indication that an asset has been impaired and,
\nfor exploration and evaluation costs, whether the above
\ncarry forward criteria are met.
\nWhere an indicator of impairment is identi\ufb01ed, and an
\nimpairment test is performed, and if the recoverable
\namount is lower than the carrying amount, an impairment
\nis recorded. The recoverable amount is the higher of fair
\nvalue less costs to sell and value in use. In assessing value
\nin use, the estimated future cash \ufb02ows are discounted
\nto their present value using a pre-tax discount rate that
\nre\ufb02ects current market assessments of the time value of
\nmoney and the risks speci\ufb01c to the asset. Impairment
\nexists when the carrying amount of an asset or cash-
\ngenerating unit exceeds its estimated recoverable amount.
\nThe asset or cash-generating unit is then written down
\nto its recoverable amount. Any impairment losses are
\nrecognised in pro\ufb01t or loss. Where an impairment loss
\nsubsequently reverses, the carrying amount of the asset
\nis increased to the revised estimate of its recoverable
\namount, but only to the extent that the increased carrying
\namount does not exceed the carrying amount that would
\nhave been determined had no impairment loss been
\nrecognised for the asset in previous years.
\n1
\nRefer to
note 5
for details of the restatement of prior year results.
\n\u00a0
\u00a0
\u00a0
\n
\n
\n
\n
\n
\nWhere a decision is made to proceed with development
\nin respect of a particular area of interest, the relevant
\nexploration and evaluation asset is assessed for
\nimpairment and the balance is classi\ufb01ed as a
\ndevelopment asset within property, plant and equipment.
\nAccumulated costs in relation to an abandoned area
\nare written off in full against pro\ufb01t in the year in which
\nthe decision to abandon the area is made. Costs are
\ncapitalised during construction until commercial levels of
\nproduction are achieved after which the relevant costs are
\ndepreciated. The accumulated costs for the relevant area
\nof interest are amortised over the life of the area according
\nto the rate of depletion of the economically recoverable
\nreserves. A regular review is undertaken of each area of
\ninterest to determine the appropriateness of continuing to
\ncarry forward costs in relation to that area of interest.
\nAccumulated costs in respect of areas of interest are
\nwritten off or a provision made in the statement of
\ncomprehensive income when the above criteria do not
\napply or when the directors assess that the carrying
\nvalue may exceed the recoverable amount. The costs of
\nproductive areas within property, plant and equipment
\nare amortised over the life of the area of interest to
\nwhich such costs relate on the production output
\nbasis. Provisions are made where farm-in partners are
\nsought and there is a possibility that carried forward
\nexpenditures may have to be written off in the future if
\na farm-in partner is not found. In the event that farm-
\nin agreements are reached, or the group undertakes
\nfurther exploration in its own right on those properties,
\nthe provisions would be reviewed and, if appropriate,
\nwritten\u00a0back.
\nProperty, plant and equipment
\nPlant and equipment are stated at historical cost
\nless accumulated depreciation and any accumulated
\nimpairment losses. The carrying value of the plant and
\nequipment also includes costs eligible for capitalisation.
\nOther costs relating to plant and equipment are
\nexpensed when incurred.
\nLand and buildings are measured at cost, less
\naccumulated depreciation on buildings.
\nDevelopment assets and assets under construction are
\ndepreciated once commissioning of the assets occurs.
\nDepreciation will be charged over the useful life of
\nthe\u00a0asset.
\nDepreciation is calculated on a straight-line basis over the
\nestimated useful life of the assets as follows:
\nAsset
Depreciation rate
\nMotor vehicles
25%
\nOf\ufb01ce equipment
33.33%
\nComputer equipment
33.33%
\nPlant and machinery
10%
\nBuildings
2%
\nThe assets\u2019 residual values, useful lives and amortisation
\nmethods are reviewed, and adjusted if appropriate, at
\neach \ufb01nancial year-end.
\nDisposal
\nAn item of property, plant and equipment is derecognised
\nupon disposal or when no further future economic bene\ufb01ts
\nare expected from its use. Any gain or loss arising on
\nderecognition of the asset (calculated as the difference
\nbetween the net disposal proceeds and the carrying
\namount of the asset) is included in pro\ufb01t or loss in the year
\nthe asset is derecognised.
\nIntangible assets
\nRecognition and measurement
\nIntangible assets are recognised at cost and capitalised
\nwhen the costs can be measured reliably and it is
\nprobable that there will be future economic bene\ufb01ts.
\nIntangible assets that are deemed to have inde\ufb01nite lives
\nand intangible assets that are not yet ready for use are
\nnot amortised; they are reviewed annually for impairment
\nor more frequently if events or changes in circumstances
\nindicate a potential impairment.
\nEmployee bene\ufb01ts
\nLiabilities for wages and salaries, including non-monetary
\nbene\ufb01ts, and annual leave expected to be settled within
\n12 months of the reporting date are recognised in
\nrespect of employees\u2019 services up to the balance sheet
\ndate. Employee bene\ufb01ts expected to be settled within
\none year have been measured at the amounts expected
\nto be paid when the liability is settled. Employee bene\ufb01ts
\npayable later than one year have been measured at the
\npresent value of the estimated future cash out\ufb02ows.
\nShare-based payment transactions
\nEquity-settled transactions
\nThe company provides bene\ufb01ts to certain key
\nmanagement personnel in the form of share-based
\npayments and/or options. The group currently has a
\nshare incentive plan, which may be used to provide
\nbene\ufb01ts to directors and senior executives.
\nThe cost of such equity-settled transactions is measured
\nby reference to the fair value of the equity instruments at
\nthe date at which they are granted using an appropriate
\n
\u00a0
\u00a0
\u00a0
\u00a0
valuation model. The cost of equity-settled transactions
\nis recognised together with a corresponding increase in
\nequity over the vesting period of the equity instruments.
\nThat cost is recognised in employee bene\ufb01ts expense
\nor capitalised to exploration or development assets,
\ntogether with a corresponding increase in equity, over
\nthe period in which the service and, where applicable,
\nthe performance conditions are ful\ufb01lled. The cumulative
\nexpense is recognised for equity-settled transactions
\nat each reporting date until the vesting date. It re\ufb02ects
\nthe extent to which the vesting period has expired
\nand the group\u2019s best estimate of the number of equity
\ninstruments that will ultimately vest. When both service
\nand non-market performance conditions are satis\ufb01ed
\nprior to the expiry date of the award, vesting dates are
\nrevised and the vesting expense adjusted accordingly.
\nThe expense or credit in the statement of pro\ufb01t or loss for
\na period represents the movement in cumulative expense
\nrecognised as at the beginning and end of that period.
\nService and non-market performance conditions are not
\nconsidered when determining the grant date fair value
\nof awards, but the likelihood of the conditions being met
\nis assessed as part of the group\u2019s best estimate of the
\nnumber of equity instruments that will ultimately vest.
\nMarket performance conditions are re\ufb02ected within the
\ngrant date fair value. Any other conditions attached to an
\naward, but without an associated service requirement,
\nare considered to be non-vesting conditions. Non-vesting
\nconditions are re\ufb02ected in the fair value of an award and
\nlead to an immediate expensing of an award unless there
\nare also service and/or performance conditions.
\nContributed equity
\nOrdinary shares are classi\ufb01ed as equity. Incremental
\ncosts directly attributable to the issue of new shares or
\noptions are shown in equity as a deduction, net of tax,
\nfrom the proceeds.
\nOther income
\nInterest income
\nInterest income is recognised as interest accrues
\nusing the effective interest method. This is a method of
\ncalculating the amortised cost of a \ufb01nancial asset and
\nallocating the interest income over the relevant period
\nusing the effective interest rate, which is the rate that
\nexactly discounts estimated future cash receipts through
\nthe expected life of the \ufb01nancial asset to the net carrying
\namount of the asset.
\nDisposal of assets
\nGains from the disposal of assets are recognised when all
\nconditions precedent to the sale of the asset have been
\nmet and it is probable that any consideration receivable
\nwill be collected.
\nIncome tax
\nCurrent tax assets and liabilities for the current and prior
\nperiods are measured at the amount expected to be
\nrecovered from or paid to the taxation authorities based
\non the current period\u2019s taxable income. The tax rates and
\ntax laws used to compute the amount are those that are
\nenacted or substantively enacted by the reporting date.
\nDeferred income tax liabilities are recognised for all
\ntaxable temporary differences except:
\n\u2022
when the deferred income tax liability arises from the
\ninitial recognition of goodwill or of an asset or liability
\nin a transaction that is not a business combination
\nand that, at the time of the transaction, affects neither
\nthe accounting pro\ufb01t nor taxable pro\ufb01t or loss; or
\n\u2022
when the taxable temporary difference is associated
\nwith investments in subsidiaries, associates or
\ninterests in joint ventures, and the timing of the
\nreversal of the temporary difference can be controlled
\nand it is probable that the temporary difference will not
\nreverse in the foreseeable future.
\nDeferred income tax assets are recognised for all
\ndeductible temporary differences, carry forward of
\nunused tax credits and unused tax losses, to the extent
\nthat it is probable that taxable pro\ufb01t will be available
\nagainst which the deductible temporary differences and
\nthe carry forward of unused tax credits and unused tax
\nlosses can be utilised, except:
\n\u2022
when the deferred income tax asset relating to the
\ndeductible temporary difference arises from the initial
\nrecognition of an asset or liability in a transaction that
\nis not a business combination and, at the time of the
\ntransaction, affects neither the accounting pro\ufb01t nor
\ntaxable pro\ufb01t or loss; or
\n\u2022
when the deductible temporary difference is
\nassociated with investments in subsidiaries,
\nassociates or interests in joint ventures, in which case
\na deferred tax asset is only recognised to the extent
\nthat it is probable that the temporary difference will
\nreverse in the foreseeable future and taxable pro\ufb01t will
\nbe available against which the temporary difference
\ncan be utilised.
\nThe carrying amount of deferred income tax assets is
\nreviewed at each reporting date and reduced to the
\nextent that it is no longer probable that suf\ufb01cient taxable
\npro\ufb01t will be available to allow all or part of the deferred
\nincome tax asset to be utilised. Unrecognised deferred
\nincome tax assets are reassessed at each reporting date
\nand are recognised to the extent that it has become
\nprobable that future taxable pro\ufb01t will allow the deferred
\ntax asset to be recovered.
\nDeferred income tax assets and liabilities are measured
\nat the tax rates that are expected to apply to the year
\nwhen the asset is realised or the liability is settled, based
\non tax rates (and tax laws) that have been enacted or
\nsubstantively enacted at the reporting date.
\n\u00a0
\u00a0
\u00a0
\n
\n
\n
\n
\nIncome taxes relating to items recognised directly in
\nequity are recognised in equity and not in pro\ufb01t or loss.
\nDeferred tax assets and deferred tax liabilities are offset
\nonly if a legally enforceable right exists to set off current
\ntax assets against current tax liabilities and the deferred
\ntax assets and liabilities relate to the same taxable entity
\nand the same taxation authority.
\nGoods and services tax (GST) and value added
\ntax (VAT)
\nExpenses and assets are recognised net of the amount
\nof GST or VAT, except where the amount of GST or
\nVAT incurred is not recoverable from the Australian
\nTaxation Of\ufb01ce or other government authorities. In these
\ncircumstances, the GST or VAT is recognised as part of
\nthe cost of acquisition of the asset or as part of an item
\nof the expense.
\nGST or VAT receivable from, or payable to, either
\nthe Australian Taxation Of\ufb01ce or other government
\nauthorities has been accounted for and included as part
\nof receivables or payables in the statement of \ufb01nancial
\nposition.
\nLoss per share
\nBasic loss per share
\nBasic loss per share is calculated by dividing the loss
\nattributable to equity holders of the group, excluding
\nany costs of servicing equity other than shares, by the
\nweighted average number of shares outstanding during
\nthe \ufb01nancial year, adjusted for any bonus elements in
\nshares issued during the year.
\nDiluted earnings per share
\nDiluted earnings per share adjusts the \ufb01gures used in the
\ndetermination of basic earnings per share to take into
\naccount the after-income tax effect of interest and other
\n\ufb01nancing costs associated with dilutive potential shares
\nand the weighted average number of shares assumed
\nto have been issued for no consideration in relation to
\ndilutive potential shares.
\nProvisions
\nProvisions are recognised when the group has a present
\nobligation (legal or constructive) as a result of a past
\nevent, it is probable that the group will be required to
\nsettle the obligation, and a reliable estimate can be made
\nof the amount of the obligation.
\nA provision for restoration and rehabilitation will be
\nrecognised when there is a present obligation as a result
\nof exploration and development activities undertaken, it
\nis probable that an out\ufb02ow of bene\ufb01ts will be required to
\nsettle the obligation and the provision can be measured
\nreliably. The estimated future obligations will include the
\ncosts of restoring the affected exploration and evaluation
\nareas contained in the group\u2019s tenements.
\nThe provision for future restoration will be the best
\nestimate of the present value of the expenditure required
\nto settle the restoration obligation at the reporting date.
\nFuture restoration costs will be reviewed annually and
\nany changes in the estimate re\ufb02ected in the present value
\nof the restoration provision at each reporting date. The
\ninitial estimate of restoration and rehabilitation relating
\nto development assets will be capitalised into the cost
\nof the related asset and amortised on the same basis
\nas the related asset. Changes in the estimate of the
\nprovision for restoration and rehabilitation will be treated
\nin the same way, except that the unwinding of the effect
\nof discounting on the provision will be recognised as a
\n\ufb01nance cost rather than being capitalised into the cost
\nof the related asset. As at 30 June 2023, the group
\nhas not recognised any provision for restoration and
\nrehabilitation. The group does not have any obligation
\ndue to the limited disturbances to date as the group is
\nstill in the early stages of developing the projects.
\nLeases
\nIFRS 16 was adopted as of 1 July 2019 without
\nrestatement of comparative \ufb01gures. On transition,
\nneither the group nor company had any leases in
\nscope of IFRS 16.
\nAt inception of a contract, the group assesses whether
\na contract is, or contains, a lease. A contract is, or
\ncontains, a lease if the contract conveys the right to
\ncontrol the use of an identi\ufb01ed asset for a period in
\nexchange for consideration. To assess whether a contract
\nconveys the right to control the use of an identi\ufb01ed asset,
\nthe group uses the de\ufb01nition of a lease in IFRS 16.
\nRight-of-use asset
\nA right-of-use asset and a lease liability have been
\nrecognised for all leases except leases of low-value
\nassets, which are considered to be those with a fair value
\nbelow US$5,000, and those with a duration of 12 months
\nor less. The right-of-use asset has been measured at
\ncost, which is made up of the initial measurement of the
\nlease liability adjusted for prepaid and accrued lease
\npayments at the date of transition. As at the reporting
\ndate, there are no right-of-use assets.
\nShort-term and low-value leases
\nA practical expedient offered by IFRS 16 has been
\napplied to not recognise a lease liability and right-of-use
\nasset for such leases but to recognise payments on a
\n
\u00a0
\u00a0
\u00a0
\u00a0
straight-line basis over the lease term. The group only
\nholds short-term or low-value leases. As such, lease
\npayments have continued to be recognised on a straight-
\nline basis over the lease term.
\nThe group has elected not to separate non-lease
\ncomponents and account for the lease and non-lease
\ncomponents as a single lease component.
\nThe group will depreciate the right-of-use assets on a
\nstraight-line basis from the lease commencement date to
\nthe earlier of the end of the useful life of the right-of-use
\nasset or the end of the lease term. Where impairment
\nindicators exist, the right-of-use asset will be assessed
\nfor impairment.
\nLease liability
\nA lease liability is measured at amortised cost using
\nthe effective interest method. The lease liabilities are
\nmeasured at the present value of the lease payments
\ndue to the lessor over the lease term, discounted using
\nthe incremental discount rate relevant to each lease as
\nmandated under the modi\ufb01ed retrospective approach.
\nThe lease payments include \ufb01xed payments, including
\nin-substance \ufb01xed payments, less any lease incentives
\nreceivable, variable lease payments that depend on an
\nindex or a rate, and amounts expected to be paid under
\nresidual value guarantees.
\nIt is remeasured when there is a change in future lease
\npayments arising from a change in an index or rate, if
\nthere is a change in the group\u2019s estimate of the amount
\nexpected to be payable under a residual value guarantee,
\nif the group changes its assessment of whether it will
\nexercise a purchase, extension or termination option or
\nif there is a revised in-substance \ufb01xed lease payment.
\nWhen the lease liability is remeasured in this way, a
\ncorresponding adjustment is made to the carrying
\namount of the right-of-use asset or is recorded in pro\ufb01t
\nor loss if the carrying amount of the right-of-use asset
\nhas been reduced to zero.
\nAfter initial measurement, any payments made will
\nreduce the liability and the interest accrued will
\nincrease it. Any reassessment or modi\ufb01cation will lead
\nto a remeasurement of the liability. In such case, the
\ncorresponding adjustment will be re\ufb02ected in the right-
\nof-use asset, or pro\ufb01t or loss if the right-of-use asset is
\nalready reduced to zero.
\n4.
CRITICAL ACCOUNTING JUDGEMENTS
\nAND KEY SOURCES OF ESTIMATION
\nUNCERTAINTY
\nIn applying the group\u2019s accounting policies, management
\ncontinually evaluates judgements, estimates and
\nassumptions based on experience and other factors,
\nincluding expectations of future events that may have
\nan impact on the group. All judgements, estimates and
\nassumptions made are believed to be reasonable based
\non the most current set of circumstances available
\nto management. Actual results may differ from the
\njudgements, estimates and assumptions. Signi\ufb01cant
\njudgements, estimates and assumptions made by
\nmanagement in the preparation of these \ufb01nancial
\nstatements are outlined below.
\nSigni\ufb01cant accounting judgements
\nImpairment assessment of development assets,
\nassets under construction and Saltend intangibles
\nImpairment indicator assessment of development
\nassets (
notes 11
and
12
), as well as impairment
\nassessment of assets under construction and Saltend
\nintangibles (
notes 11
and
12
).
\nThe ultimate recovery of the value of the group\u2019s
\ndevelopment assets, assets under construction and
\nSaltend intangibles as at 30 June 2023 is dependent
\non the successful development and commercial
\nexploitation, or alternatively, the sale of the Longonjo
\nProject, as well as the successful development and
\ncommercial exploitation of the Saltend facility or the sale
\nthereof.
\nJudgement was exercised in assessing the extent to
\nwhich impairment existed as at 30\u00a0June\u00a02023 in respect
\nof the Longonjo and Saltend Projects and associated
\nbalances. In forming this assessment, internal and
\nexternal factors were evaluated, including those that
\napplied last year. Management determined that no
\nimpairment existed having considered the company\u2019s
\nmarket capitalisation relative to the group\u2019s net asset
\nvalue, the progression of the Longonjo and Saltend
\nProjects and the \ufb01nancial life of mine plan, feasibility
\nstudy equivalent assessments and the associated
\nOre Reserve Statement and the competent person\u2019s
\nreport covering the Longonjo and Saltend Projects. The
\nunderlying \ufb01nancial life of mine plan involves estimates
\nregarding commodity prices, production and reserves,
\noperating costs and capital development together with
\ndiscount rates and demonstrates signi\ufb01cant headroom.
\nImpairment of assessment of the company\u2019s
\ninvestment in subsidiaries and loans to
\nsubsidiaries
\nThe ultimate recovery of the value of the company\u2019s
\ninvestment in subsidiaries and loans to subsidiaries
\nis dependent on the successful development and
\ncommercial exploitation, or alternatively, the sale of
\nthe\u00a0Longonjo and Saltend Projects.
\n\u00a0
\u00a0
\u00a0
\n
\n
\n
\n
\n
\n
\n\n
\nIn assessing the potential impairment of investments and
\ninter-company receivables (applying an ECL approach
\nfor the latter), the directors exercised judgement over the
\nreasonableness of projections and considered the status
\nof both the Longonjo and Saltend Projects, together with
\nthe implied economic value of the assets, and concluded
\nthat no impairment provisions were necessary.
\nRecoverability of equity receivable (note 10)
\nManagement have taken legal advice from their external
\ncounsel and have issued a letter of demand to the
\ndebtor. The company\u2019s broker has maintained full security
\nover the shares originally issued for trading and an ECL
\nprovision of US$308,260 has been recognised in the year
\n(30 June 2022: US$669,470). To date, and in an attempt
\nto avoid the costs associated with litigation, the company
\nhas attempted to recover the amount due through a
\nsettlement and payment plan that was agreed with the
\ndebtor. This payment plan has, however, been reneged
\nupon by the debtor. In the \ufb01rst instance, the company
\nwill now seek to exercise all the rights at its disposal in
\norder to recover the outstanding debt due by the\u00a0debtor,
\nreserving all rights in that regard.
\nRefer to
note 10
for further details.
\nRecognition of R&D tax credits (note 5)
\nR&D tax credits are recognised when reliable estimates
\nof the future bene\ufb01ts have been made and when it is
\nreasonably certain that the tax credit will be received.
\nManagement have considered the nature of the tax
\nclaims, the limited history of successful tax claims and
\nreceipt thereof. Management also do not recognise any
\ntax credits before submissions have been made to the
\nrelevant tax authority.
\nSigni\ufb01cant accounting estimates and
\nassumptions
\nShare-based payment transactions (note 24)
\nThe group measures the cost of equity-settled
\ntransactions with directors and others by reference to
\nthe fair value of the equity instruments at the date at
\nwhich they are granted. The fair value is determined
\nusing a stochastic model to value awards with market-
\nbased conditions and a Black-Scholes valuation
\nmodel for awards that are not subject to market-
\nbased performance conditions. These models require
\nestimates for inputs such as share price volatility and
\ntotal shareholder return. The share-based payment
\narrangements are expensed on a straight-line basis over
\nthe vesting period, based on the group\u2019s estimate of
\nshares that will eventually vest. At each reporting date,
\nvesting assumptions are reviewed to ensure they re\ufb02ect
\ncurrent expectations and immediately recognise any
\nimpact of the revision to original estimates. Judgement
\nis required as to the likelihood of the vesting conditions
\nbeing met, such as the progress of \ufb01nancing of various
\nprojects, the lost time injury frequency rate, progress
\nof construction of the projects, etc. If fully vested
\nshare options are not exercised and expire, then the
\naccumulated expense in respect of these is reclassi\ufb01ed
\nto accumulated losses.
\nClimate change
\nManagement has considered the impact of climate
\nchange in preparing these consolidated \ufb01nancial
\nstatements. These considerations, which are integral to
\nthe group\u2019s strategy and operations, were considered in
\nthe following areas:
\n\u2022
The judgements involved in the evaluation of
\nindicators of impairment for the group\u2019s development
\nassets and assets under construction (
note 4
);
\n\u2022
The judgements used in the evaluation of the group\u2019s
\nexploration and evaluation assets for impairment
\n(
note\u00a04
); and
\n\u2022
The evaluation of the residual values and economic
\nuseful lives of property, plant, and equipment
\n(
note\u00a012
).
\nThe effects of climate-related strategic decisions are
\nincorporated into management\u2019s judgements and
\nestimates, as it relates to the future cash \ufb02ow projections
\nunderpinning the recoverable amounts of mining
\ninterests, when the decisions have been approved by
\nthe board, and the implementation of these is likely to
\noccur. The considerations with respect to climate change
\ndid not have a material impact on the key accounting
\njudgements and estimates noted above in the current
\nyear, however, the emphasis on climate-related strategic
\ndecisions, such as a focus on decarbonisation, further
\nelectri\ufb01cation and sourcing of renewable power may have
\na signi\ufb01cant impact in future periods.
\n
\u00a0
\u00a0
\u00a0
\u00a0
5.
RESTATEMENT OF PRIOR YEAR FINANCIAL STATEMENTS
\nThe company undertook a review of the classi\ufb01cation of costs capitalised in respect of the Saltend Project during the year.
\nPreviously, such costs were wholly classi\ufb01ed as property, plant and equipment. Based on evaluation of the underlying costs,
\nit has been determined that US$5.2 million (30 June 2022) of the costs should have been classi\ufb01ed as intangible assets
\ngiven their nature. As such, the comparative periods have been restated to reclassify such amounts from property, plant and
\nequipment to intangible assets. The restatement had no impact on net assets or loss for the\u00a0periods. Refer to
notes 11
and
12
.
\nDuring the course of preparing the results for the year ended 30 June 2023, an error was identi\ufb01ed in the prior period results.
\nIn the year ended 30 June 2022, the R&D tax credit related to capital expenditure incurred was recorded in the consolidated
\nincome statement within income tax. The associated costs to which the R&D tax credit related were capitalised in line with the
\ngroup\u2019s policy on development assets and the credits are receivable in cash in the absence of corporate tax liabilities such that
\nthey are judged to represent a form of government grant. Based on IFRS requirements, the R&D tax credit should therefore,
\nin line with government grant accounting, have been deferred on the balance sheet and netted off against the development
\nasset to be released to the income statement as the asset is depreciated in future periods. As such, the total loss for the year
\nwas understated by US$1,329,553 and the capitalised costs relating to the development at Saltend (previously recognised in
\nproperty, plant and equipment) were overstated by US$1,256,296. The results for the year ended 30 June 2022 have been
\nrestated to re\ufb02ect the grant deferral in development assets. No other previous \ufb01nancial years are materially impacted by this
\nrestatement.
\n30 June 2022
\n(Previously
\nreported)
\nUS$
\nRestatement 1
\nUS$
\nRestatement 2
\nUS$
\n30 June 2022
\n(Restated)
\nUS$
\n2022
\nIncome tax (credit)
(1,329,553)
1,329,553
\u2013
\u2013
\nProperty, plant and equipment
37,770,292
(1,256,296)
(5,236,226)
31,277,770
\nIntangibles
181,206
\u2013
5,236,226
5,417,432
\nOther comprehensive loss
\nForeign currency translation
192,324
73,257
\u2013
265,581
\nTotal comprehensive loss for the year
(10,190,145)
(1,256,296)
\u2013
(11,446,441)
\nForeign currency reserve
(615,002)
(73,257)
\u2013
(688,259)
\nBasic loss per share
(4.53)
(0.58)
\u2013
(5.11)
\nDiluted loss per share
(4.53)
(0.58)
\u2013
(5.11)
\n\u00a0
\u00a0
\u00a0
\n
\n6.
OPERATING SEGMENTS
\nDescription of segments
\nThe group has identi\ufb01ed its operating segments based on the internal reports that are used by the chief operating decision
\nmaker in assessing performance and determining the allocation of resources.
\nThe group has identi\ufb01ed that it has two operating segments, related to the activities in Angola and Saltend (UK), on the basis
\nthat the assets in Tanzania are fully impaired as at 30 June 2023 and at 30 June 2022. Unallocated relates to operations in
\nAustralia and Portugal which consist of corporate and head of\ufb01ce-related costs.
\nAngola
\nUS$
\nUK
\nUS$
\nUnallocated
\nUS$
\nTotal
\nUS$
\n2023
\nNon-current assets \u2013 opening balance
\n1
\n30,228,932
6,466,270
\u2013
36,695,202
\nNon-current assets \u2013 additions
11,243,252
11,476,514
\u2013
22,719,766
\nNon-current assets \u2013 closing balance
41,472,184
17,942,784
\u2013
59,414,968
\nCurrent and non-current liabilities
1,830,614
12,298,921
735,559
14,865,091
\nCash and cash equivalents
30,594
8,883,904
780,993
9,695,491
\nAdministration expenses
(1,795,341)
(3,495,167)
(85,068)
(5,375,576)
\nOperating pro\ufb01t/(loss)
(689,624)
(3,178,374)
(434,797)
(4,302,795)
\nDepreciation
51,607
6,417
133
58,157
\nPro\ufb01t/(loss) before tax
(689,624)
(3,178,403)
(434,796)
(4,302,823)
\nPro\ufb01t/(loss) for the year
(689,624)
(3,178,403)
(434,796)
(4,302,823)
\n2022
\nNon-current assets \u2013 opening balance
18,473,893
162,330
3,585
18,639,808
\nNon-current assets \u2013 additions
\n1
\n11,755,039
6,303,940
(3,585)
18,055,394
\nNon-current assets \u2013 closing balance
\n1
\n30,228,932
6,466,270
\u2013
36,695,202
\nCurrent and non-current liabilities
151,250
2,027,511
1,467,625
3,646,386
\nCash and cash equivalents
296,966
2,550,436
82,760
2,930,162
\nAdministration expenses
(6,777,309)
(2,088,553)
78,753
(8,787,109)
\nOperating loss
\n1
\n(2,380,118)
(7,520,376)
(1,811,556)
(11,712,050)
\nDepreciation
17,103
3,911
3,494
24,508
\nIncome tax credit
\n1
\n\u2013
\u2013
\u2013
\u2013
\nLoss before tax
(2,380,118)
(7,520,376)
(1,811,528)
(11,712,022)
\nLoss for the year
(2,380,118)
(7,520,376)
(1,811,528)
(11,712,022)
\n1
\nRefer to
note 5
for details of the restatement of prior year results.
\nNon-current assets consist mainly of development assets and assets under construction. Additions and depreciation of
\nnon-current assets are disclosed in
note 12
.
\n
\u00a0
\u00a0
\u00a0
\u00a0
7.
OTHER EXPENSES
\nCONSOLIDATED
\n2023
\nUS$
\n2022
\nUS$
\nAdministration expenses
\nGeneral administration costs
1,953,918
1,796,217
\nAudit fees
193,854
200,481
\nConsultant fees
480,133
699,680
\nTravel expenses
388,593
318,283
\nLegal fees
451,380
210,670
\nOperating lease rental expenses
\nLease payments (short-life leases)
147,899
117,307
\nDepreciation on non-current assets
\nProperty, plant and equipment
58,157
24,508
\nEmployee bene\ufb01ts
\n1,2
\nPerformance rights and options granted to directors, of\ufb01cers and employees
(272,965)
876,657
\nDirectors\u2019 fees and employee bene\ufb01ts
1,794,683
4,409,611
\nSocial security costs
179,924
133,695
\nTotal administration expenses
5,375,576
8,787,109
\n1
\nKey management personnel remuneration, disclosed in
note 23
, includes amounts in employee bene\ufb01ts disclosed above. Information in
\nrespect of the highest-paid director is provided in the remuneration report.
\n2
\nThe average number of persons employed by the group during 2023 was 56 (2022: 48).
\n.
\nForeign currency exchange gains/losses
\nThe foreign currency exchange gain of US$1,381,041 (2022: US$2,255,471 loss) comprises realised foreign exchange
\nmovements on retranslation of monetary balances and unrealised foreign exchange movements on inter-company loans which
\nare considered repayable in the foreseeable future.
\n\u00a0
\u00a0
\u00a0
\n
\n8.
INCOME TAXES
\nCONSOLIDATED
\n2023
\nUS$
\nRestated
\n1
\n2022
\nUS$
\nCurrent taxation
\nCurrent tax charge/(credit)
\u2013
\u2013
\nNo liability to corporation tax arose in the ordinary activities for the year ended 30 June 2023 or 30 June 2022.
\nThe tax assessed for the year utilised the standard rate of tax in the UK of 25% (2022: 19%). The change is tax rates is the
\nresult of the increased rate enacted.
\nThe differences are explained as follows:
\nCONSOLIDATED
\n2023
\nUS$
\nRestated
\n1
\n2022
\nUS$
\nLoss from continuing operations before tax
(4,302,823)
(11,712,022)
\nLoss on continuing activities multiplied by the rate of corporation tax in the UK
\nof 25% (2022: 19%)
(1,075,706)
(2,225,284)
\nTax effects of:
\nDifferent tax rates in overseas jurisdictions
(1,704)
(260,970)
\nPermanent differences
(39,083)
285,949
\nDeferred tax assets not recognised
1,116,493
2,200,305
\nTotal tax credit
\n1
\n\u2013
\u2013
\n1
\nRefer to
note 5
for details of the restatement of prior year results.
\nThe taxation bene\ufb01ts of tax losses and temporary differences not brought to account will only be obtained if:
\n\u2022
assessable income is derived of a nature and of an amount suf\ufb01cient to enable the bene\ufb01t from the deductions to be realised;
\n\u2022
conditions for deductibility imposed by the law are complied with; and
\n\u2022
no changes in tax legislation adversely affect the realisation of the bene\ufb01t from the deductions.
\nThe company is subject to 25% income tax in the UK. In Australia, Pensana Metals Limited is subject to a corporation tax rate
\nof 26%. In Tanzania, all subsidiaries are subject to 30% corporation tax. In Angola, Ozango Minerais and Coola Mining are
\nsubject to 25% corporation tax.
\nLongonjo bene\ufb01ts from a six-year tax holiday in Angola from the commencement of production until the exoneration period
\nexpires.
\nNo deferred tax asset has been recognised in respect of the tax losses carried forward as the recoverability is dependent on
\nthe future pro\ufb01tability of the individual entities within the group, the timing of which is considered uncertain. The unrecognised
\npotential deferred tax asset created during the year was US$1,116,493 (30 June 2022: US$2,189,458). The total unrecognised
\npotential deferred tax asset in respect of losses carried forward is US$15,561,711 (30 June 2022: US$14,296,507). These
\nunused tax losses do not expire.
\n
\u00a0
\u00a0
\u00a0
\u00a0
9.
CASH AND CASH EQUIVALENTS
\nCONSOLIDATED
\n2023
\nUS$
\n2022
\nUS$
\nCash at bank and on hand
9,695,491
2,930,162
\n9,695,491
2,930,162
\n10. TRADE AND OTHER RECEIVABLES
\nCONSOLIDATED
\n2023
\nUS$
\n2022
\nUS$
\nTrade receivables
34,756
43,425
\nPrepayments
184,744
328,794
\nR&D tax receivables
1,037,336
1,256,295
\nVAT receivables
934,641
130,478
\nOther receivables
323,757
641,019
\n2,515,234
2,400,011
\nOpening balance
2,400,011
5,370,007
\nMovement in trade receivables, other receivables and prepayments
483,991
1,288,652
\nFunds received
(60,508)
(3,589,178)
\nProvision for impairment
(308,260)
(669,470)
\nClosing balance
2,515,234
2,400,011
\nOf the other receivables as at 30 June 2023, US$1,239,059 (gross) (30 June 2022: US$1,299,567) relates to payment pending
\nas part of the equity raise completed on 25 June 2021. The net amount included in the closing balance as at 30 June 2023
\nwas US$280,893 (30 June 2022: US$630,097).
\nManagement have taken legal advice from their external counsel and have issued a letter of demand to the debtor. The
\ncompany\u2019s broker has maintained full security over the shares originally issued for trading and an ECL provision of US$308,260
\nhas been recognised in the year (30 June 2022: US$669,470).
\n11. INTANGIBLE ASSETS
\nSaltend intangible assets
\nCONSOLIDATED
\n2023
\nUS$
\nRestated
\n1
\n2022
\nUS$
\nCarrying value
\nBalance at the beginning of the year
5,236,226
\u2013
\nAdditions
9,452,299
5,236,226
\nR&D government grant deferred
(1,037,336)
\u2013
\nAdjustment on currency translation
(74,120)
\u2013
\nBalance at the end of the year
13,577,069
5,236,226
\n1
\nRefer to
note 5
for details of the restatement of prior year results.
\nThese costs were capitalised in respect of the Saltend Project and have been classi\ufb01ed as intangible assets given their nature,
\nbeing consulting fees relating to process design and testwork. Previously, such costs were wholly classi\ufb01ed as property, plant
\nand equipment. Refer to
note 5
for details of the restatement of prior year results.
\n\u00a0
\u00a0
\u00a0
\n
\n
\nCoola exploration and evaluation expenditure
\nCONSOLIDATED
\n2023
\nUS$
\n2022
\nUS$
\nCarrying value
\nBalance at the beginning of the year
181,206
132,040
\nAdditions
62,043
49,166
\nBalance at the end of the year
243,249
181,206
\nTotal intangibles
13,820,318
5,417,432
\nThe above amounts represent capitalised costs of exploration incurred at the Coola Project in Angola carried forward as an
\nasset in accordance with the accounting policy set out in
note 3
. The ultimate recoupment of the exploration and evaluation
\nexpenditure in respect of the areas of interest carried forward is dependent upon the discovery of commercially viable reserves
\nand the successful development and exploitation of the respective areas or, alternatively, the sale of the underlying areas of
\ninterest for at least their carrying value.
\n12. PROPERTY, PLANT AND EQUIPMENT
\nBuildings
\nUS$
\nPlant and
\nequipment
\nUS$
\nRestated
\n1
\nDevelop-
\nment
\nasset
\nUS$
\nRestated
\n1
\nAssets under
\nconstruc-
\ntion
\n2
\nUS$
\nMotor
\nvehicles
\nUS$
\nOf\ufb01ce
\nequipment
\nUS$
\nComputer
\nequipment
\nUS$
\nRestated
\n1
\nTotal
\nUS$
\n2023
\nCost
\nBalance as at
\n1\u00a0July 2022
28,310
17,675
29,969,013
1,217,581
83,384
7,325
21,281
31,344,569
\nAdjustment
\non currency
\ntranslation
\u2013
\u2013
(599,055)
(20,244)
\u2013
\u2013
(602)
(619,901)
\nR&D government
\ngrant deferred
\u2013
\u2013
(1,155,382)
\u2013
\u2013
\u2013
\u2013
(1,155,382)
\nAdditions
\u2013
15,346
12,914,832
3,075,630
130,855
\u2013
13,413
16,150,076
\nDisposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nBalance as at
\n30\u00a0June 2023
28,310
33,021
41,129,408
4,272,967
214,239
7,325
34,092
45,719,362
\nDepreciation
\nBalance as at
\n1 July 2022
3,828
5,344
\u2013
\u2013
48,923
2,590
6,114
66,799
\nCharge for
\nthe year
2,632
5,015
\u2013
\u2013
39,615
1,038
9,857
58,157
\nAdjustment
\non currency
\ntranslation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(244)
(244)
\nDisposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nBalance as at
\n30 June 2023
6,460
10,359
\u2013
\u2013
88,538
3,628
15,727
124,712
\nNet book value
\nAs at
\n30 June 2022
24,482
12,331
29,969,013
1,217,581
34,461
4,735
15,167
31,277,770
\nAs at
\n30 June 2023
21,849
22,662
41,129,408
4,272,967
125,701
3,697
18,366
45,594,650
\n1
\nRefer to
note 5
for details of the restatement of prior year results.
\n2
\nAssets under construction relate to Saltend.
\n
\u00a0
\u00a0
\u00a0
\u00a0
\nBuildings
\nUS$
\nPlant and
\nequipment
\nUS$
\nRestated
\n1
\nDevelop-
\nment
\nasset
\nUS$
\nRestated
\n1
\nAssets under
\nconstruc-
\ntion
\n2
\nUS$
\nMotor
\nvehicles
\nUS$
\nOf\ufb01ce
\nequipment
\nUS$
\nComputer
\nequipment
\nUS$
\nRestated
\n1
\nTotal
\nUS$
\n2022
\nCost
\nBalance as at
\n1\u00a0July 2021
6,199
10,204
18,400,076
65,728
54,507
6,080
30,611
18,573,405
\nR&D government
\ngrant deferred
\u2013
\u2013
(1,256,295)
\u2013
\u2013
\u2013
\u2013
(1,256,295)
\nAdditions
22,111
7,471
12,825,232
1,151,853
28,877
1,245
14,017
14,050,806
\nDisposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(23,347)
(23,347)
\nBalance as at
\n30\u00a0June 2022
28,310
17,675
29,969,013
1,217,581
83,384
7,325
21,281
31,344,569
\nDepreciation
\nBalance as at
\n1\u00a0July 2021
1,807
1,407
\u2013
\u2013
40,653
1,400
20,370
65,637
\nCharge for
\nthe year
2,021
3,937
\u2013
\u2013
8,270
1,190
9,090
24,508
\nDisposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(23,346)
(23,346)
\nBalance as at
\n30\u00a0June 2022
3,828
5,344
\u2013
\u2013
48,923
2,590
6,114
66,799
\nNet book value
\nAs at
\n30 June 2021
4,392
8,797
18,400,076
65,728
13,854
4,680
10,241
18,507,768
\nAs at
\n30 June 2022
24,482
12,331
29,969,013
1,217,581
34,461
4,735
15,167
31,277,770
\n1
\nRefer to
note 5
for details of the restatement of prior year results.
\n2
\nAssets under construction relate to Saltend.
\n13. TRADE AND OTHER PAYABLES
\nCONSOLIDATED
\n2023
\nUS$
\n2022
\nUS$
\nTrade and other payables
\n1
\n13,003,570
1,526,310
\nAccrued expenses
1,811,853
2,060,866
\nStatutory liabilities
49,668
59,210
\n14,865,091
3,646,386
\n1
\nThere has been no interest charged on the trade payables.
\n\u00a0
\u00a0
\u00a0
\n
\n14. ISSUED CAPITAL
\nCONSOLIDATED
\n2023
\nNumber
\n2023
\nUS$
\n2022
\nNumber
\n2022
\nUS$
\nFully paid ordinary shares
\nBalance at the beginning of the period
235,599,539
295,425
216,145,822
279,398
\nShare placement
12,331,334
14,993
\u2013
\u2013
\nShares issued conversion of performance rights
\u2013
\u2013
7,108,037
1,015
\nShare placement
7,250,000
8,626
12,345,680
15,012
\nShare placement
15,000,000
18,927
\u2013
\u2013
\nShare placement
15,000,000
18,927
\u2013
\u2013
\nBalance at the end of the \ufb01nancial year
285,180,873
356,898
235,599,539
295,425
\nCOMPANY
\nFully paid ordinary shares
\nBalance at the beginning of the period/incorporation
235,599,539
295,425
216,145,822
279,398
\nShare placement
12,331,334
14,993
\u2013
\u2013
\nShares issued conversion of performance rights
\u2013
\u2013
7,108,037
1,015
\nShare placement
7,250,000
8,626
12,345,680
15,012
\nShare placement
15,000,000
18,927
\u2013
\u2013
\nShare placement
15,000,000
18,927
\u2013
\u2013
\nBalance at the end of the \ufb01nancial year
285,180,873
356,898
235,599,539
295,425
\nPlacements during 2023
\nOn 5 August 2022, the company issued 12,331,334 fully paid ordinary shares to the FSDEA at a price of \u00a30.67 per share and
\nraised US$10 million.
\nOn 5 January 2023, the company issued 7,250,000 fully paid ordinary shares to M&G Investment Management at a price of
\n\u00a30.44 per share and raised US$3.8 million.
\nOn 9 May 2023, the company issued 15,000,000 fully paid ordinary shares to M&G Investment Management at a price of
\n\u00a30.28 per share and raised US$5.2 million.
\nOn 9 May 2023, the company issued 15,000,000 fully paid ordinary shares to FSDEA at a price of \u00a30.28 per share and raised
\nUS$5.2 million. The issue was done in two tranches, where the balance of the shares was issued on 27 June 2023.
\nPlacements during 2022
\nOn 6 January 2022, the company issued 12,345,680 fully paid ordinary shares to M&G Investment Management at a price of
\n\u00a30.81 per share and raised US$13.2 million.
\nOn 6 July 2021, 7,108,037 shares related to share awards were issued to executive management.
\n
\u00a0
\u00a0
\u00a0
\u00a0
15. RESERVES
\nThe following describes the nature and purpose of each reserve within equity:
\nReserve
Description and purpose
\nFully paid ordinary shares
Represents fully paid ordinary shares in the company of \u00a30.001 par value.
\nThe\u00a0company may, by ordinary resolution, declare a dividend to be paid to the
\nmembers, according to their respective rights and interest in the pro\ufb01ts, and may
\n\ufb01x the time for payment of such dividend, but no dividend shall exceed the amount
\nrecommended by the board.
\nShare premium
Represents the difference between the par value of the shares issued and the
\nsubscription or issue price less share issue costs.
\nForeign currency reserve
Represents foreign exchange differences arising from the translation of the \ufb01nancial
\nstatements of entities in the group denominated in a currency other than United
\nStates dollars.
\nShare-based payments reserve
The reserve includes the grant of share options and performance rights to
\nexecutives, senior employees and consultants. Amounts are transferred out of the
\nreserve and into issued capital when the options, share awards or performance
\nrights are converted to equity or lapse. Further information about share-based
\npayments can be found in
note 24
to the \ufb01nancial statements.
\nEquity reserve
This relates to the company\u2019s purchase of an additional 14% equity in its Angolan
\nsubsidiary company, Ozango Minerais SA (Ozango), for US$500,000 from non-
\ncontrolling interests in the 2019 \ufb01nancial year. Ozango holds the title to the
\nLongonjo NdPr Project.
\nAccumulated losses
Cumulative net losses recognised in the statement of comprehensive income.
\nMerger reserve
The company issued shares at par value as part of a group reorganisation to
\nacquire 100% of the share capital of Pensana Metals. The difference arising in the
\ngroup at the date of the group reorganisation is recorded in the non-distributable
\nmerger reserve as part of the transaction. The company-level merger reserve
\nrepresents the difference between the investment and nominal value of shares
\nissued in the scheme of arrangement.
\n16. LOSS PER SHARE
\n2023
\ncents per
\nshare
\nRestated
\n1
\n2022
\ncents per
\nshare
\nBasic loss per share
\nFrom continuing operations
1.69
5.11
\nTotal basic loss per share
1.69
5.11
\nDiluted loss per share
\nFrom continuing operations
1.69
5.11
\nTotal diluted loss per share
1.69
5.11
\n1
\nRefer to
note 5
for details of the restatement of prior year results.
\n\u00a0
\u00a0
\u00a0
\n
\n
\nBasic loss per share
\nThe net loss and weighted average number of ordinary shares used in the calculation of basic loss per share are as follows:
\n2023
\nUS$
\nRestated
\n1
\n2022
\nUS$
\nNet loss
(4,302,823)
(11,712,022)
\nLosses used in the calculation of basic loss per share from continuing operations
(4,302,823)
(11,712,022)
\nLosses used in the calculation of diluted loss per share attributable to
\nordinary shareholders
(4,302,823)
(11,712,022)
\n1
\nRefer to
note 5
for details of the restatement of prior year results.
\n2023
\nNumber
\n2022
\nNumber
\nWeighted average number of ordinary shares for the purpose of calculating basic loss
\nper share
254,074,694
229,019,699
\nWeighted average number of ordinary shares for the purpose of calculating diluted loss
\nper share
254,074,694
229,019,699
\nThe weighted average is calculated by adjusting the number of shares outstanding at the beginning of the period by the
\nnumber of shares issued during the period, multiplied by a time-weighting factor to re\ufb02ect the proportion of the period for which
\nthose shares were outstanding. Diluted loss per share equals basic loss per share as no anti-dilutive factors exist.
\nAs at year-end, there are 750,000 share options in issue (2022: 1,500,000).
\n17. DIVIDENDS
\nNo dividends were paid or proposed during the current or previous \ufb01nancial year.
\n18. COMMITMENTS FOR EXPENDITURE
\nThe consolidated entity has certain obligations to perform exploration work and expend minimum amounts of money on mineral
\nexploration tenements.
\nNo provision is required in the accounts for minimum expenditure requirements in respect of tenements.
\nNo provision has been made in the accounts for the possibility of a native title claim application which is deemed appropriate
\ndue to the stage of development on the Angolan projects and the positive interaction with the local community on the Longonjo
\nProject as regards the relocation management aspects of the development. Any potential substantial claim may have an effect
\non the value of the relevant tenement and may vary from time to time. Furthermore, based on continued interaction with local
\ncommunities and the development of a stakeholder engagement plan, the board considers any such potential claim occurring
\nas less than probable but possible.
\nOperating leases
\nThe group has entered into leases with Regus Serviced Of\ufb01ces and Parkway Business Centre Limited in the UK, as well as
\nwith Workspace in South Africa. The leases are currently operating on a short-term basis. As the group is expanding, lease
\ncommitments have been kept to a minimum as it is likely that bigger premises will be required in the near future, hence the
\nreason for the leases not being extended or are not anticipated to be extended beyond a 12-month period at inception.
\n
\u00a0
\u00a0
\u00a0
\u00a0
\n
\nThere are no restrictions placed upon the lessee by entering into these leases.
\nCONSOLIDATED
COMPANY
\n2023
\nUS$
\n2022
\nUS$
\n2023
\nUS$
\n2022
\nUS$
\nOperating lease expenditure
\nLess than one year
\n1
\n79,722
87,575
74,515
81,762
\n79,722
87,575
74,515
81,762
\n1
\nThe short-term lease commitments that are less than one year have been reviewed under IFRS 16, and the short-term lease exemption has
\nbeen applied.
\nExploration commitments
\nCommitments for payments under exploration permits and mineral leases in existence at the reporting date but not yet
\nincurred, are as follows:
\nCONSOLIDATED
\n2023
\nUS$
\n2022
\nUS$
\nExploration and evaluation expenditure
\nNo longer than one year
5,718
11,915
\nLonger than one year and not longer than \ufb01ve years
\u2013
15,756
\nLonger than \ufb01ve years
\u2013
\u2013
\n5,718
27,671
\nCapital commitments
\nCapital expenditure contracted for at the reporting date but not yet incurred was as follows:
\nCONSOLIDATED
COMPANY
\n2023
\nUS$
\n2022
\nUS$
\n2023
\nUS$
\n2022
\nUS$
\nCapital expenditure
3,784,108
3,298,647
\u2013
\u2013
\nThe expenditure relates primarily to the Longonjo Project in Angola, as well as the Saltend Project in the UK.
\n19. CONTINGENT LIABILITIES AND CONTINGENT ASSETS
\nThe directors are not aware of any other contingent liabilities or contingent assets that are likely to have a material effect on the
\nresults of the group as disclosed in these \ufb01nancial statements.
\n\u00a0
\u00a0
\u00a0
\n
\n20. INTERESTS IN CONTROLLED ENTITIES
\nOWNERSHIP INTEREST
\nName of entity
\nCountry of
\nincorporation
\nPrincipal
\nactivity
\n2023
\n%
\n3
\n2022
\n%
\n3
\nParent entity
\nPensana Plc
\n2
\nUnited Kingdom
\nControlled entities
\nSaltend Magnet Metals Limited
United Kingdom
Manufacturing
100
100
\nPensana Metals Limited
Australia
Mining
100
100
\nCarlton Resources Proprietary Limited
Australia
Holding company
100
100
\nCarlton Miyabi Tanzania Limited
Tanzania
Holding company
100
100
\nCarlton Kitongo Tanzania Limited
Tanzania
Holding company
100
100
\nBright Star Tanzania Limited
Tanzania
Holding company
100
100
\nRift Valley Resources (Africa) Proprietary
\nLimited
Australia
Holding company
100
100
\nRift Valley Resources Tanzania Limited
Tanzania
Holding company
100
100
\nTasman Gold\ufb01elds Australia Operations
\nProprietary Limited
Australia
Holding company
100
100
\nSable Minerals Proprietary Limited
Australia
Holding company
100
100
\nSable Min Unipessoal Lda (previously Sable
\nMinerals GmbH)
Portugal
Holding company
100
100
\nSBLRTHS Unipessoal Lda (previously Sable
\nRare Earths GmbH)
Portugal
Holding company
100
100
\nOzango Minerais S.A.
\n1
\nAngola
Mining
84
84
\nCoola Mining LDA
\n1
\nAngola
Exploration
90
90
\nMtemi G (Tanzania) Limited
Tanzania
Holding company
100
100
\nMtemi O (Tanzania) Limited
Tanzania
Holding company
100
100
\nMtemi U (Tanzania) Limited
Tanzania
Holding company
100
100
\n1
\nPensana Plc is the immediate and ultimate controlling party of the group as at 30 June 2023. During exploration phase on the projects, the
\nminority shareholders are entitled to free-carry; as such, no non-controlling interest is currently recognised on the Longonjo or Coola Projects.
\nThe parent entity and its controlled entities are not within a tax-consolidated group.
\n2
\nThe registered of\ufb01ce is located at Suite 31, Second Floor, Cheapside, London, United Kingdom, EC2V 6DN.
\n3
\nAll shareholdings are held via ordinary shares.
\n
\u00a0
\u00a0
\u00a0
\u00a0
21.
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
\nReconciliation of cash and cash equivalents
\nCash and cash equivalents at the end of the \ufb01nancial year as shown in the cash \ufb02ow statement are reconciled to the related
\nitems in the statement of \ufb01nancial position as follows:
\nCONSOLIDATED
\n2023
\nUS$
\n2022
\nUS$
\nCash and cash equivalents
9,695,491
2,930,162
\nReconciliation of loss for the period to net cash flows from operating activities
\nCONSOLIDATED
\n2023
\nUS$
\nRestated
\n1
\n2022
\nUS$
\nNet loss
(4,302,823)
(11,712,022)
\nAdd/less non-cash items
\nDepreciation
58,157
24,508
\nShare-based payments
(272,965)
876,657
\nUnrealised foreign exchange (gains)/losses
(1,381,041)
2,255,471
\nImpairment of \ufb01nancial assets
308,260
669,470
\nDecrease/(increase) in assets
\nTrade and other receivables
(702,950)
(32,356)
\nIncrease/(decrease) in liabilities
\nTrade and other payables
539,457
(29,959)
\nNet cash used in operating activities
(5,753,905)
(7,948,231)
\nReconciliation of additions to property, plant and equipment and intangibles to payments for property,
\nplant and equipment and intangibles used in investing activities
\nCONSOLIDATED
\nNote
\n2023
\nUS$
\nRestated
\n1
\n2022
\nUS$
\nAdditions to property, plant and equipment
12
(16,150,076)
(14,050,806)
\nAdditions to Saltend intangible assets
11
(9,452,299)
(5,236,226)
\nAdditions to exploration and evaluation
11
(62,043)
(49,166)
\nTotal additions
(25,664,418)
(19,336,198)
\nCapital items included in working capital
11,673,885
(1,510,549)
\nPayments for property, plant and equipment and intangibles
\n(cash \ufb02ow investing activities)
(13,990,532)
(20,846,747)
\n1
\nRefer to
note 5
for details of the restatement of prior year results.
\n\u00a0
\u00a0
\u00a0
\n
\n22. FINANCIAL INSTRUMENTS
\nFinancial risk management objectives
\nSenior management and the board monitor and manage the \ufb01nancial risk relating to the operations of the group and company.
\nThe group\u2019s activities include exposure to market price risk, foreign exchange risk, credit risk, liquidity risk and cash \ufb02ow interest
\nrate risk. The overall risk management programme focuses on managing these risks and implementing and monitoring controls
\nover the cash management function. Owing to the unpredictability of \ufb01nance markets, senior management and the board
\nseek to minimise potential adverse effects on \ufb01nancial performance. There have been no substantive changes in the group
\nand company\u2019s exposure to \ufb01nancial instrument risks, their objectives, polices and processes for managing these risks or the
\nmethods to measure them.
\nSigni\ufb01cant accounting policies
\nDetails of the signi\ufb01cant accounting policies and methods adopted, including the criteria for recognition, the basis of
\nmeasurement and the basis on which income and expenses are recognised, in respect of each class of \ufb01nancial asset, \ufb01nancial
\nliability and equity instrument are disclosed in
notes 3
and
4
to the \ufb01nancial statements.
\nCapital risk management
\nThe group and company manage their capital to ensure that they will be able to continue as a going concern. The capital
\nstructure of the group and company includes cash and cash equivalents and equity attributable to equity holders of the
\nparent, comprising issued capital, reserves and accumulated losses as disclosed in
notes 14
and
15
, respectively. The group
\nundertakes its exploration and evaluation and development activities through its wholly owned subsidiaries. None of the group\u2019s
\nentities are subject to externally imposed capital requirements. The group intends to use a variety of capital market issues to
\nmeet anticipated funding requirements. The group currently has no short- or long-term borrowings.
\nMarket price risk
\nThe group and company are involved in the exploration and development of mining tenements for rare earths. Revenue
\nfrom any future mining associated with metal sales, the acquisition and disposal consideration for mining tenements and the
\nability to raise funds through equity and debt will be largely dependent on the commodity price for resources at the time of
\nthe transaction. The group and company actively monitor factors that could impact market prices including market demand,
\ncustomer needs and potential new entrants into the rare earth industry.
\nInterest rate risk
\nThe group and company\u2019s cash \ufb02ow interest rate risk for assets primarily arises from cash at bank and deposits which are
\nsubject to market bank rates. Cash deposits with banks and \ufb01nancial institutions are managed by senior management and the
\nboard in accordance with the group and company\u2019s internal policy. There is no interest receivable or payable on the group\u2019s
\ntrade and other receivables or payables.
\nA 1% change in interest rates on interest-bearing assets will increase or decrease net loss and accumulated losses by
\nUS$96,952 (2022: US$29,302).
\nA 1% change in interest rates on interest-bearing assets for the company will increase or decrease net loss and accumulated
\nlosses by US$86,621 (2022: US$25,504).
\nCredit risk management
\nCredit risk is the risk that a counterparty will not meet its obligations under a \ufb01nancial instrument or customer contract, leading to
\n\ufb01nancial loss. The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance sheet date, to
\nrecognised \ufb01nancial assets is the carrying amount of those assets, net of any provisions for estimated credit losses, as disclosed in
\nthe statement of \ufb01nancial position and notes to the \ufb01nancial statements. The group does not have any material credit risk exposure
\nto any single debtor or group of debtors under \ufb01nancial instruments or customer contracts entered into by the group, other than
\ncash deposits and the outstanding proceeds due from the June 2021 equity placing as disclosed in
note 10
. The group\u2019s internal
\npolicy requires deposits to be held with \ufb01nancial institutions holding a benchmark credit rating. At the balance sheet date, the
\nmajority of cash and deposits was held with Barclays Bank which has a Fitch rating of A+ as at period-end.
\n
\u00a0
\u00a0
\u00a0
\u00a0
\n
\nFinancial instruments and cash deposits
\nCash deposits with banks and \ufb01nancial institutions are managed by senior management and the board in accordance with the
\ngroup and company\u2019s internal policy. We are exposed to credit risk from our investing activities that include balances with banks
\nand \ufb01nancial institutions of US$9,695,491 (30 June 2022: US$2,930,162). The balance with banks and \ufb01nancial institutions for
\nthe company was U$8,662,086 (30 June 2022: US$2,550,436).
\nTrade and other receivables
\nAs at 30 June 2023, the group was exposed to trade and other receivables of US$1,293,155 (2022: US$814,921). The
\ncompany was exposed to trade and other receivables of US$349,352 (2022: US$642,202). An impairment analysis is
\nperformed at each reporting date by senior management on all trade and other receivable balances. The maximum exposure to
\ncredit risk for trade and other receivables at the reporting date is the carrying value of each class of \ufb01nancial asset. In respect of
\nother receivables that were past due by more than 90 days, an estimated credit loss allowance has been recognised based on
\nthe estimated lifetime credit loss. Refer to
note 10
for further details.
\nForeign currency risk
\nThe group and company are exposed to \ufb02uctuations in foreign currencies arising from the purchase of goods and services
\nand the holding of assets and liabilities in currencies that are not the functional currency of the relevant group entity. In general,
\nthe group does not enter into any material derivatives to manage these currency risks and no signi\ufb01cant positions were held in
\n2023 and 2022.
\nAs at 30 June 2023, the group had exposure to other foreign currencies; primarily the following exposure to Australian dollar,
\nBritish pound and the Angolan kwanza that is not designated in cash \ufb02ow hedges:
\nCONSOLIDATED
COMPANY
\n2023
\nUS$
\n2022
\nUS$
\n2023
\nUS$
\n2022
\nUS$
\nLevel of exposure of foreign currency risk
\nCarrying value of foreign currency balances
\nCash and cash equivalents include balances
\ndenominated in:
\nAustralian dollar
740,443
15,580
653
743
\nBritish pound
4,579,577
2,539,160
4,357,759
2,539,160
\nAngolan kwanza
30,589
269,454
\u2013
\u2013
\nTanzanian shilling
\u2013
566
\u2013
\u2013
\nEuro
381
64,493
\u2013
\u2013
\nTrade and other payables include balances
\ndenominated in:
\nAustralian dollar
23,618
819,612
1,332
25,342
\nBritish pound
11,750,719
414,918
11,088,348
414,918
\nAngolan kwanza
1,086,278
16,933
\u2013
\u2013
\nSouth African rand
52,559
3,085
48,210
640
\nA 5% change in the Australian dollar/British pound exchange rate will increase or decrease net loss and accumulated losses by
\nUS$267,550 (2022: US$144,463).
\nA 5% change in the Australian dollar/British pound exchange rate will increase or decrease net loss and accumulated losses for
\nthe company by US$217,921 (2022: US$126,995).
\n\u00a0
\u00a0
\u00a0
\n
\n
\nLiquidity risk
\nUltimate responsibility for liquidity risk management rests with the board of directors, who have built an appropriate liquidity risk
\nmanagement framework for the management of the group and company\u2019s short-, medium- and long-term funding and liquidity
\nmanagement requirements. With reference to the current going concern commentary (
note 3
), the group will look to manage
\nliquidity risk by maintaining adequate reserves, and by continuously monitoring forecast and actual cash \ufb02ows and matching
\nthe maturity pro\ufb01les of \ufb01nancial assets, expenditure commitments and liabilities.
\nMaturity pro\ufb01le of \ufb01nancial instruments
\nThe following table details the group\u2019s remaining contractual maturity for its non-derivative \ufb01nancial assets and liabilities.
\nThe table has been drawn up based on undiscounted cash \ufb02ows and details the group\u2019s exposure to interest rate risk as at
\n30\u00a0June\u00a02023 and 30 June 2022.
\nLess than
\n1 year
\nUS$
\n1 to 5 years
\nUS$
\n5+ years
\nUS$
Total
\n2023
\nGroup and company
\nFinancial assets
\nAmortised cost
261,329
\u2013
\u2013
261,329
\nGroup
\nFinancial liabilities
\nNon-interest-bearing
14,815,424
\u2013
\u2013
14,815,424
\nCompany
\nFinancial liabilities
\nNon-interest-bearing
11,587,582
\u2013
\u2013
11,587,582
\nLess than
\n1 year
\nUS$
\n1 to 5 years
\nUS$
\n5+ years
\nUS$
Total
\n2022
\nGroup and company
\nFinancial assets
\nAmortised cost
630,097
\u2013
\u2013
630,097
\nGroup
\nFinancial liabilities
\nNon-interest-bearing
3,587,177
\u2013
\u2013
3,587,177
\nCompany
\nFinancial liabilities
\nNon-interest-bearing
1,974,219
\u2013
\u2013
1,974,219
\n23. KEY MANAGEMENT PERSONNEL COMPENSATION
\nCONSOLIDATED
\n2023
\nUS$
\n2022
\nUS$
\nShort-term employee bene\ufb01ts
1,974,607
2,240,592
\nPost-employment bene\ufb01ts
\u2013
\u2013
\nShare-based payment
(272,965)
605,388
\n1,701,642
2,845,980
\nThis includes compensation for two executive directors (2022: three), \ufb01ve non-executive directors (2022: four) and one
\nexecutive (2022: one). Further details of the key management personnel compensation can be found in the remuneration report
\nsection of the directors\u2019 report.
\n
\u00a0
\u00a0
\u00a0
\u00a0
24. SHARE-BASED PAYMENTS
\nPerformance rights
\n2023
\nDuring the year, no performance rights were issued to directors and key management personnel.
\n2022
\nDuring the year, no performance rights were issued to directors and key management personnel.
\nThe use of performance rights was a legacy arrangement under the previous ASX listing of the then parent Pensana Metals Limited.
\n2021 \u2013 amendment to historical performance rights
\nDirector/key
\nmanagement
\npersonnel
\nNumber
\nof rights
\nFair
\nvalue
\n1
\nper right
\nOriginal
\nvesting
\nconditions
\nOriginal
\ngrant
\ndate
\nOriginal
\nexpiry
\ndate
Vesting status
\nP Atherley
3,858,037
n/a
Completion of the de\ufb01nitive
\nfeasibility study (DFS) and
\ncommencement of construction
\nby 13 May 2023
\n13 May
\n2018
\n13 May
\n2023
\nFully vested
\nD Hammond
1,000,000
n/a
Completion of the DFS
\nand\u00a0commencement of
\nconstruction by 13 May\u00a02023
\n17 September
\n2018
\n17 September
\n2023
\nFully vested
\nT George
1,250,000
n/a
Commencement of
\nconstruction of\u00a0the concentrator
\nby end December 2020
\n22 April
\n2019
\n22 April
\n2019
\nFully vested
\nT George
\n1
\n1,250,000
US$0.014
\n(\u00a30.0108)
\nCommencement of
\nconcentrate sales by
\nend December 2021
\n22 April
\n2019
\n22 April
\n2019
\nVesting extended.
\nVesting subject to
\ntime-weighted
\npro rata 1/3 basis
\non 31\u00a0December
\n2021/2022/2023
\nR Kaplan
\n1
\n1,000,000
n/a
Commencement of
\nconstruction of\u00a0the concentrator
\nby end December 2020
\n1 January
\n2020
\n31 December
\n2020
\nFully vested
\nR Kaplan
\n1
\n1,000,000
US$0.15
\n(\u00a30.11)
\nCommencement of sales
\nby end\u00a0December 2021
\n1 January
\n2020
\n31 December
\n2021
\nVesting extended.
\nVesting subject to
\ntime-weighted
\npro rata 1/3 basis
\non 31\u00a0December
\n2021/2022/2023
\n1
\nDuring the prior year, the amended awards were repriced to re\ufb02ect the extended vesting conditions. The following inputs were used under the
\nBlack-Scholes model:
\n\u2022
Stock pricing
US$0.0956
\n\u2022
Exercise price
US$0.0010
\n\u2022
Time to maturity
Four years
\n\u2022
Risk-free interest rate
1.6%
\n\u2022
Annualised volatility
100%
\nOptions
\n2023
\nDuring 2023, no share-based options were issued.
\n2022
\nDuring 2022, no share-based options were issued.
\n\u00a0
\u00a0
\u00a0
\n\n
\nReconciliation of options outstanding
\nThe following reconciles outstanding share options provided as share-based payments at the beginning and end of the
\n\ufb01nancial\u00a0year:
\nNumber
\nof options
\n2023
\nWeighted
\naverage
\nexercise
\nprice
\n2023
\nNumber
\nof options
\n2022
\nWeighted
\naverage
\nexercise
\nprice
\n2022
\nBalance at the beginning of the \ufb01nancial year
1,500,000
\u2013
2,750,000
\u2013
\nIssued or to be issued during the \ufb01nancial year
\u2013
\u2013
\u2013
\u2013
\nVested during the \ufb01nancial year
(750,000)
US$0.103
(750,000)
US$0.103
\nExpired during the \ufb01nancial year
\u2013
\u2013
(500,000)
US$0.175
\nBalance at the end of the \ufb01nancial year
750,000
US$0.103
1,500,000
US$0.103
\nExercisable at the end of the \ufb01nancial year
750,000
\u2013
1,500,000
\u2013
\n1
\nDuring 2021, 2,750,000 legacy performance rights were reclassi\ufb01ed as share-based awards with the migration from the ASX to the LSE.
\nDuring the prior year, performance rights awarded to Mr T George and Mr R Kaplan, that were originally subject to commencement of
\nconcentrate sales by the end of 31 December 2021, were restructured to realign to the amended project scopes and the planned addition of
\nan mixed rare earth recovery plant and solvent extraction re\ufb01nery alongside the concentrator plant. As a result thereof, the timeline for vesting
\nwas amended to 31\u00a0December 2021 \u2013 2023 with vesting to take place on a one-third time-weighted basis.
\nShare awards
\n2023
\nDuring the year, no new share awards were issued to executive management or to employees.
\n2022
\nDuring the year, share awards were issued to executive management and to employees.
\nShare awards issued to executive management
\nNo share awards were issued to executives during the current year.
\nShare awards were issued to executives during the prior year. These awards are subject to six performance conditions:
\nabsolute total shareholder return (market-based), lost time injury frequency rate, full \ufb01nancing of the Longonjo Project, full
\n\ufb01nancing of the Saltend Project, construction completion of the rare earth separation facility (RESF) and production of the RESF.
\nGrant date fair value was calculated using the market-based measure. No dividends are attributable during the vesting period.
\nRefer to the remuneration committee report on
page 63
of this annual report for more detail.
\nThe fair value of the share awards issued to executives was calculated using both a stochastic simulation model, as well as a
\nBlack-Scholes pricing model.
\nThe key assumptions used in the models for shares granted during the year ended 30 June 2022 were as follows:
\nShare awards
16 May 2022
\nQuantity of shares issued
1,595,833
\nFair value of shares issued
US$1.57 million (\u00a31.27 million)
\nPerformance period
Three years
\nVolatility
92.25%
\nRisk-free interest rate
1.26%
\nDividend yield
0%
\nWeighted average share price on grant and valuation date
US$0.98 (\u00a30.80)
\nDue to the delay in securing the main \ufb01nancing on the Saltend and Longonjo Projects, certain share incentive performance
\nconditions relating to the FY2022 LTI share plan awards have not been met or are unlikely to be met. These speci\ufb01cally related
\nto \ufb01nancing of the Longonjo Project (12.5% of award) and \ufb01nancing of the Saltend Project (12.5% of award), construction
\ncompletion of the RESF (12.5% of award) and \ufb01rst production at the RESF (12.5% of award). As a result of the lapsing of these
\nawards, the directors will not receive the shares or related bene\ufb01ts outlined in the original plan agreements. The share-based
\ncharges recognised in prior periods relating to these awards were reversed during FY2023.
\n\u00a0
\u00a0
\u00a0
\u00a0
\nShare awards issued to employees
\nNo share awards were issued to employees during the current year.
\nShare awards were issued to employees during the prior year. These awards are subject to two performance conditions:
\ncompletion of the construction of the RESF and \ufb01rst production of the RESF.
\nThe performance period is three years. There are no market-based vesting conditions on the share awards.
\nThe fair value of the share awards is detailed below, and the share-based payment charge is charged to pro\ufb01t evenly between
\nthe grant and vesting dates. No dividends are attributable during the vesting period. The share awards have an exercise price
\nof nil.
\nThe fair value of the restricted shares issued in 2022 was calculated using the Black-Scholes pricing model. The key
\nassumptions used in the model for shares granted during the year ended 30 June 2022 were as follows:
\nShare awards
1 July 2021
\nQuantity of shares issued
583,786
\nFair value of shares issued
US$912,340 (\u00a3754,000)
\nPerformance period
Three years
\nVolatility
92.25%
\nDividend yield
0%
\nWeighted average share price on grant and valuation date
US$1.3 (\u00a31.08)
\nDue to the delay in securing the main \ufb01nancing on the Saltend Project, the share incentive performance conditions relating to
\nthe FY2022 LTI share plan awards have not been met or are unlikely to be met. These speci\ufb01cally related to an award on 33%
\nconstruction completion of the RESF (25% of award), an award on 100% construction completion of the RESF (25% of award)
\nand an award on \ufb01rst production at the RESF (50% of the award). As a result of the lapsing of these awards, the employees will
\nnot receive the shares or related bene\ufb01ts outlined in the original plan agreements. The share-based charges recognised in prior
\nperiods relating to these awards were reversed during FY2023.
\n25. RELATED PARTY TRANSACTIONS
\nParent entity
\nThe parent entity of the group is Pensana Plc which is incorporated in the UK.
\nEquity interests in related parties
\nDetails of the percentage of ordinary shares held in subsidiaries are disclosed in
note 20
to the \ufb01nancial statements.
\nTransactions with key management personnel and related parties
\nThe aggregate compensation made to key management personnel is disclosed in
note 23
to the \ufb01nancial statements, and
\ndetails of the compensation have been provided in the remuneration report which forms part of the directors\u2019 report.
\n26. REMUNERATION OF THE AUDITOR
\nCONSOLIDATED
\n2023
\nUS$
\n2022
\nUS$
\nFee payable to BDO LLP as the company\u2019s external auditor for the audit of the
\ncompany\u2019s annual \ufb01nancial statements
150,654
156,574
\nFee payable to BDO LLP as the company\u2019s external auditor for non-audit services
\nto the group
\n1
\n43,200
43,907
\n1
\nDuring the period, there were non-audit service fees of US$43,200 (2022: US$43,907) incurred by BDO LLP with respect to the half-year
\ninterim review.
\n27. SUBSEQUENT EVENTS
\nOn 27 June 2023 FSDEA-provided a US15miilion loan facility to the group as part of a broader US$80 million investment
\n(subject to due diligence and the \ufb01nalisation of investment terms) to facilitate the development of the Longonjo Project. The loan
\nfacility was formally executed on 7 August 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f9524": {
"value": "1. GENERAL INFORMATION
\nThe consolidated \ufb01nancial statements present the \ufb01nancial information of Pensana Plc and its subsidiaries (collectively, the
\ngroup) for the year ended 30 June 2023 in United States dollars (US$). Pensana Plc (the company or the parent) is a public
\ncompany limited by shares listed on the Main Market of the London Stock Exchange (LSE) and incorporated in England
\nand Wales on 13 September 2019. The registered of\ufb01ce is located at 107 Cheapside, Second Floor, London, EC2V 6DN,
\nUnited Kingdom.
\nThe company is focused on the establishment of an integrated rare earth processing facility in the UK with a view to creating
\nthe world\u2019s \ufb01rst sustainable magnet metal supply chain. Initial feedstock will be shipped as a clean, high-purity mixed rare earth
\nsulphate from the company\u2019s Longonjo low-impact mine in Angola.
\nIn early 2020, Pensana Metals Limited redomiciled the group to the UK pursuant to a scheme of arrangement in which Pensana
\nMetals Limited became a wholly owned subsidiary of Pensana Plc. Prior to the transaction, the company was incorporated on
\n13 September 2019 and was a wholly owned subsidiary of Pensana Metals Limited.
\nThe board of Pensana resolved to restructure the group to remove redundant holding companies and streamline the group
\nstructure. As part of this restructuring process, the shares in the wholly owned subsidiaries, Sable Minerals GmbH and Sable
\nRare Earths GmbH, were acquired directly by Pensana Rare Earths Plc and it is anticipated that additional dormant entities in
\nTanzania and Australia will be liquidated in due course.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f9530": {
"value": "2023-06-30",
"dimensions": {
"concept": "ifrs-full:DateOfEndOfReportingPeriod2013",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f9531": {
"value": "Pensana Plc",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f9532": {
"value": "Pensana Plc",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f9533": {
"value": "Pensana Plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f9534": {
"value": "public company limited by shares",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f9537": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f9540": {
"value": "107 Cheapside, Second Floor, London, EC2V 6DN, United Kingdom.",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f9543": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f9544": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f9546": {
"value": "The company is focused on the establishment of an integrated rare earth processing facility in the UK with a view to creating the world\u2019s \ufb01rst sustainable magnet metal supply chain. Initial feedstock will be shipped as a clean, high-purity mixed rare earth
\nsulphate from the company\u2019s Longonjo low-impact mine in Angola.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f9562": {
"value": "Changes in accounting policies and disclosures From 1 July 2022, the group has adopted the following standards and interpretations, mandatory for annual periods beginning
\non or after 1 January 2022:
\nStandard
Description
Effective date
\nImprovements to IFRS
Annual Improvements to IFRS: 2018 \u2013 2020 Cycle
1 January 2022
\nAmendments to IFRS 3
Conceptual Framework for Financial Reporting
\n(Amendments to IFRS 3)
\n1 January 2022
\nAmendments to IAS 37
Amendments to IAS 37
Provisions, Contingent Liabilities
\nand Contingent Assets
(Amendment \u2013 Onerous
\nContracts \u2013 Cost of Ful\ufb01lling a Contract)
\n1 January 2022
\nAmendments to IAS 16
Amendments to IAS 16
Property, Plant and Equipment
\n(Amendment \u2013 Proceeds before Intended Use)
\n1 January 2022
\nThe application of these standards has not had a material impact on the \ufb01nancial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f9567": {
"value": "Standard Description
Effective date
\nImprovements to IFRS
Annual Improvements to IFRS: 2018 \u2013 2020 Cycle
1 January 2022
\nAmendments to IFRS 3
Conceptual Framework for Financial Reporting
\n(Amendments to IFRS 3)
\n1 January 2022
\nAmendments to IAS 37
Amendments to IAS 37
Provisions, Contingent Liabilities
\nand Contingent Assets
(Amendment \u2013 Onerous
\nContracts \u2013 Cost of Ful\ufb01lling a Contract)
\n1 January 2022
\nAmendments to IAS 16
Amendments to IAS 16
Property, Plant and Equipment
\n(Amendment \u2013 Proceeds before Intended Use)
\n1 January 2022
The application of these standards has not had a material impact on the \ufb01nancial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f9568": {
"value": "Standard Description
Effective date
\nImprovements to IFRS
Annual Improvements to IFRS: 2018 \u2013 2020 Cycle
1 January 2022
\nAmendments to IFRS 3
Conceptual Framework for Financial Reporting
\n(Amendments to IFRS 3)
\n1 January 2022
\nAmendments to IAS 37
Amendments to IAS 37
Provisions, Contingent Liabilities
\nand Contingent Assets
(Amendment \u2013 Onerous
\nContracts \u2013 Cost of Ful\ufb01lling a Contract)
\n1 January 2022
\nAmendments to IAS 16
Amendments to IAS 16
Property, Plant and Equipment
\n(Amendment \u2013 Proceeds before Intended Use)
\n1 January 2022Standard Description
Effective date
\nAmendment to IAS 1 and IFRS
\nPractice Statement 2
\nDisclosure of Accounting Policies \u2013
Amendments to
\nIAS\u00a01 and IFRS Practice Statement 2
\n1 January 2023
\nAmendment to IAS 8
IAS 8
Accounting Policies, Changes in Accounting
\nEstimates and Errors
(Amendment \u2013 De\ufb01nition of
\nAccounting Estimates)
\n1 January 2023
\nAmendment to IAS 12
IAS 12
Income Taxes
(Amendment \u2013 Deferred Tax
\nrelated to Assets and Liabilities arising from a Single
\nTransaction)
\n1 January 2023
\nIFRS 17
\n1
\nIFRS 17
Insurance Contracts
1 January 2023
\nAmendments to IAS 12
\n1
\nInternational Tax Reform \u2014 Pillar Two Model Rules \u2013
\nAmendments to IAS 12
\n1 January 2023 (subject to
\nUK endorsement)
\nAmendments to IAS 1
\n1
\nNon-current liabilities with covenants \u2013
\nAmendments to IAS 1
\n1 January 2024
\nAmendments to IFRS 16
\n1
\nLease liability in sale and leaseback \u2013
\nAmendments to IFRS 16
\n1 January 2024",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f9679": {
"value": "3. SIGNIFICANT ACCOUNTING POLICIES
\nAND GOING CONCERN
\nBasis of preparation
\nThe consolidated \ufb01nancial statements of the company
\nare prepared in accordance with UK-adopted
\ninternational accounting standards. The parent company
\n\ufb01nancial statements have been properly prepared in
\naccordance with UK-adopted international accounting
\nstandards and as applied in accordance with the
\nprovisions of the Companies Act 2006.
\nThe company was incorporated on 13 September 2019
\nas a wholly owned subsidiary of Pensana Metals Limited.
\nThe company subsequently acquired 100% of the share
\ncapital of Pensana Metals Limited and its subsidiary
\ncompanies for the effective issuance of 152,973,315
\nshares to the shareholders of Pensana Metals Limited
\nfurther to the scheme of arrangement approved on
\n22 January 2020 and completed on 5 February 2020.
\nThe shares issued to the former shareholders of Pensana
\nMetals Limited comprised 50,000,000 shares with
\na nominal value of \u00a30.001 per share subscribed for
\nincorporation of the company by Pensana Metals Limited
\nwhich were transferred to CHESS Depositary Nominees
\nProprietary Limited (a subsidiary of the Australian
\nSecurities Exchange (ASX)) for use in the scheme of
\narrangement and 102,973,314 shares with a nominal
\nvalue of \u00a30.001 per share additionally issued by the
\ncompany to CHESS Depositary Nominees Proprietary
\nLimited for use in the scheme of arrangement. CHESS
\nDepositary Nominees Proprietary Limited subsequently
\nissued CHESS Depositary Instruments in proportion
\nto the interests the former shareholders of Pensana
\nMetals held in that company for trading on the ASX
\nwith 152,973,315 CHESS Depositary Instruments
\nissued for trading. The transaction represented a group
\nreconstruction and common control transaction.
\nThe accounting for common control transactions is
\nscoped out of IFRS 3 and, accordingly, the group has
\ndeveloped an accounting policy with reference to methods
\napplied in alternative generally accepted accounting
\nprinciples (GAAPs). Consequently, the consolidated
\n\ufb01nancial statements are presented as if the company has
\nalways been the holding company for the group, and the
\ngroup has elected to apply merger accounting principles.
\nUnder this policy, the company and its subsidiaries are
\ntreated as if they had always been a group.
\nThe results are included from the date the subsidiaries
\njoined the group and the comparatives re\ufb02ect the
\nresults of the company and its subsidiaries. No fair value
\nadjustments were made as a result of the transaction,
\nand the assets and liabilities are incorporated at their
\npredecessor carrying values.
\n\u00a0
\u00a0
\u00a0
\u00a0
The principal accounting policies adopted by the group
\nin the preparation of the \ufb01nancial statements are set
\nout\u00a0below.
\nThe policies have been consistently applied to all the
\nyears presented, unless otherwise stated.
\nThe consolidated \ufb01nancial statements are presented in
\nUnited States dollars (US$) rounded to the nearest dollar.
\nBasis of measurement
\nThe consolidated \ufb01nancial statements have been
\nprepared on the basis of historical cost, adjusted for the
\ntreatment of certain \ufb01nancial instruments, as explained
\nin the accounting policies below. Historical cost is
\ngenerally based on the fair values of the consideration
\ngiven in exchange for goods and services. Fair value is
\nthe price that would be received to sell an asset or paid
\nto transfer a liability in an orderly transaction between
\nmarket participants at the measurement date, regardless
\nof whether that price is directly observable or estimated
\nusing another valuation technique. In estimating the
\nfair value of an asset or a liability, the group takes into
\naccount the characteristics of the asset or liability if
\nmarket participants would take those characteristics
\ninto account when pricing the asset or liability at the
\nmeasurement date.
\nIn addition, for \ufb01nancial reporting purposes, fair value
\nmeasurements are categorised into Level 1, 2 or 3
\nbased on the degree to which the inputs to the fair value
\nmeasurements are observable and the signi\ufb01cance of the
\ninputs to the fair value measurement in its entirety, which
\nare described as follows:
\n\u2022
Level 1 inputs are quoted prices (unadjusted) in active
\nmarkets for identical assets or liabilities that the entity
\ncan access at the measurement date;
\n\u2022
Level 2 inputs are inputs, other than quoted prices
\nincluded within Level 1, that are observable for the
\nasset or liability, either directly or indirectly; and
\n\u2022
Level 3 inputs are unobservable inputs for the asset
\nor liability.
\nGoing concern
\nThe group \ufb01nancial statements and parent company
\n\ufb01nancial statements have been prepared on a going
\nconcern basis with the directors of the opinion that the
\ngroup and parent company will be able to meet their
\nobligations as and when they fall due.
\nAs at 30 June 2023, the group has a net asset position
\nof US$56,760,601 (2022: US$38,378,989), net current
\nliabilities of US$2,654,366 (2022: US$1,683,7871 net
\ncurrent assets), had incurred a net loss after income tax of
\nUS$4,302,823 (2022: US$11,712,0221) and experienced
\ncumulative net cash out\ufb02ows from operating and investing
\nactivities of US$17,332,760 (2022:\u00a0US$28,794,950).
\nCash and cash equivalents totalled US$9,695,491
\n(2022:\u00a0US$2,930,162) at the year-end.
\nThe directors have prepared a cash \ufb02ow forecast for the
\nperiod ending 31 March 2025.
\nOn the Saltend Project, the UK DBT has offered Pensana
\na conditional grant of up to \u00a34,000,000 towards the
\nfunding which is anticipated to be received in Q4 FY2024
\nand forms part of the forecast.
\nIn Angola, the group has secured a US$15 million loan
\nfacility secured over the indirect shareholding in the group\u2019s
\nAngolan subsidiary which matures in February\u00a02024 from
\nFSDEA which is available to meet operating cash \ufb02ow
\nrequirements and progress the Longonjo Project in the
\nnear term. The parent company is well advanced in its
\nmain \ufb01nancing workstreams on the Longonjo Project and
\nis aiming to complete the main \ufb01nancing in Q1 2024 which
\nwould enable settlement of the FSDEA facility and provide
\nfunds for the wider project development.
\nThe forecast indicates that funding is required to settle
\nexisting project-related contractor balances in the UK
\nand to also provide working capital. Continuing support
\nof these contractors will be required until the group has
\nsecured this required funding and then remain as the
\ngroup subsequently moves towards main \ufb01nancing in the
\nnormal course of project development.
\nThe board notes that, in addition to the funding
\nrequirement for the UK operations, additional funding will
\nalso be required during the period to maintain liquidity
\nin the event that the grant funding is delayed, or the
\nconditions are not met. Additionally, the group would
\nneed to re\ufb01nance the FSDEA facility in the event the main
\n\ufb01nancing is not complete by the maturity date of the
\nFSDEA loan. Given the support provided by the Angolan
\nGovernment for the Longonjo Project, the directors
\nanticipate such a re\ufb01nancing being made available to
\nthe\u00a0group.
\nIn assessing the going concern basis of preparation, the
\ndirectors have also considered supply chain challenges,
\nin\ufb02ation, the availability of funding and its impact on the
\nprogression of the Longonjo Project in Angola and the
\nSaltend Project in the UK. Similarly, the directors have also
\nconsidered the impact of the ongoing Russia-Ukraine and
\nIsrael-Gaza wars as it relates to costs and the potential
\nvolatility in the debt and equity markets.
\nThe directors have continued to actively engage with
\ninstitutional investors and \ufb01nancing institutions in the
\nUK, Europe and Africa to discuss opportunities around
\npotential future \ufb01nancing in anticipation of a \ufb01nal
\ninvestment decision being taken to initiate main project
\ndevelopment. Such additional funding will be required to
\nmeet the group\u2019s committed and planned development
\nexpenditure across the forthcoming year. The ability of
\nthe parent company and group to continue as a going
\nconcern is dependent on securing such additional funding.
\n\u00a0
\u00a0
\u00a0
\n
\n
\n
\n
\nAs noted earlier, on the Saltend Project, the UK DBT has
\noffered Pensana a conditional grant of up to \u00a34,000,000
\ntowards the funding; engagement continues at the highest
\nlevel within the UK government and the UK Infrastructure
\nBank and bond \ufb01nanciers, which is coupled with strategic
\nengagement with offtake partners. Despite the current
\nturbulence in the world\u2019s \ufb01nancial markets, the directors
\nhave received positive interest from several key sectors
\nacross the rare earth supply chain and are con\ufb01dent of
\nunlocking the Saltend main \ufb01nancing by mid-2024 in
\ncollaboration with these key industry players.
\nDespite the ongoing engagements, the directors note that
\nthe required funding outlined above has not been secured
\nat the date of approval of these \ufb01nancial statements and
\nthe availability of such funding on terms that would be
\nacceptable is not guaranteed. Similarly, the grant from
\nthe UK DBT remains conditional and is dependent on
\nprogression of the main \ufb01nancing, while settlement of the
\nFSDEA loan is similarly dependent on the main \ufb01nancing.
\nThese circumstances indicate the existence of a material
\nuncertainty which may cast signi\ufb01cant doubt about the
\ngroup\u2019s and parent company\u2019s ability to continue as
\na going concern and therefore the group and parent
\ncompany may be unable to realise their assets and
\ndischarge their liabilities in the normal course of business.
\nThe group and parent company \ufb01nancial statements do
\nnot include the adjustments that would result if the group
\nwas unable to continue as a\u00a0going concern.
\nPrinciples of consolidation
\nThe consolidated \ufb01nancial information comprises the
\n\ufb01nancial statements of Pensana Plc and its subsidiaries
\nas at 30 June 2023.
\nSubsidiaries are all those entities controlled by the
\ncompany. Control is achieved when the group is
\nexposed, or has rights, to variable returns from its
\ninvolvement with the investee and has the ability to affect
\nthose returns through its power over the investee. A list
\nof controlled entities is shown in
note 20
. Speci\ufb01cally, the
\ngroup controls an investee if and only if the group has:
\n\u2022
power over the investee (i.e., existing rights that give it
\nthe current ability to direct the relevant activities of the
\ninvestee);
\n\u2022
exposure, or rights, to variable returns from its
\ninvolvement with the investee; and
\n\u2022
the ability to use its power over the investee to affect
\nits returns.
\nWhen the group has less than a majority of the voting
\nor similar rights of an investee, the group considers all
\nrelevant facts and circumstances in assessing whether it
\nhas power over an investee, including:
\n\u2022
the contractual arrangement with the other vote
\nholders of the investee;
\n\u2022
rights arising from other contractual arrangements; and
\n\u2022
the group\u2019s voting rights and potential voting rights.
\nThe group reassesses whether or not it controls an
\ninvestee if facts and circumstances indicate that there are
\nchanges to one or more of the three elements of control.
\nConsolidation of a subsidiary begins when the group
\nobtains control over the subsidiary and ceases when
\nthe group loses control of the subsidiary. Income and
\nexpenses of a subsidiary acquired or disposed of during
\nthe year are included in the statement of comprehensive
\nincome from the date the group gains control until the
\ndate the group ceases to control the subsidiary.
\nAll inter-company balances and transactions between
\nentities in the economic entity, including any unrealised
\npro\ufb01ts or losses, have been eliminated on consolidation.
\nAccounting policies of subsidiaries have been changed
\nwhere necessary to ensure consistency with those
\npolicies applied by the parent entity. All controlled entities
\nhave a June \ufb01nancial year-end.
\nNon-controlling interests represent the portion of pro\ufb01t
\nor loss and net assets in subsidiaries not held by the
\ngroup and are presented separately in the consolidated
\nstatement of pro\ufb01t or loss and other comprehensive
\nincome and within equity in the consolidated statement
\nof \ufb01nancial position. For the period under consideration,
\nno non-controlling interest is applicable and the minorities
\nhave a free-carry on the Longonjo Project up until such
\npoint as main construction starts which is subject to main
\n\ufb01nancing.
\nIn the company\u2019s \ufb01nancial statements, investments in
\nsubsidiaries are carried at cost less impairments.
\nGroup reconstruction and merger accounting
\nprinciples
\nThe company was incorporated on 13 September 2019
\nas a wholly owned subsidiary of Pensana Metals Limited.
\nThe company subsequently acquired 100% of the share
\ncapital of Pensana Metals and its subsidiary companies
\nfor the effective issuance of 152,973,315 shares to the
\nshareholders of Pensana Metals Limited further to the
\nscheme of arrangement approved on 22 January 2020
\nand completed on 5 February 2020.
\nThe shares issued to the former shareholders of Pensana
\nMetals Limited comprised 50,000,000 shares with
\na nominal value of \u00a30.001 per share subscribed for
\nincorporation of the company by Pensana Metals Limited
\nwhich were transferred to CHESS Depositary Nominees
\nProprietary Limited (a subsidiary of the ASX) for use in the
\n
\u00a0
\u00a0
\u00a0
\u00a0
scheme of arrangement and 102,973,314 shares with a
\nnominal value of \u00a30.001 per share additionally issued by
\nthe company to CHESS Depositary Nominees Proprietary
\nLimited for use in the scheme of arrangement. CHESS
\nDepositary Nominees Proprietary Limited subsequently
\nissued CHESS Depositary Instruments in proportion to the
\ninterests the former shareholders of Pensana Metals held
\nin that company for trading on the ASX with 152,973,315
\nCHESS Depositary Instruments issued for trading. The
\ntransaction represented a group reconstruction and
\ncommon control transaction.
\nThe accounting for common control transactions is
\nscoped out of IFRS 3 and, accordingly, the group
\nhas developed an accounting policy with reference to
\nmethods applied in alternative GAAPs. Consequently,
\nthe consolidated \ufb01nancial statements are presented as
\nif the company has always been the holding company
\nfor the group and the group has elected to apply merger
\naccounting principles. Under this policy, the company
\nand its subsidiaries are treated as if they had always
\nbeen a group. The results are included from the date the
\nsubsidiaries joined the group and the comparatives re\ufb02ect
\nthe results of the company and its subsidiaries. No fair
\nvalue adjustments occurred as a result of the transaction
\nand the assets and liabilities are incorporated at their
\npredecessor carrying values.
\nUnder the Companies Act 2006, the transaction was
\nconsidered to meet the qualifying criteria for merger
\nrelief. Accordingly, shares issued by the company as part
\nof the scheme of arrangement are recorded at nominal
\nvalue. The difference between the share capital and the
\ninvestment is recorded in a merger reserve.
\nUnder IAS 27, the investment is measured at cost at the
\ncarrying amount of its share of the equity items shown in
\nthe separate \ufb01nancial statements of the original parent at
\nthe date of the scheme of arrangement i.e., the net asset
\nvalue of the company acquired as part of the common
\ncontrol transaction. Accordingly, the investment was
\ninitially recorded at US$11,756,018.
\nSegment information
\nAn operating segment is a component of an entity that
\nengages in business activities from which it may earn
\nrevenues and incur expenses (including revenues and
\nexpenses relating to transactions with other components
\nof the same entity), whose operating results are regularly
\nreviewed by the entity\u2019s chief operating decision maker
\nto make decisions about resources to be allocated
\nto the segment and assess its performance and for
\nwhich discrete \ufb01nancial information is available. This
\nincludes start-up operations which are yet to earn
\nrevenues. Management will also consider other factors in
\ndetermining operating segments such as the existence
\nof a line manager and the level of segment information
\npresented to the board of directors.
\nOperating segments have been identi\ufb01ed based on the
\ninformation provided to the chief operating decision
\nmaker, being the executive management team.
\nForeign currency translation
\nFunctional and presentation currency
\nThe functional currency of each of the group\u2019s operations
\nis measured using the currency of the primary economic
\nenvironment in which that entity operates.
\nThe functional currency of the company is British
\npounds. The functional currency of its Australian
\nsubsidiaries is Australian dollars. The functional currency
\nof its Angolan subsidiaries is United States dollars and
\nthe functional currency of the Portuguese entities is Euro.
\nThe presentational currency of the group and parent
\ncompany is US Dollars.
\nTransactions and balances
\nForeign currency transactions are translated into the
\nfunctional currency using the exchange rates prevailing
\nat the date of the transaction. Foreign currency monetary
\nassets and liabilities are translated at the year-end
\nexchange rate. Non-monetary items measured at
\nhistorical cost continue to be carried at the exchange
\nrate at the date of the transaction. Non-monetary items
\nmeasured at fair value are reported at the exchange rate
\nat the date when fair values were determined. Exchange
\ndifferences arising on the translation of monetary items
\nare recognised in the statement of comprehensive
\nincome. The gain or loss arising from translation of non-
\nmonetary items measured at fair value is treated in line
\nwith the recognition of the gain or loss on the change in
\nfair value of the item (i.e., translation differences on items
\nwhose fair value gain or loss is recognised in equity or
\npro\ufb01t or loss are also recognised in equity or pro\ufb01t or
\nloss, respectively).
\nThe \ufb01nancial results and position of foreign subsidiaries
\nwhose functional currency is different from the group\u2019s
\npresentation currency are translated as follows:
\n\u2022
Assets and liabilities are translated at year-end
\nexchange rates prevailing at that reporting date;
\n\u2022
Income and expenses are translated at average
\nexchange rates for the period; and
\n\u2022
All resulting exchange differences shall be recognised
\nin other comprehensive income.
\nExchange differences arising on translation of foreign
\noperations are transferred directly to the group\u2019s
\nforeign currency translation reserve in the statement of
\n\ufb01nancial position. These differences are recognised in
\nthe statement of comprehensive income in the period in
\nwhich the operation is disposed.
\n\u00a0
\u00a0
\u00a0
\n
\n
\n
\n
\n
\nUnrealised gains and losses arising on the translation
\nof loans to subsidiaries into the currency in which they
\nare denominated and that are not expected to be
\nrepaid in the foreseeable future are treated as part of
\nthe net investment in foreign operations. The unrealised
\nforeign exchange gains and losses attributable to
\nforeign operations are taken directly to the consolidated
\nstatement of other comprehensive income and
\nre\ufb02ected in the foreign currency translation reserve.
\nSuch unrealised gains and losses are recycled through
\nthe consolidated income statement on disposal of the
\ngroup\u2019s shares in the entity. Unrealised gains and losses
\narising on the translation of loans to subsidiaries into
\nthe currency in which they are denominated and that
\nare expected to be repaid in the foreseeable future are
\nrecognised in the consolidated income statement.
\nCash and cash equivalents
\nCash and cash equivalents include cash on hand,
\ndeposits held at call with banks and other short-term
\nhighly liquid investments with original maturities of less
\nthan three months.
\nFinancial instruments
\nFinancial assets
\nInitial recognition and measurement
\nFinancial assets are classi\ufb01ed, at initial recognition, and
\nsubsequently measured at amortised cost, fair value
\nthrough other comprehensive income or fair value
\nthrough pro\ufb01t or loss. The classi\ufb01cation of \ufb01nancial assets
\nat initial recognition that are debt instruments depends on
\nthe \ufb01nancial asset\u2019s contractual cash \ufb02ow characteristics
\nand the group\u2019s business model for managing them.
\nThe group initially measures a \ufb01nancial asset at its fair
\nvalue plus, in the case of a \ufb01nancial asset not at fair
\nvalue through pro\ufb01t or loss, transaction costs. In order
\nfor a \ufb01nancial asset to be classi\ufb01ed and measured at
\namortised cost or fair value through other comprehensive
\nincome, it needs to give rise to cash \ufb02ows that are
\nsolely payments of principal and interest on the principal
\namount outstanding. This assessment is referred to as
\nthe solely payments of principal and interest test and is
\nperformed at an instrument level.
\nThe group\u2019s business model for managing \ufb01nancial assets
\nrefers to how it manages its \ufb01nancial assets in order to
\ngenerate cash \ufb02ows. The business model determines
\nwhether cash \ufb02ows will result from collecting contractual
\ncash \ufb02ows, selling the \ufb01nancial assets, or both.
\nPurchases or sales of \ufb01nancial assets that require delivery
\nof assets within a time frame established by regulation or
\nconvention in the market place (regular way trades) are
\nrecognised on the trade date i.e., the date that the group
\ncommits to purchase or sell the asset.
\nSubsequent measurement
\nFor purposes of subsequent measurement, \ufb01nancial
\nassets are classi\ufb01ed into four categories:
\n\u2022
Financial assets at amortised cost (debt instruments);
\n\u2022
Financial assets at fair value through other
\ncomprehensive income with recycling of cumulative
\ngains and losses (debt instruments);
\n\u2022
Financial assets designated at fair value through
\nother comprehensive income with no recycling of
\ncumulative gains and losses upon derecognition
\n(equity instruments); and
\n\u2022
Financial assets at fair value through pro\ufb01t or loss.
\nFinancial assets at amortised cost (debt instruments)
\nThe group measures \ufb01nancial assets at amortised cost if
\nboth of the following conditions are met:
\n\u2022
The \ufb01nancial asset is held within a business model
\nwith the objective to hold \ufb01nancial assets in order to
\ncollect contractual cash \ufb02ows; and
\n\u2022
The contractual terms of the \ufb01nancial asset give
\nrise on speci\ufb01ed dates to cash \ufb02ows that are solely
\npayments of principal and interest on the principal
\namount outstanding.
\nFinancial assets at amortised cost are subsequently
\nmeasured using the effective interest rate method and are
\nsubject to impairment. Gains and losses are recognised
\nin pro\ufb01t or loss when the asset is derecognised, modi\ufb01ed
\nor impaired. All of the group\u2019s \ufb01nancial assets are
\nmeasured at amortised cost.
\nImpairment of \ufb01nancial assets
\nThe group recognises an allowance for expected credit
\nlosses (ECLs) for other receivables, as well as for inter-
\ncompany receivables at company level. ECLs are based
\non the difference between the contractual cash \ufb02ows
\ndue in accordance with the contract and all the cash
\n\ufb02ows that the group expects to receive, discounted at
\nan\u00a0approximation of the original effective interest rate.
\nThe expected cash \ufb02ows will include cash \ufb02ows from the
\nsale of collateral held or other credit enhancements that
\nare integral to the contractual terms.
\nECLs are recognised in two stages. For credit exposures
\nfor which there has not been a signi\ufb01cant increase in
\ncredit risk since initial recognition, ECLs are provided
\nfor credit losses that result from default events that are
\npossible within the next 12 months (a 12-month ECL).
\nFor those credit exposures for which there has been a
\nsigni\ufb01cant increase in credit risk since initial recognition,
\na loss allowance is required for credit losses expected
\nover the remaining life of the exposure, irrespective of the
\ntiming of the default (a lifetime ECL).
\n\u00a0
\u00a0
\u00a0
The group considers a \ufb01nancial asset in default when
\ncontractual payments are 90 days past due. However,
\nin certain cases, the group may also consider a
\n\ufb01nancial asset to be in default when internal or external
\ninformation indicates that the group is unlikely to receive
\nthe outstanding contractual amounts in full before taking
\ninto account any credit enhancements held by the
\ngroup. A \ufb01nancial asset is written off when there is no
\nreasonable expectation of recovering the contractual
\ncash \ufb02ows and usually occurs when past due for more
\nthan one year and not subject to enforcement activity.
\nAt each reporting date, the group assesses whether
\n\ufb01nancial assets carried at amortised cost are credit-
\nimpaired. A \ufb01nancial asset is credit-impaired when one
\nor more events that have a detrimental impact on the
\nestimated future cash \ufb02ows of the \ufb01nancial asset have
\noccurred.
\nFinancial liabilities
\nInitial recognition and measurement
\nFinancial liabilities are classi\ufb01ed, at initial recognition, as
\n\ufb01nancial liabilities at fair value through pro\ufb01t or loss, loans
\nand borrowings, payables, or as derivatives designated
\nas hedging instruments in an effective hedge, as
\nappropriate. All \ufb01nancial liabilities are recognised initially
\nat fair value and, in the case of loans and borrowings and
\npayables, net of directly attributable transaction costs.
\nTrade and other payables
\nTrade and other payables are carried at amortised
\ncost. They represent liabilities for goods and services
\nprovided to the group, prior to the end of the period,
\nthat are unpaid and arise when the group and company
\nbecome obligated to make future payments in respect
\nof the purchase of goods and services. The amounts
\nare unsecured and are usually paid within 30 days of
\nrecognition. Payables to related parties are carried at the
\nprincipal amount. Interest, when charged by the lender,
\nis\u00a0recognised as an expense on an accrual basis.
\nExploration and evaluation expenditure
\nExploration and evaluation assets are initially measured
\nat cost and include the acquisition of sampling and
\nassociated activities and an allocation of depreciation and
\namortisation of assets used in exploration and evaluation
\nactivities. Exploration and evaluation expenditure incurred
\nby or on behalf of the group is accumulated separately
\nfor each area of interest. Such expenditure comprises
\nnet direct costs and an appropriate portion of related
\noverhead expenditure but does not include general
\noverheads or administrative expenditure not having a
\nspeci\ufb01c connection with a particular area of interest.
\nExploration and evaluation costs in relation to separate
\nareas of interest for which rights of tenure are current are
\nbrought to account in the year in which they are incurred
\nand carried forward provided that:
\n\u2022
the rights to tenure of the area of interest are current;
\nand
\n\u2022
such costs are expected to be recouped through
\nsuccessful development and exploitation of the area,
\nor alternatively through its sale; or
\n\u2022
exploration and/or evaluation activities in the area
\nhave not yet reached a stage which permits a
\nreasonable assessment of the existence or otherwise
\nof economically recoverable reserves.
\nOnce a development decision has been taken
\nbased on \ufb01nalisation of a de\ufb01nitive feasibility study
\nor a bankable feasibility study (or equivalent), all past
\nevaluation expenditure in respect of the area of interest
\nis reclassi\ufb01ed as capitalised costs of development within
\nproperty, plant and equipment. Capitalised development
\ncosts have not been depreciated to date; depreciation
\nwill commence upon commissioning of the assets. Prior
\nto reclassi\ufb01cation, capitalised exploration and evaluation
\nexpenditure is not depreciated but is assessed for
\nimpairment yearly.
\nR&D tax credits
\n1
\nR&D tax credits are recognised when reliable estimates
\nof the future bene\ufb01ts have been made and when it is
\nreasonably certain that the tax credit will be received.
\nR&D tax credits related to capital expenditure are
\ndeferred on the balance sheet and netted off against the
\ndevelopment asset associated with the grant deferral.
\nImpairment
\nThe group assesses at each reporting date whether there
\nis an indication that an asset has been impaired and,
\nfor exploration and evaluation costs, whether the above
\ncarry forward criteria are met.
\nWhere an indicator of impairment is identi\ufb01ed, and an
\nimpairment test is performed, and if the recoverable
\namount is lower than the carrying amount, an impairment
\nis recorded. The recoverable amount is the higher of fair
\nvalue less costs to sell and value in use. In assessing value
\nin use, the estimated future cash \ufb02ows are discounted
\nto their present value using a pre-tax discount rate that
\nre\ufb02ects current market assessments of the time value of
\nmoney and the risks speci\ufb01c to the asset. Impairment
\nexists when the carrying amount of an asset or cash-
\ngenerating unit exceeds its estimated recoverable amount.
\nThe asset or cash-generating unit is then written down
\nto its recoverable amount. Any impairment losses are
\nrecognised in pro\ufb01t or loss. Where an impairment loss
\nsubsequently reverses, the carrying amount of the asset
\nis increased to the revised estimate of its recoverable
\namount, but only to the extent that the increased carrying
\namount does not exceed the carrying amount that would
\nhave been determined had no impairment loss been
\nrecognised for the asset in previous years.
\n1
\nRefer to
note 5
for details of the restatement of prior year results.
\n\u00a0
\u00a0
\u00a0
\n
\n
\n
\n
\n
\nWhere a decision is made to proceed with development
\nin respect of a particular area of interest, the relevant
\nexploration and evaluation asset is assessed for
\nimpairment and the balance is classi\ufb01ed as a
\ndevelopment asset within property, plant and equipment.
\nAccumulated costs in relation to an abandoned area
\nare written off in full against pro\ufb01t in the year in which
\nthe decision to abandon the area is made. Costs are
\ncapitalised during construction until commercial levels of
\nproduction are achieved after which the relevant costs are
\ndepreciated. The accumulated costs for the relevant area
\nof interest are amortised over the life of the area according
\nto the rate of depletion of the economically recoverable
\nreserves. A regular review is undertaken of each area of
\ninterest to determine the appropriateness of continuing to
\ncarry forward costs in relation to that area of interest.
\nAccumulated costs in respect of areas of interest are
\nwritten off or a provision made in the statement of
\ncomprehensive income when the above criteria do not
\napply or when the directors assess that the carrying
\nvalue may exceed the recoverable amount. The costs of
\nproductive areas within property, plant and equipment
\nare amortised over the life of the area of interest to
\nwhich such costs relate on the production output
\nbasis. Provisions are made where farm-in partners are
\nsought and there is a possibility that carried forward
\nexpenditures may have to be written off in the future if
\na farm-in partner is not found. In the event that farm-
\nin agreements are reached, or the group undertakes
\nfurther exploration in its own right on those properties,
\nthe provisions would be reviewed and, if appropriate,
\nwritten\u00a0back.
\nProperty, plant and equipment
\nPlant and equipment are stated at historical cost
\nless accumulated depreciation and any accumulated
\nimpairment losses. The carrying value of the plant and
\nequipment also includes costs eligible for capitalisation.
\nOther costs relating to plant and equipment are
\nexpensed when incurred.
\nLand and buildings are measured at cost, less
\naccumulated depreciation on buildings.
\nDevelopment assets and assets under construction are
\ndepreciated once commissioning of the assets occurs.
\nDepreciation will be charged over the useful life of
\nthe\u00a0asset.
\nDepreciation is calculated on a straight-line basis over the
\nestimated useful life of the assets as follows:
\nAsset
Depreciation rate
\nMotor vehicles
25%
\nOf\ufb01ce equipment
33.33%
\nComputer equipment
33.33%
\nPlant and machinery
10%
\nBuildings
2%
\nThe assets\u2019 residual values, useful lives and amortisation
\nmethods are reviewed, and adjusted if appropriate, at
\neach \ufb01nancial year-end.
\nDisposal
\nAn item of property, plant and equipment is derecognised
\nupon disposal or when no further future economic bene\ufb01ts
\nare expected from its use. Any gain or loss arising on
\nderecognition of the asset (calculated as the difference
\nbetween the net disposal proceeds and the carrying
\namount of the asset) is included in pro\ufb01t or loss in the year
\nthe asset is derecognised.
\nIntangible assets
\nRecognition and measurement
\nIntangible assets are recognised at cost and capitalised
\nwhen the costs can be measured reliably and it is
\nprobable that there will be future economic bene\ufb01ts.
\nIntangible assets that are deemed to have inde\ufb01nite lives
\nand intangible assets that are not yet ready for use are
\nnot amortised; they are reviewed annually for impairment
\nor more frequently if events or changes in circumstances
\nindicate a potential impairment.
\nEmployee bene\ufb01ts
\nLiabilities for wages and salaries, including non-monetary
\nbene\ufb01ts, and annual leave expected to be settled within
\n12 months of the reporting date are recognised in
\nrespect of employees\u2019 services up to the balance sheet
\ndate. Employee bene\ufb01ts expected to be settled within
\none year have been measured at the amounts expected
\nto be paid when the liability is settled. Employee bene\ufb01ts
\npayable later than one year have been measured at the
\npresent value of the estimated future cash out\ufb02ows.
\nShare-based payment transactions
\nEquity-settled transactions
\nThe company provides bene\ufb01ts to certain key
\nmanagement personnel in the form of share-based
\npayments and/or options. The group currently has a
\nshare incentive plan, which may be used to provide
\nbene\ufb01ts to directors and senior executives.
\nThe cost of such equity-settled transactions is measured
\nby reference to the fair value of the equity instruments at
\nthe date at which they are granted using an appropriate
\n
\u00a0
\u00a0
\u00a0
\u00a0
valuation model. The cost of equity-settled transactions
\nis recognised together with a corresponding increase in
\nequity over the vesting period of the equity instruments.
\nThat cost is recognised in employee bene\ufb01ts expense
\nor capitalised to exploration or development assets,
\ntogether with a corresponding increase in equity, over
\nthe period in which the service and, where applicable,
\nthe performance conditions are ful\ufb01lled. The cumulative
\nexpense is recognised for equity-settled transactions
\nat each reporting date until the vesting date. It re\ufb02ects
\nthe extent to which the vesting period has expired
\nand the group\u2019s best estimate of the number of equity
\ninstruments that will ultimately vest. When both service
\nand non-market performance conditions are satis\ufb01ed
\nprior to the expiry date of the award, vesting dates are
\nrevised and the vesting expense adjusted accordingly.
\nThe expense or credit in the statement of pro\ufb01t or loss for
\na period represents the movement in cumulative expense
\nrecognised as at the beginning and end of that period.
\nService and non-market performance conditions are not
\nconsidered when determining the grant date fair value
\nof awards, but the likelihood of the conditions being met
\nis assessed as part of the group\u2019s best estimate of the
\nnumber of equity instruments that will ultimately vest.
\nMarket performance conditions are re\ufb02ected within the
\ngrant date fair value. Any other conditions attached to an
\naward, but without an associated service requirement,
\nare considered to be non-vesting conditions. Non-vesting
\nconditions are re\ufb02ected in the fair value of an award and
\nlead to an immediate expensing of an award unless there
\nare also service and/or performance conditions.
\nContributed equity
\nOrdinary shares are classi\ufb01ed as equity. Incremental
\ncosts directly attributable to the issue of new shares or
\noptions are shown in equity as a deduction, net of tax,
\nfrom the proceeds.
\nOther income
\nInterest income
\nInterest income is recognised as interest accrues
\nusing the effective interest method. This is a method of
\ncalculating the amortised cost of a \ufb01nancial asset and
\nallocating the interest income over the relevant period
\nusing the effective interest rate, which is the rate that
\nexactly discounts estimated future cash receipts through
\nthe expected life of the \ufb01nancial asset to the net carrying
\namount of the asset.
\nDisposal of assets
\nGains from the disposal of assets are recognised when all
\nconditions precedent to the sale of the asset have been
\nmet and it is probable that any consideration receivable
\nwill be collected.
\nIncome tax
\nCurrent tax assets and liabilities for the current and prior
\nperiods are measured at the amount expected to be
\nrecovered from or paid to the taxation authorities based
\non the current period\u2019s taxable income. The tax rates and
\ntax laws used to compute the amount are those that are
\nenacted or substantively enacted by the reporting date.
\nDeferred income tax liabilities are recognised for all
\ntaxable temporary differences except:
\n\u2022
when the deferred income tax liability arises from the
\ninitial recognition of goodwill or of an asset or liability
\nin a transaction that is not a business combination
\nand that, at the time of the transaction, affects neither
\nthe accounting pro\ufb01t nor taxable pro\ufb01t or loss; or
\n\u2022
when the taxable temporary difference is associated
\nwith investments in subsidiaries, associates or
\ninterests in joint ventures, and the timing of the
\nreversal of the temporary difference can be controlled
\nand it is probable that the temporary difference will not
\nreverse in the foreseeable future.
\nDeferred income tax assets are recognised for all
\ndeductible temporary differences, carry forward of
\nunused tax credits and unused tax losses, to the extent
\nthat it is probable that taxable pro\ufb01t will be available
\nagainst which the deductible temporary differences and
\nthe carry forward of unused tax credits and unused tax
\nlosses can be utilised, except:
\n\u2022
when the deferred income tax asset relating to the
\ndeductible temporary difference arises from the initial
\nrecognition of an asset or liability in a transaction that
\nis not a business combination and, at the time of the
\ntransaction, affects neither the accounting pro\ufb01t nor
\ntaxable pro\ufb01t or loss; or
\n\u2022
when the deductible temporary difference is
\nassociated with investments in subsidiaries,
\nassociates or interests in joint ventures, in which case
\na deferred tax asset is only recognised to the extent
\nthat it is probable that the temporary difference will
\nreverse in the foreseeable future and taxable pro\ufb01t will
\nbe available against which the temporary difference
\ncan be utilised.
\nThe carrying amount of deferred income tax assets is
\nreviewed at each reporting date and reduced to the
\nextent that it is no longer probable that suf\ufb01cient taxable
\npro\ufb01t will be available to allow all or part of the deferred
\nincome tax asset to be utilised. Unrecognised deferred
\nincome tax assets are reassessed at each reporting date
\nand are recognised to the extent that it has become
\nprobable that future taxable pro\ufb01t will allow the deferred
\ntax asset to be recovered.
\nDeferred income tax assets and liabilities are measured
\nat the tax rates that are expected to apply to the year
\nwhen the asset is realised or the liability is settled, based
\non tax rates (and tax laws) that have been enacted or
\nsubstantively enacted at the reporting date.
\n\u00a0
\u00a0
\u00a0
\n
\n
\n
\n
\nIncome taxes relating to items recognised directly in
\nequity are recognised in equity and not in pro\ufb01t or loss.
\nDeferred tax assets and deferred tax liabilities are offset
\nonly if a legally enforceable right exists to set off current
\ntax assets against current tax liabilities and the deferred
\ntax assets and liabilities relate to the same taxable entity
\nand the same taxation authority.
\nGoods and services tax (GST) and value added
\ntax (VAT)
\nExpenses and assets are recognised net of the amount
\nof GST or VAT, except where the amount of GST or
\nVAT incurred is not recoverable from the Australian
\nTaxation Of\ufb01ce or other government authorities. In these
\ncircumstances, the GST or VAT is recognised as part of
\nthe cost of acquisition of the asset or as part of an item
\nof the expense.
\nGST or VAT receivable from, or payable to, either
\nthe Australian Taxation Of\ufb01ce or other government
\nauthorities has been accounted for and included as part
\nof receivables or payables in the statement of \ufb01nancial
\nposition.
\nLoss per share
\nBasic loss per share
\nBasic loss per share is calculated by dividing the loss
\nattributable to equity holders of the group, excluding
\nany costs of servicing equity other than shares, by the
\nweighted average number of shares outstanding during
\nthe \ufb01nancial year, adjusted for any bonus elements in
\nshares issued during the year.
\nDiluted earnings per share
\nDiluted earnings per share adjusts the \ufb01gures used in the
\ndetermination of basic earnings per share to take into
\naccount the after-income tax effect of interest and other
\n\ufb01nancing costs associated with dilutive potential shares
\nand the weighted average number of shares assumed
\nto have been issued for no consideration in relation to
\ndilutive potential shares.
\nProvisions
\nProvisions are recognised when the group has a present
\nobligation (legal or constructive) as a result of a past
\nevent, it is probable that the group will be required to
\nsettle the obligation, and a reliable estimate can be made
\nof the amount of the obligation.
\nA provision for restoration and rehabilitation will be
\nrecognised when there is a present obligation as a result
\nof exploration and development activities undertaken, it
\nis probable that an out\ufb02ow of bene\ufb01ts will be required to
\nsettle the obligation and the provision can be measured
\nreliably. The estimated future obligations will include the
\ncosts of restoring the affected exploration and evaluation
\nareas contained in the group\u2019s tenements.
\nThe provision for future restoration will be the best
\nestimate of the present value of the expenditure required
\nto settle the restoration obligation at the reporting date.
\nFuture restoration costs will be reviewed annually and
\nany changes in the estimate re\ufb02ected in the present value
\nof the restoration provision at each reporting date. The
\ninitial estimate of restoration and rehabilitation relating
\nto development assets will be capitalised into the cost
\nof the related asset and amortised on the same basis
\nas the related asset. Changes in the estimate of the
\nprovision for restoration and rehabilitation will be treated
\nin the same way, except that the unwinding of the effect
\nof discounting on the provision will be recognised as a
\n\ufb01nance cost rather than being capitalised into the cost
\nof the related asset. As at 30 June 2023, the group
\nhas not recognised any provision for restoration and
\nrehabilitation. The group does not have any obligation
\ndue to the limited disturbances to date as the group is
\nstill in the early stages of developing the projects.
\nLeases
\nIFRS 16 was adopted as of 1 July 2019 without
\nrestatement of comparative \ufb01gures. On transition,
\nneither the group nor company had any leases in
\nscope of IFRS 16.
\nAt inception of a contract, the group assesses whether
\na contract is, or contains, a lease. A contract is, or
\ncontains, a lease if the contract conveys the right to
\ncontrol the use of an identi\ufb01ed asset for a period in
\nexchange for consideration. To assess whether a contract
\nconveys the right to control the use of an identi\ufb01ed asset,
\nthe group uses the de\ufb01nition of a lease in IFRS 16.
\nRight-of-use asset
\nA right-of-use asset and a lease liability have been
\nrecognised for all leases except leases of low-value
\nassets, which are considered to be those with a fair value
\nbelow US$5,000, and those with a duration of 12 months
\nor less. The right-of-use asset has been measured at
\ncost, which is made up of the initial measurement of the
\nlease liability adjusted for prepaid and accrued lease
\npayments at the date of transition. As at the reporting
\ndate, there are no right-of-use assets.
\nShort-term and low-value leases
\nA practical expedient offered by IFRS 16 has been
\napplied to not recognise a lease liability and right-of-use
\nasset for such leases but to recognise payments on a
\n
\u00a0
\u00a0
\u00a0
\u00a0
straight-line basis over the lease term. The group only
\nholds short-term or low-value leases. As such, lease
\npayments have continued to be recognised on a straight-
\nline basis over the lease term.
\nThe group has elected not to separate non-lease
\ncomponents and account for the lease and non-lease
\ncomponents as a single lease component.
\nThe group will depreciate the right-of-use assets on a
\nstraight-line basis from the lease commencement date to
\nthe earlier of the end of the useful life of the right-of-use
\nasset or the end of the lease term. Where impairment
\nindicators exist, the right-of-use asset will be assessed
\nfor impairment.
\nLease liability
\nA lease liability is measured at amortised cost using
\nthe effective interest method. The lease liabilities are
\nmeasured at the present value of the lease payments
\ndue to the lessor over the lease term, discounted using
\nthe incremental discount rate relevant to each lease as
\nmandated under the modi\ufb01ed retrospective approach.
\nThe lease payments include \ufb01xed payments, including
\nin-substance \ufb01xed payments, less any lease incentives
\nreceivable, variable lease payments that depend on an
\nindex or a rate, and amounts expected to be paid under
\nresidual value guarantees.
\nIt is remeasured when there is a change in future lease
\npayments arising from a change in an index or rate, if
\nthere is a change in the group\u2019s estimate of the amount
\nexpected to be payable under a residual value guarantee,
\nif the group changes its assessment of whether it will
\nexercise a purchase, extension or termination option or
\nif there is a revised in-substance \ufb01xed lease payment.
\nWhen the lease liability is remeasured in this way, a
\ncorresponding adjustment is made to the carrying
\namount of the right-of-use asset or is recorded in pro\ufb01t
\nor loss if the carrying amount of the right-of-use asset
\nhas been reduced to zero.
\nAfter initial measurement, any payments made will
\nreduce the liability and the interest accrued will
\nincrease it. Any reassessment or modi\ufb01cation will lead
\nto a remeasurement of the liability. In such case, the
\ncorresponding adjustment will be re\ufb02ected in the right-
\nof-use asset, or pro\ufb01t or loss if the right-of-use asset is
\nalready reduced to zero.Signi\ufb01cant accounting policies Details of the signi\ufb01cant accounting policies and methods adopted, including the criteria for recognition, the basis of
\nmeasurement and the basis on which income and expenses are recognised, in respect of each class of \ufb01nancial asset, \ufb01nancial
\nliability and equity instrument are disclosed in
notes 3
and
4
to the \ufb01nancial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f9684": {
"value": "Basis of preparation The consolidated \ufb01nancial statements of the company
\nare prepared in accordance with UK-adopted
\ninternational accounting standards. The parent company
\n\ufb01nancial statements have been properly prepared in
\naccordance with UK-adopted international accounting
\nstandards and as applied in accordance with the
\nprovisions of the Companies Act 2006.
\nThe company was incorporated on 13 September 2019
\nas a wholly owned subsidiary of Pensana Metals Limited.
\nThe company subsequently acquired 100% of the share
\ncapital of Pensana Metals Limited and its subsidiary
\ncompanies for the effective issuance of 152,973,315
\nshares to the shareholders of Pensana Metals Limited
\nfurther to the scheme of arrangement approved on
\n22 January 2020 and completed on 5 February 2020.
\nThe shares issued to the former shareholders of Pensana
\nMetals Limited comprised 50,000,000 shares with
\na nominal value of \u00a30.001 per share subscribed for
\nincorporation of the company by Pensana Metals Limited
\nwhich were transferred to CHESS Depositary Nominees
\nProprietary Limited (a subsidiary of the Australian
\nSecurities Exchange (ASX)) for use in the scheme of
\narrangement and 102,973,314 shares with a nominal
\nvalue of \u00a30.001 per share additionally issued by the
\ncompany to CHESS Depositary Nominees Proprietary
\nLimited for use in the scheme of arrangement. CHESS
\nDepositary Nominees Proprietary Limited subsequently
\nissued CHESS Depositary Instruments in proportion
\nto the interests the former shareholders of Pensana
\nMetals held in that company for trading on the ASX
\nwith 152,973,315 CHESS Depositary Instruments
\nissued for trading. The transaction represented a group
\nreconstruction and common control transaction.
\nThe accounting for common control transactions is
\nscoped out of IFRS 3 and, accordingly, the group has
\ndeveloped an accounting policy with reference to methods
\napplied in alternative generally accepted accounting
\nprinciples (GAAPs). Consequently, the consolidated
\n\ufb01nancial statements are presented as if the company has
\nalways been the holding company for the group, and the
\ngroup has elected to apply merger accounting principles.
\nUnder this policy, the company and its subsidiaries are
\ntreated as if they had always been a group.
\nThe results are included from the date the subsidiaries
\njoined the group and the comparatives re\ufb02ect the
\nresults of the company and its subsidiaries. No fair value
\nadjustments were made as a result of the transaction,
\nand the assets and liabilities are incorporated at their
\npredecessor carrying values.
\n\u00a0
\u00a0
\u00a0
\u00a0
The principal accounting policies adopted by the group
\nin the preparation of the \ufb01nancial statements are set
\nout\u00a0below.
\nThe policies have been consistently applied to all the
\nyears presented, unless otherwise stated.
\nThe consolidated \ufb01nancial statements are presented in
\nUnited States dollars (US$) rounded to the nearest dollar.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f9784": {
"value": "In addition, for \ufb01nancial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3
\nbased on the degree to which the inputs to the fair value
\nmeasurements are observable and the signi\ufb01cance of the
\ninputs to the fair value measurement in its entirety, which
\nare described as follows:
\n\u2022
Level 1 inputs are quoted prices (unadjusted) in active
\nmarkets for identical assets or liabilities that the entity
\ncan access at the measurement date;
\n\u2022
Level 2 inputs are inputs, other than quoted prices
\nincluded within Level 1, that are observable for the
\nasset or liability, either directly or indirectly; and
\n\u2022
Level 3 inputs are unobservable inputs for the asset
\nor liability.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f9804": {
"value": "Going concern The group \ufb01nancial statements and parent company
\n\ufb01nancial statements have been prepared on a going
\nconcern basis with the directors of the opinion that the
\ngroup and parent company will be able to meet their
\nobligations as and when they fall due.
\nAs at 30 June 2023, the group has a net asset position
\nof US$56,760,601 (2022: US$38,378,989), net current
\nliabilities of US$2,654,366 (2022: US$1,683,7871 net
\ncurrent assets), had incurred a net loss after income tax of
\nUS$4,302,823 (2022: US$11,712,0221) and experienced
\ncumulative net cash out\ufb02ows from operating and investing
\nactivities of US$17,332,760 (2022:\u00a0US$28,794,950).
\nCash and cash equivalents totalled US$9,695,491
\n(2022:\u00a0US$2,930,162) at the year-end.
\nThe directors have prepared a cash \ufb02ow forecast for the
\nperiod ending 31 March 2025.
\nOn the Saltend Project, the UK DBT has offered Pensana
\na conditional grant of up to \u00a34,000,000 towards the
\nfunding which is anticipated to be received in Q4 FY2024
\nand forms part of the forecast.
\nIn Angola, the group has secured a US$15 million loan
\nfacility secured over the indirect shareholding in the group\u2019s
\nAngolan subsidiary which matures in February\u00a02024 from
\nFSDEA which is available to meet operating cash \ufb02ow
\nrequirements and progress the Longonjo Project in the
\nnear term. The parent company is well advanced in its
\nmain \ufb01nancing workstreams on the Longonjo Project and
\nis aiming to complete the main \ufb01nancing in Q1 2024 which
\nwould enable settlement of the FSDEA facility and provide
\nfunds for the wider project development.
\nThe forecast indicates that funding is required to settle
\nexisting project-related contractor balances in the UK
\nand to also provide working capital. Continuing support
\nof these contractors will be required until the group has
\nsecured this required funding and then remain as the
\ngroup subsequently moves towards main \ufb01nancing in the
\nnormal course of project development.
\nThe board notes that, in addition to the funding
\nrequirement for the UK operations, additional funding will
\nalso be required during the period to maintain liquidity
\nin the event that the grant funding is delayed, or the
\nconditions are not met. Additionally, the group would
\nneed to re\ufb01nance the FSDEA facility in the event the main
\n\ufb01nancing is not complete by the maturity date of the
\nFSDEA loan. Given the support provided by the Angolan
\nGovernment for the Longonjo Project, the directors
\nanticipate such a re\ufb01nancing being made available to
\nthe\u00a0group.
\nIn assessing the going concern basis of preparation, the
\ndirectors have also considered supply chain challenges,
\nin\ufb02ation, the availability of funding and its impact on the
\nprogression of the Longonjo Project in Angola and the
\nSaltend Project in the UK. Similarly, the directors have also
\nconsidered the impact of the ongoing Russia-Ukraine and
\nIsrael-Gaza wars as it relates to costs and the potential
\nvolatility in the debt and equity markets.
\nThe directors have continued to actively engage with
\ninstitutional investors and \ufb01nancing institutions in the
\nUK, Europe and Africa to discuss opportunities around
\npotential future \ufb01nancing in anticipation of a \ufb01nal
\ninvestment decision being taken to initiate main project
\ndevelopment. Such additional funding will be required to
\nmeet the group\u2019s committed and planned development
\nexpenditure across the forthcoming year. The ability of
\nthe parent company and group to continue as a going
\nconcern is dependent on securing such additional funding.
\n\u00a0
\u00a0
\u00a0
\n
\n
\n
\n
\nAs noted earlier, on the Saltend Project, the UK DBT has
\noffered Pensana a conditional grant of up to \u00a34,000,000
\ntowards the funding; engagement continues at the highest
\nlevel within the UK government and the UK Infrastructure
\nBank and bond \ufb01nanciers, which is coupled with strategic
\nengagement with offtake partners. Despite the current
\nturbulence in the world\u2019s \ufb01nancial markets, the directors
\nhave received positive interest from several key sectors
\nacross the rare earth supply chain and are con\ufb01dent of
\nunlocking the Saltend main \ufb01nancing by mid-2024 in
\ncollaboration with these key industry players.
\nDespite the ongoing engagements, the directors note that
\nthe required funding outlined above has not been secured
\nat the date of approval of these \ufb01nancial statements and
\nthe availability of such funding on terms that would be
\nacceptable is not guaranteed. Similarly, the grant from
\nthe UK DBT remains conditional and is dependent on
\nprogression of the main \ufb01nancing, while settlement of the
\nFSDEA loan is similarly dependent on the main \ufb01nancing.
\nThese circumstances indicate the existence of a material
\nuncertainty which may cast signi\ufb01cant doubt about the
\ngroup\u2019s and parent company\u2019s ability to continue as
\na going concern and therefore the group and parent
\ncompany may be unable to realise their assets and
\ndischarge their liabilities in the normal course of business.
\nThe group and parent company \ufb01nancial statements do
\nnot include the adjustments that would result if the group
\nwas unable to continue as a\u00a0going concern.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f9942": {
"value": "Principles of consolidation The consolidated \ufb01nancial information comprises the
\n\ufb01nancial statements of Pensana Plc and its subsidiaries
\nas at 30 June 2023.
\nSubsidiaries are all those entities controlled by the
\ncompany. Control is achieved when the group is
\nexposed, or has rights, to variable returns from its
\ninvolvement with the investee and has the ability to affect
\nthose returns through its power over the investee. A list
\nof controlled entities is shown in
note 20
. Speci\ufb01cally, the
\ngroup controls an investee if and only if the group has:
\n\u2022
power over the investee (i.e., existing rights that give it
\nthe current ability to direct the relevant activities of the
\ninvestee);
\n\u2022
exposure, or rights, to variable returns from its
\ninvolvement with the investee; and
\n\u2022
the ability to use its power over the investee to affect
\nits returns.
\nWhen the group has less than a majority of the voting
\nor similar rights of an investee, the group considers all
\nrelevant facts and circumstances in assessing whether it
\nhas power over an investee, including:
\n\u2022
the contractual arrangement with the other vote
\nholders of the investee;
\n\u2022
rights arising from other contractual arrangements; and
\n\u2022
the group\u2019s voting rights and potential voting rights.
\nThe group reassesses whether or not it controls an
\ninvestee if facts and circumstances indicate that there are
\nchanges to one or more of the three elements of control.
\nConsolidation of a subsidiary begins when the group
\nobtains control over the subsidiary and ceases when
\nthe group loses control of the subsidiary. Income and
\nexpenses of a subsidiary acquired or disposed of during
\nthe year are included in the statement of comprehensive
\nincome from the date the group gains control until the
\ndate the group ceases to control the subsidiary.
\nAll inter-company balances and transactions between
\nentities in the economic entity, including any unrealised
\npro\ufb01ts or losses, have been eliminated on consolidation.
\nAccounting policies of subsidiaries have been changed
\nwhere necessary to ensure consistency with those
\npolicies applied by the parent entity. All controlled entities
\nhave a June \ufb01nancial year-end.
\nNon-controlling interests represent the portion of pro\ufb01t
\nor loss and net assets in subsidiaries not held by the
\ngroup and are presented separately in the consolidated
\nstatement of pro\ufb01t or loss and other comprehensive
\nincome and within equity in the consolidated statement
\nof \ufb01nancial position. For the period under consideration,
\nno non-controlling interest is applicable and the minorities
\nhave a free-carry on the Longonjo Project up until such
\npoint as main construction starts which is subject to main
\n\ufb01nancing.
\nIn the company\u2019s \ufb01nancial statements, investments in
\nsubsidiaries are carried at cost less impairments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f9948": {
"value": "Subsidiaries are all those entities controlled by the company. Control is achieved when the group is
\nexposed, or has rights, to variable returns from its
\ninvolvement with the investee and has the ability to affect
\nthose returns through its power over the investee. A list
\nof controlled entities is shown in
note 20
. Speci\ufb01cally, the
\ngroup controls an investee if and only if the group has:
\n\u2022
power over the investee (i.e., existing rights that give it
\nthe current ability to direct the relevant activities of the
\ninvestee);
\n\u2022
exposure, or rights, to variable returns from its
\ninvolvement with the investee; and
\n\u2022
the ability to use its power over the investee to affect
\nits returns.
\nWhen the group has less than a majority of the voting
\nor similar rights of an investee, the group considers all
\nrelevant facts and circumstances in assessing whether it
\nhas power over an investee, including:
\n\u2022
the contractual arrangement with the other vote
\nholders of the investee;
\n\u2022
rights arising from other contractual arrangements; and
\n\u2022
the group\u2019s voting rights and potential voting rights.
\nThe group reassesses whether or not it controls an
\ninvestee if facts and circumstances indicate that there are
\nchanges to one or more of the three elements of control.
\nConsolidation of a subsidiary begins when the group
\nobtains control over the subsidiary and ceases when
\nthe group loses control of the subsidiary. Income and
\nexpenses of a subsidiary acquired or disposed of during
\nthe year are included in the statement of comprehensive
\nincome from the date the group gains control until the
\ndate the group ceases to control the subsidiary.
\nAll inter-company balances and transactions between
\nentities in the economic entity, including any unrealised
\npro\ufb01ts or losses, have been eliminated on consolidation.
\nAccounting policies of subsidiaries have been changed
\nwhere necessary to ensure consistency with those
\npolicies applied by the parent entity. All controlled entities
\nhave a June \ufb01nancial year-end.
\nNon-controlling interests represent the portion of pro\ufb01t
\nor loss and net assets in subsidiaries not held by the
\ngroup and are presented separately in the consolidated
\nstatement of pro\ufb01t or loss and other comprehensive
\nincome and within equity in the consolidated statement
\nof \ufb01nancial position. For the period under consideration,
\nno non-controlling interest is applicable and the minorities
\nhave a free-carry on the Longonjo Project up until such
\npoint as main construction starts which is subject to main
\n\ufb01nancing.
\nIn the company\u2019s \ufb01nancial statements, investments in
subsidiaries are carried at cost less impairments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f9997": {
"value": "Non-controlling interests represent the portion of pro\ufb01t or loss and net assets in subsidiaries not held by the
\ngroup and are presented separately in the consolidated
\nstatement of pro\ufb01t or loss and other comprehensive
\nincome and within equity in the consolidated statement
\nof \ufb01nancial position. For the period under consideration,
\nno non-controlling interest is applicable and the minorities
\nhave a free-carry on the Longonjo Project up until such
\npoint as main construction starts which is subject to main
\n\ufb01nancing.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10090": {
"value": "Segment information An operating segment is a component of an entity that
\nengages in business activities from which it may earn
\nrevenues and incur expenses (including revenues and
\nexpenses relating to transactions with other components
\nof the same entity), whose operating results are regularly
\nreviewed by the entity\u2019s chief operating decision maker
\nto make decisions about resources to be allocated
\nto the segment and assess its performance and for
\nwhich discrete \ufb01nancial information is available. This
\nincludes start-up operations which are yet to earn
\nrevenues. Management will also consider other factors in
\ndetermining operating segments such as the existence
\nof a line manager and the level of segment information
\npresented to the board of directors.
\nOperating segments have been identi\ufb01ed based on the
\ninformation provided to the chief operating decision
\nmaker, being the executive management team.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10111": {
"value": "Foreign currency translation Functional and presentation currency
\nThe functional currency of each of the group\u2019s operations
\nis measured using the currency of the primary economic
\nenvironment in which that entity operates.
\nThe functional currency of the company is British
\npounds. The functional currency of its Australian
\nsubsidiaries is Australian dollars. The functional currency
\nof its Angolan subsidiaries is United States dollars and
\nthe functional currency of the Portuguese entities is Euro.
\nThe presentational currency of the group and parent
\ncompany is US Dollars.
\nTransactions and balances
\nForeign currency transactions are translated into the
\nfunctional currency using the exchange rates prevailing
\nat the date of the transaction. Foreign currency monetary
\nassets and liabilities are translated at the year-end
\nexchange rate. Non-monetary items measured at
\nhistorical cost continue to be carried at the exchange
\nrate at the date of the transaction. Non-monetary items
\nmeasured at fair value are reported at the exchange rate
\nat the date when fair values were determined. Exchange
\ndifferences arising on the translation of monetary items
\nare recognised in the statement of comprehensive
\nincome. The gain or loss arising from translation of non-
\nmonetary items measured at fair value is treated in line
\nwith the recognition of the gain or loss on the change in
\nfair value of the item (i.e., translation differences on items
\nwhose fair value gain or loss is recognised in equity or
\npro\ufb01t or loss are also recognised in equity or pro\ufb01t or
\nloss, respectively).
\nThe \ufb01nancial results and position of foreign subsidiaries
\nwhose functional currency is different from the group\u2019s
\npresentation currency are translated as follows:
\n\u2022
Assets and liabilities are translated at year-end
\nexchange rates prevailing at that reporting date;
\n\u2022
Income and expenses are translated at average
\nexchange rates for the period; and
\n\u2022
All resulting exchange differences shall be recognised
\nin other comprehensive income.
\nExchange differences arising on translation of foreign
\noperations are transferred directly to the group\u2019s
\nforeign currency translation reserve in the statement of
\n\ufb01nancial position. These differences are recognised in
\nthe statement of comprehensive income in the period in
\nwhich the operation is disposed.
\n\u00a0
\u00a0
\u00a0
\n
\n
\n
\n
\n
\nUnrealised gains and losses arising on the translation
\nof loans to subsidiaries into the currency in which they
\nare denominated and that are not expected to be
\nrepaid in the foreseeable future are treated as part of
\nthe net investment in foreign operations. The unrealised
\nforeign exchange gains and losses attributable to
\nforeign operations are taken directly to the consolidated
\nstatement of other comprehensive income and
\nre\ufb02ected in the foreign currency translation reserve.
\nSuch unrealised gains and losses are recycled through
\nthe consolidated income statement on disposal of the
\ngroup\u2019s shares in the entity. Unrealised gains and losses
\narising on the translation of loans to subsidiaries into
\nthe currency in which they are denominated and that
\nare expected to be repaid in the foreseeable future are
\nrecognised in the consolidated income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10114": {
"value": "Functional and presentation currency The functional currency of each of the group\u2019s operations
\nis measured using the currency of the primary economic
\nenvironment in which that entity operates.
\nThe functional currency of the company is British
\npounds. The functional currency of its Australian
\nsubsidiaries is Australian dollars. The functional currency
\nof its Angolan subsidiaries is United States dollars and
\nthe functional currency of the Portuguese entities is Euro.
\nThe presentational currency of the group and parent
\ncompany is US Dollars. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10226": {
"value": "Cash and cash equivalents Cash and cash equivalents include cash on hand,
\ndeposits held at call with banks and other short-term
\nhighly liquid investments with original maturities of less
\nthan three months.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10234": {
"value": "Financial instruments Financial assets
\nInitial recognition and measurement
\nFinancial assets are classi\ufb01ed, at initial recognition, and
\nsubsequently measured at amortised cost, fair value
\nthrough other comprehensive income or fair value
\nthrough pro\ufb01t or loss. The classi\ufb01cation of \ufb01nancial assets
\nat initial recognition that are debt instruments depends on
\nthe \ufb01nancial asset\u2019s contractual cash \ufb02ow characteristics
\nand the group\u2019s business model for managing them.
\nThe group initially measures a \ufb01nancial asset at its fair
\nvalue plus, in the case of a \ufb01nancial asset not at fair
\nvalue through pro\ufb01t or loss, transaction costs. In order
\nfor a \ufb01nancial asset to be classi\ufb01ed and measured at
\namortised cost or fair value through other comprehensive
\nincome, it needs to give rise to cash \ufb02ows that are
\nsolely payments of principal and interest on the principal
\namount outstanding. This assessment is referred to as
\nthe solely payments of principal and interest test and is
\nperformed at an instrument level.
\nThe group\u2019s business model for managing \ufb01nancial assets
\nrefers to how it manages its \ufb01nancial assets in order to
\ngenerate cash \ufb02ows. The business model determines
\nwhether cash \ufb02ows will result from collecting contractual
\ncash \ufb02ows, selling the \ufb01nancial assets, or both.
\nPurchases or sales of \ufb01nancial assets that require delivery
\nof assets within a time frame established by regulation or
\nconvention in the market place (regular way trades) are
\nrecognised on the trade date i.e., the date that the group
\ncommits to purchase or sell the asset.
\nSubsequent measurement
\nFor purposes of subsequent measurement, \ufb01nancial
\nassets are classi\ufb01ed into four categories:
\n\u2022
Financial assets at amortised cost (debt instruments);
\n\u2022
Financial assets at fair value through other
\ncomprehensive income with recycling of cumulative
\ngains and losses (debt instruments);
\n\u2022
Financial assets designated at fair value through
\nother comprehensive income with no recycling of
\ncumulative gains and losses upon derecognition
\n(equity instruments); and
\n\u2022
Financial assets at fair value through pro\ufb01t or loss.
\nFinancial assets at amortised cost (debt instruments)
\nThe group measures \ufb01nancial assets at amortised cost if
\nboth of the following conditions are met:
\n\u2022
The \ufb01nancial asset is held within a business model
\nwith the objective to hold \ufb01nancial assets in order to
\ncollect contractual cash \ufb02ows; and
\n\u2022
The contractual terms of the \ufb01nancial asset give
\nrise on speci\ufb01ed dates to cash \ufb02ows that are solely
\npayments of principal and interest on the principal
\namount outstanding.
\nFinancial assets at amortised cost are subsequently
\nmeasured using the effective interest rate method and are
\nsubject to impairment. Gains and losses are recognised
\nin pro\ufb01t or loss when the asset is derecognised, modi\ufb01ed
\nor impaired. All of the group\u2019s \ufb01nancial assets are
\nmeasured at amortised cost.
\nImpairment of \ufb01nancial assets
\nThe group recognises an allowance for expected credit
\nlosses (ECLs) for other receivables, as well as for inter-
\ncompany receivables at company level. ECLs are based
\non the difference between the contractual cash \ufb02ows
\ndue in accordance with the contract and all the cash
\n\ufb02ows that the group expects to receive, discounted at
\nan\u00a0approximation of the original effective interest rate.
\nThe expected cash \ufb02ows will include cash \ufb02ows from the
\nsale of collateral held or other credit enhancements that
\nare integral to the contractual terms.
\nECLs are recognised in two stages. For credit exposures
\nfor which there has not been a signi\ufb01cant increase in
\ncredit risk since initial recognition, ECLs are provided
\nfor credit losses that result from default events that are
\npossible within the next 12 months (a 12-month ECL).
\nFor those credit exposures for which there has been a
\nsigni\ufb01cant increase in credit risk since initial recognition,
\na loss allowance is required for credit losses expected
\nover the remaining life of the exposure, irrespective of the
\ntiming of the default (a lifetime ECL).
\n\u00a0
\u00a0
\u00a0
The group considers a \ufb01nancial asset in default when
\ncontractual payments are 90 days past due. However,
\nin certain cases, the group may also consider a
\n\ufb01nancial asset to be in default when internal or external
\ninformation indicates that the group is unlikely to receive
\nthe outstanding contractual amounts in full before taking
\ninto account any credit enhancements held by the
\ngroup. A \ufb01nancial asset is written off when there is no
\nreasonable expectation of recovering the contractual
\ncash \ufb02ows and usually occurs when past due for more
\nthan one year and not subject to enforcement activity.
\nAt each reporting date, the group assesses whether
\n\ufb01nancial assets carried at amortised cost are credit-
\nimpaired. A \ufb01nancial asset is credit-impaired when one
\nor more events that have a detrimental impact on the
\nestimated future cash \ufb02ows of the \ufb01nancial asset have
\noccurred.
\nFinancial liabilities
\nInitial recognition and measurement
\nFinancial liabilities are classi\ufb01ed, at initial recognition, as
\n\ufb01nancial liabilities at fair value through pro\ufb01t or loss, loans
\nand borrowings, payables, or as derivatives designated
\nas hedging instruments in an effective hedge, as
\nappropriate. All \ufb01nancial liabilities are recognised initially
\nat fair value and, in the case of loans and borrowings and
\npayables, net of directly attributable transaction costs.
\nTrade and other payables
\nTrade and other payables are carried at amortised
\ncost. They represent liabilities for goods and services
\nprovided to the group, prior to the end of the period,
\nthat are unpaid and arise when the group and company
\nbecome obligated to make future payments in respect
\nof the purchase of goods and services. The amounts
\nare unsecured and are usually paid within 30 days of
\nrecognition. Payables to related parties are carried at the
\nprincipal amount. Interest, when charged by the lender,
\nis\u00a0recognised as an expense on an accrual basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10237": {
"value": "Financial assets Initial recognition and measurement
\nFinancial assets are classi\ufb01ed, at initial recognition, and
\nsubsequently measured at amortised cost, fair value
\nthrough other comprehensive income or fair value
\nthrough pro\ufb01t or loss. The classi\ufb01cation of \ufb01nancial assets
\nat initial recognition that are debt instruments depends on
\nthe \ufb01nancial asset\u2019s contractual cash \ufb02ow characteristics
\nand the group\u2019s business model for managing them.
\nThe group initially measures a \ufb01nancial asset at its fair
\nvalue plus, in the case of a \ufb01nancial asset not at fair
\nvalue through pro\ufb01t or loss, transaction costs. In order
\nfor a \ufb01nancial asset to be classi\ufb01ed and measured at
\namortised cost or fair value through other comprehensive
\nincome, it needs to give rise to cash \ufb02ows that are
\nsolely payments of principal and interest on the principal
\namount outstanding. This assessment is referred to as
\nthe solely payments of principal and interest test and is
\nperformed at an instrument level.
\nThe group\u2019s business model for managing \ufb01nancial assets
\nrefers to how it manages its \ufb01nancial assets in order to
\ngenerate cash \ufb02ows. The business model determines
\nwhether cash \ufb02ows will result from collecting contractual
\ncash \ufb02ows, selling the \ufb01nancial assets, or both.
\nPurchases or sales of \ufb01nancial assets that require delivery
\nof assets within a time frame established by regulation or
\nconvention in the market place (regular way trades) are
\nrecognised on the trade date i.e., the date that the group
\ncommits to purchase or sell the asset.
\nSubsequent measurement
\nFor purposes of subsequent measurement, \ufb01nancial
\nassets are classi\ufb01ed into four categories:
\n\u2022
Financial assets at amortised cost (debt instruments);
\n\u2022
Financial assets at fair value through other
\ncomprehensive income with recycling of cumulative
\ngains and losses (debt instruments);
\n\u2022
Financial assets designated at fair value through
\nother comprehensive income with no recycling of
\ncumulative gains and losses upon derecognition
\n(equity instruments); and
\n\u2022
Financial assets at fair value through pro\ufb01t or loss.
\nFinancial assets at amortised cost (debt instruments)
\nThe group measures \ufb01nancial assets at amortised cost if
\nboth of the following conditions are met:
\n\u2022
The \ufb01nancial asset is held within a business model
\nwith the objective to hold \ufb01nancial assets in order to
\ncollect contractual cash \ufb02ows; and
\n\u2022
The contractual terms of the \ufb01nancial asset give
\nrise on speci\ufb01ed dates to cash \ufb02ows that are solely
\npayments of principal and interest on the principal
\namount outstanding.
\nFinancial assets at amortised cost are subsequently
\nmeasured using the effective interest rate method and are
\nsubject to impairment. Gains and losses are recognised
\nin pro\ufb01t or loss when the asset is derecognised, modi\ufb01ed
\nor impaired. All of the group\u2019s \ufb01nancial assets are
\nmeasured at amortised cost.
\nImpairment of \ufb01nancial assets
\nThe group recognises an allowance for expected credit
\nlosses (ECLs) for other receivables, as well as for inter-
\ncompany receivables at company level. ECLs are based
\non the difference between the contractual cash \ufb02ows
\ndue in accordance with the contract and all the cash
\n\ufb02ows that the group expects to receive, discounted at
\nan\u00a0approximation of the original effective interest rate.
\nThe expected cash \ufb02ows will include cash \ufb02ows from the
\nsale of collateral held or other credit enhancements that
\nare integral to the contractual terms.
\nECLs are recognised in two stages. For credit exposures
\nfor which there has not been a signi\ufb01cant increase in
\ncredit risk since initial recognition, ECLs are provided
\nfor credit losses that result from default events that are
\npossible within the next 12 months (a 12-month ECL).
\nFor those credit exposures for which there has been a
\nsigni\ufb01cant increase in credit risk since initial recognition,
\na loss allowance is required for credit losses expected
\nover the remaining life of the exposure, irrespective of the
\ntiming of the default (a lifetime ECL).
\n\u00a0
\u00a0
\u00a0
The group considers a \ufb01nancial asset in default when
\ncontractual payments are 90 days past due. However,
\nin certain cases, the group may also consider a
\n\ufb01nancial asset to be in default when internal or external
\ninformation indicates that the group is unlikely to receive
\nthe outstanding contractual amounts in full before taking
\ninto account any credit enhancements held by the
\ngroup. A \ufb01nancial asset is written off when there is no
\nreasonable expectation of recovering the contractual
\ncash \ufb02ows and usually occurs when past due for more
\nthan one year and not subject to enforcement activity.
\nAt each reporting date, the group assesses whether
\n\ufb01nancial assets carried at amortised cost are credit-
\nimpaired. A \ufb01nancial asset is credit-impaired when one
\nor more events that have a detrimental impact on the
\nestimated future cash \ufb02ows of the \ufb01nancial asset have
\noccurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10241": {
"value": "Financial assets are classi\ufb01ed, at initial recognition, and subsequently measured at amortised cost, fair value
\nthrough other comprehensive income or fair value
\nthrough pro\ufb01t or loss. The classi\ufb01cation of \ufb01nancial assets
\nat initial recognition that are debt instruments depends on
\nthe \ufb01nancial asset\u2019s contractual cash \ufb02ow characteristics
\nand the group\u2019s business model for managing them.
\nThe group initially measures a \ufb01nancial asset at its fair
\nvalue plus, in the case of a \ufb01nancial asset not at fair
\nvalue through pro\ufb01t or loss, transaction costs. In order
\nfor a \ufb01nancial asset to be classi\ufb01ed and measured at
\namortised cost or fair value through other comprehensive
\nincome, it needs to give rise to cash \ufb02ows that are
\nsolely payments of principal and interest on the principal
\namount outstanding. This assessment is referred to as
\nthe solely payments of principal and interest test and is
\nperformed at an instrument level.\u2022 Financial assets at fair value through pro\ufb01t or loss. Financial liabilities are classi\ufb01ed, at initial recognition, as \ufb01nancial liabilities at fair value through pro\ufb01t or loss, loans
\nand borrowings, payables, or as derivatives designated
\nas hedging instruments in an effective hedge, as
\nappropriate. All \ufb01nancial liabilities are recognised initially
\nat fair value and, in the case of loans and borrowings and
\npayables, net of directly attributable transaction costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10289": {
"value": "Financial assets at amortised cost (debt instruments) The group measures \ufb01nancial assets at amortised cost if
\nboth of the following conditions are met:
\n\u2022
The \ufb01nancial asset is held within a business model
\nwith the objective to hold \ufb01nancial assets in order to
\ncollect contractual cash \ufb02ows; and
\n\u2022
The contractual terms of the \ufb01nancial asset give
\nrise on speci\ufb01ed dates to cash \ufb02ows that are solely
\npayments of principal and interest on the principal
\namount outstanding.
\nFinancial assets at amortised cost are subsequently
\nmeasured using the effective interest rate method and are
\nsubject to impairment. Gains and losses are recognised
\nin pro\ufb01t or loss when the asset is derecognised, modi\ufb01ed
\nor impaired. All of the group\u2019s \ufb01nancial assets are
\nmeasured at amortised cost.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10310": {
"value": "Impairment of \ufb01nancial assets The group recognises an allowance for expected credit
\nlosses (ECLs) for other receivables, as well as for inter-
\ncompany receivables at company level. ECLs are based
\non the difference between the contractual cash \ufb02ows
\ndue in accordance with the contract and all the cash
\n\ufb02ows that the group expects to receive, discounted at
\nan\u00a0approximation of the original effective interest rate.
\nThe expected cash \ufb02ows will include cash \ufb02ows from the
\nsale of collateral held or other credit enhancements that
\nare integral to the contractual terms.
\nECLs are recognised in two stages. For credit exposures
\nfor which there has not been a signi\ufb01cant increase in
\ncredit risk since initial recognition, ECLs are provided
\nfor credit losses that result from default events that are
\npossible within the next 12 months (a 12-month ECL).
\nFor those credit exposures for which there has been a
\nsigni\ufb01cant increase in credit risk since initial recognition,
\na loss allowance is required for credit losses expected
\nover the remaining life of the exposure, irrespective of the
\ntiming of the default (a lifetime ECL).
\n\u00a0
\u00a0
\u00a0
The group considers a \ufb01nancial asset in default when
\ncontractual payments are 90 days past due. However,
\nin certain cases, the group may also consider a
\n\ufb01nancial asset to be in default when internal or external
\ninformation indicates that the group is unlikely to receive
\nthe outstanding contractual amounts in full before taking
\ninto account any credit enhancements held by the
\ngroup. A \ufb01nancial asset is written off when there is no
\nreasonable expectation of recovering the contractual
\ncash \ufb02ows and usually occurs when past due for more
\nthan one year and not subject to enforcement activity.
\nAt each reporting date, the group assesses whether
\n\ufb01nancial assets carried at amortised cost are credit-
\nimpaired. A \ufb01nancial asset is credit-impaired when one
\nor more events that have a detrimental impact on the
\nestimated future cash \ufb02ows of the \ufb01nancial asset have
\noccurred.Impairment The group assesses at each reporting date whether there
\nis an indication that an asset has been impaired and,
\nfor exploration and evaluation costs, whether the above
\ncarry forward criteria are met.
\nWhere an indicator of impairment is identi\ufb01ed, and an
\nimpairment test is performed, and if the recoverable
\namount is lower than the carrying amount, an impairment
\nis recorded. The recoverable amount is the higher of fair
\nvalue less costs to sell and value in use. In assessing value
\nin use, the estimated future cash \ufb02ows are discounted
\nto their present value using a pre-tax discount rate that
\nre\ufb02ects current market assessments of the time value of
\nmoney and the risks speci\ufb01c to the asset. Impairment
\nexists when the carrying amount of an asset or cash-
\ngenerating unit exceeds its estimated recoverable amount.
\nThe asset or cash-generating unit is then written down
\nto its recoverable amount. Any impairment losses are
\nrecognised in pro\ufb01t or loss. Where an impairment loss
\nsubsequently reverses, the carrying amount of the asset
\nis increased to the revised estimate of its recoverable
\namount, but only to the extent that the increased carrying
\namount does not exceed the carrying amount that would
\nhave been determined had no impairment loss been
\nrecognised for the asset in previous years.
\n1
\nRefer to
note 5
for details of the restatement of prior year results.
\n\u00a0
\u00a0
\u00a0
\n
\n
\n
\n
\n
\nWhere a decision is made to proceed with development
\nin respect of a particular area of interest, the relevant
\nexploration and evaluation asset is assessed for
\nimpairment and the balance is classi\ufb01ed as a
\ndevelopment asset within property, plant and equipment.
\nAccumulated costs in relation to an abandoned area
\nare written off in full against pro\ufb01t in the year in which
\nthe decision to abandon the area is made. Costs are
\ncapitalised during construction until commercial levels of
\nproduction are achieved after which the relevant costs are
\ndepreciated. The accumulated costs for the relevant area
\nof interest are amortised over the life of the area according
\nto the rate of depletion of the economically recoverable
\nreserves. A regular review is undertaken of each area of
\ninterest to determine the appropriateness of continuing to
\ncarry forward costs in relation to that area of interest.
\nAccumulated costs in respect of areas of interest are
\nwritten off or a provision made in the statement of
\ncomprehensive income when the above criteria do not
\napply or when the directors assess that the carrying
\nvalue may exceed the recoverable amount. The costs of
\nproductive areas within property, plant and equipment
\nare amortised over the life of the area of interest to
\nwhich such costs relate on the production output
\nbasis. Provisions are made where farm-in partners are
\nsought and there is a possibility that carried forward
\nexpenditures may have to be written off in the future if
\na farm-in partner is not found. In the event that farm-
\nin agreements are reached, or the group undertakes
\nfurther exploration in its own right on those properties,
\nthe provisions would be reviewed and, if appropriate,
\nwritten\u00a0back.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10311": {
"value": "Impairment of \ufb01nancial assets The group recognises an allowance for expected credit
\nlosses (ECLs) for other receivables, as well as for inter-
\ncompany receivables at company level. ECLs are based
\non the difference between the contractual cash \ufb02ows
\ndue in accordance with the contract and all the cash
\n\ufb02ows that the group expects to receive, discounted at
\nan\u00a0approximation of the original effective interest rate.
\nThe expected cash \ufb02ows will include cash \ufb02ows from the
\nsale of collateral held or other credit enhancements that
\nare integral to the contractual terms.
\nECLs are recognised in two stages. For credit exposures
\nfor which there has not been a signi\ufb01cant increase in
\ncredit risk since initial recognition, ECLs are provided
\nfor credit losses that result from default events that are
\npossible within the next 12 months (a 12-month ECL).
\nFor those credit exposures for which there has been a
\nsigni\ufb01cant increase in credit risk since initial recognition,
\na loss allowance is required for credit losses expected
\nover the remaining life of the exposure, irrespective of the
\ntiming of the default (a lifetime ECL).
\n\u00a0
\u00a0
\u00a0
The group considers a \ufb01nancial asset in default when
\ncontractual payments are 90 days past due. However,
\nin certain cases, the group may also consider a
\n\ufb01nancial asset to be in default when internal or external
\ninformation indicates that the group is unlikely to receive
\nthe outstanding contractual amounts in full before taking
\ninto account any credit enhancements held by the
\ngroup. A \ufb01nancial asset is written off when there is no
\nreasonable expectation of recovering the contractual
\ncash \ufb02ows and usually occurs when past due for more
\nthan one year and not subject to enforcement activity.
\nAt each reporting date, the group assesses whether
\n\ufb01nancial assets carried at amortised cost are credit-
\nimpaired. A \ufb01nancial asset is credit-impaired when one
\nor more events that have a detrimental impact on the
\nestimated future cash \ufb02ows of the \ufb01nancial asset have
\noccurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10390": {
"value": "Financial liabilities Initial recognition and measurement
\nFinancial liabilities are classi\ufb01ed, at initial recognition, as
\n\ufb01nancial liabilities at fair value through pro\ufb01t or loss, loans
\nand borrowings, payables, or as derivatives designated
\nas hedging instruments in an effective hedge, as
\nappropriate. All \ufb01nancial liabilities are recognised initially
\nat fair value and, in the case of loans and borrowings and
\npayables, net of directly attributable transaction costs.
\nTrade and other payables
\nTrade and other payables are carried at amortised
\ncost. They represent liabilities for goods and services
\nprovided to the group, prior to the end of the period,
\nthat are unpaid and arise when the group and company
\nbecome obligated to make future payments in respect
\nof the purchase of goods and services. The amounts
\nare unsecured and are usually paid within 30 days of
\nrecognition. Payables to related parties are carried at the
\nprincipal amount. Interest, when charged by the lender,
is\u00a0recognised as an expense on an accrual basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10404": {
"value": "Trade and other payables Trade and other payables are carried at amortised
\ncost. They represent liabilities for goods and services
\nprovided to the group, prior to the end of the period,
\nthat are unpaid and arise when the group and company
\nbecome obligated to make future payments in respect
\nof the purchase of goods and services. The amounts
\nare unsecured and are usually paid within 30 days of
\nrecognition. Payables to related parties are carried at the
\nprincipal amount. Interest, when charged by the lender,
is\u00a0recognised as an expense on an accrual basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10414": {
"value": "Payables to related parties are carried at the principal amount. Interest, when charged by the lender,
is\u00a0recognised as an expense on an accrual basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10423": {
"value": "Exploration and evaluation expenditure Exploration and evaluation assets are initially measured
\nat cost and include the acquisition of sampling and
\nassociated activities and an allocation of depreciation and
\namortisation of assets used in exploration and evaluation
\nactivities. Exploration and evaluation expenditure incurred
\nby or on behalf of the group is accumulated separately
\nfor each area of interest. Such expenditure comprises
\nnet direct costs and an appropriate portion of related
\noverhead expenditure but does not include general
\noverheads or administrative expenditure not having a
\nspeci\ufb01c connection with a particular area of interest.
\nExploration and evaluation costs in relation to separate
\nareas of interest for which rights of tenure are current are
\nbrought to account in the year in which they are incurred
\nand carried forward provided that:
\n\u2022
the rights to tenure of the area of interest are current;
\nand
\n\u2022
such costs are expected to be recouped through
\nsuccessful development and exploitation of the area,
\nor alternatively through its sale; or
\n\u2022
exploration and/or evaluation activities in the area
\nhave not yet reached a stage which permits a
\nreasonable assessment of the existence or otherwise
\nof economically recoverable reserves.
\nOnce a development decision has been taken
\nbased on \ufb01nalisation of a de\ufb01nitive feasibility study
\nor a bankable feasibility study (or equivalent), all past
\nevaluation expenditure in respect of the area of interest
\nis reclassi\ufb01ed as capitalised costs of development within
\nproperty, plant and equipment. Capitalised development
\ncosts have not been depreciated to date; depreciation
\nwill commence upon commissioning of the assets. Prior
\nto reclassi\ufb01cation, capitalised exploration and evaluation
\nexpenditure is not depreciated but is assessed for
\nimpairment yearly.
\nR&D tax credits
\n1
\nR&D tax credits are recognised when reliable estimates
\nof the future bene\ufb01ts have been made and when it is
\nreasonably certain that the tax credit will be received.
\nR&D tax credits related to capital expenditure are
\ndeferred on the balance sheet and netted off against the
\ndevelopment asset associated with the grant deferral.
\nImpairment
\nThe group assesses at each reporting date whether there
\nis an indication that an asset has been impaired and,
\nfor exploration and evaluation costs, whether the above
\ncarry forward criteria are met.
\nWhere an indicator of impairment is identi\ufb01ed, and an
\nimpairment test is performed, and if the recoverable
\namount is lower than the carrying amount, an impairment
\nis recorded. The recoverable amount is the higher of fair
\nvalue less costs to sell and value in use. In assessing value
\nin use, the estimated future cash \ufb02ows are discounted
\nto their present value using a pre-tax discount rate that
\nre\ufb02ects current market assessments of the time value of
\nmoney and the risks speci\ufb01c to the asset. Impairment
\nexists when the carrying amount of an asset or cash-
\ngenerating unit exceeds its estimated recoverable amount.
\nThe asset or cash-generating unit is then written down
\nto its recoverable amount. Any impairment losses are
\nrecognised in pro\ufb01t or loss. Where an impairment loss
\nsubsequently reverses, the carrying amount of the asset
\nis increased to the revised estimate of its recoverable
\namount, but only to the extent that the increased carrying
\namount does not exceed the carrying amount that would
\nhave been determined had no impairment loss been
\nrecognised for the asset in previous years.
\n1
\nRefer to
note 5
for details of the restatement of prior year results.
\n\u00a0
\u00a0
\u00a0
\n
\n
\n
\n
\n
\nWhere a decision is made to proceed with development
\nin respect of a particular area of interest, the relevant
\nexploration and evaluation asset is assessed for
\nimpairment and the balance is classi\ufb01ed as a
\ndevelopment asset within property, plant and equipment.
\nAccumulated costs in relation to an abandoned area
\nare written off in full against pro\ufb01t in the year in which
\nthe decision to abandon the area is made. Costs are
\ncapitalised during construction until commercial levels of
\nproduction are achieved after which the relevant costs are
\ndepreciated. The accumulated costs for the relevant area
\nof interest are amortised over the life of the area according
\nto the rate of depletion of the economically recoverable
\nreserves. A regular review is undertaken of each area of
\ninterest to determine the appropriateness of continuing to
\ncarry forward costs in relation to that area of interest.
\nAccumulated costs in respect of areas of interest are
\nwritten off or a provision made in the statement of
\ncomprehensive income when the above criteria do not
\napply or when the directors assess that the carrying
\nvalue may exceed the recoverable amount. The costs of
\nproductive areas within property, plant and equipment
\nare amortised over the life of the area of interest to
\nwhich such costs relate on the production output
\nbasis. Provisions are made where farm-in partners are
\nsought and there is a possibility that carried forward
\nexpenditures may have to be written off in the future if
\na farm-in partner is not found. In the event that farm-
\nin agreements are reached, or the group undertakes
\nfurther exploration in its own right on those properties,
\nthe provisions would be reviewed and, if appropriate,
\nwritten\u00a0back.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10424": {
"value": "Exploration and evaluation expenditure Exploration and evaluation assets are initially measured
\nat cost and include the acquisition of sampling and
\nassociated activities and an allocation of depreciation and
\namortisation of assets used in exploration and evaluation
\nactivities. Exploration and evaluation expenditure incurred
\nby or on behalf of the group is accumulated separately
\nfor each area of interest. Such expenditure comprises
\nnet direct costs and an appropriate portion of related
\noverhead expenditure but does not include general
\noverheads or administrative expenditure not having a
\nspeci\ufb01c connection with a particular area of interest.
\nExploration and evaluation costs in relation to separate
\nareas of interest for which rights of tenure are current are
\nbrought to account in the year in which they are incurred
\nand carried forward provided that:
\n\u2022
the rights to tenure of the area of interest are current;
\nand
\n\u2022
such costs are expected to be recouped through
\nsuccessful development and exploitation of the area,
\nor alternatively through its sale; or
\n\u2022
exploration and/or evaluation activities in the area
\nhave not yet reached a stage which permits a
\nreasonable assessment of the existence or otherwise
\nof economically recoverable reserves.
\nOnce a development decision has been taken
\nbased on \ufb01nalisation of a de\ufb01nitive feasibility study
\nor a bankable feasibility study (or equivalent), all past
\nevaluation expenditure in respect of the area of interest
\nis reclassi\ufb01ed as capitalised costs of development within
\nproperty, plant and equipment. Capitalised development
\ncosts have not been depreciated to date; depreciation
\nwill commence upon commissioning of the assets. Prior
\nto reclassi\ufb01cation, capitalised exploration and evaluation
\nexpenditure is not depreciated but is assessed for
\nimpairment yearly.
\nR&D tax credits
\n1
\nR&D tax credits are recognised when reliable estimates
\nof the future bene\ufb01ts have been made and when it is
\nreasonably certain that the tax credit will be received.
\nR&D tax credits related to capital expenditure are
\ndeferred on the balance sheet and netted off against the
\ndevelopment asset associated with the grant deferral.
\nImpairment
\nThe group assesses at each reporting date whether there
\nis an indication that an asset has been impaired and,
\nfor exploration and evaluation costs, whether the above
\ncarry forward criteria are met.
\nWhere an indicator of impairment is identi\ufb01ed, and an
\nimpairment test is performed, and if the recoverable
\namount is lower than the carrying amount, an impairment
\nis recorded. The recoverable amount is the higher of fair
\nvalue less costs to sell and value in use. In assessing value
\nin use, the estimated future cash \ufb02ows are discounted
\nto their present value using a pre-tax discount rate that
\nre\ufb02ects current market assessments of the time value of
\nmoney and the risks speci\ufb01c to the asset. Impairment
\nexists when the carrying amount of an asset or cash-
\ngenerating unit exceeds its estimated recoverable amount.
\nThe asset or cash-generating unit is then written down
\nto its recoverable amount. Any impairment losses are
\nrecognised in pro\ufb01t or loss. Where an impairment loss
\nsubsequently reverses, the carrying amount of the asset
\nis increased to the revised estimate of its recoverable
\namount, but only to the extent that the increased carrying
\namount does not exceed the carrying amount that would
\nhave been determined had no impairment loss been
\nrecognised for the asset in previous years.
\n1
\nRefer to
note 5
for details of the restatement of prior year results.
\n\u00a0
\u00a0
\u00a0
\n
\n
\n
\n
\n
\nWhere a decision is made to proceed with development
\nin respect of a particular area of interest, the relevant
\nexploration and evaluation asset is assessed for
\nimpairment and the balance is classi\ufb01ed as a
\ndevelopment asset within property, plant and equipment.
\nAccumulated costs in relation to an abandoned area
\nare written off in full against pro\ufb01t in the year in which
\nthe decision to abandon the area is made. Costs are
\ncapitalised during construction until commercial levels of
\nproduction are achieved after which the relevant costs are
\ndepreciated. The accumulated costs for the relevant area
\nof interest are amortised over the life of the area according
\nto the rate of depletion of the economically recoverable
\nreserves. A regular review is undertaken of each area of
\ninterest to determine the appropriateness of continuing to
\ncarry forward costs in relation to that area of interest.
\nAccumulated costs in respect of areas of interest are
\nwritten off or a provision made in the statement of
\ncomprehensive income when the above criteria do not
\napply or when the directors assess that the carrying
\nvalue may exceed the recoverable amount. The costs of
\nproductive areas within property, plant and equipment
\nare amortised over the life of the area of interest to
\nwhich such costs relate on the production output
\nbasis. Provisions are made where farm-in partners are
\nsought and there is a possibility that carried forward
\nexpenditures may have to be written off in the future if
\na farm-in partner is not found. In the event that farm-
\nin agreements are reached, or the group undertakes
\nfurther exploration in its own right on those properties,
\nthe provisions would be reviewed and, if appropriate,
\nwritten\u00a0back.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10474": {
"value": "Impairment The group assesses at each reporting date whether there
\nis an indication that an asset has been impaired and,
\nfor exploration and evaluation costs, whether the above
\ncarry forward criteria are met.
\nWhere an indicator of impairment is identi\ufb01ed, and an
\nimpairment test is performed, and if the recoverable
\namount is lower than the carrying amount, an impairment
\nis recorded. The recoverable amount is the higher of fair
\nvalue less costs to sell and value in use. In assessing value
\nin use, the estimated future cash \ufb02ows are discounted
\nto their present value using a pre-tax discount rate that
\nre\ufb02ects current market assessments of the time value of
\nmoney and the risks speci\ufb01c to the asset. Impairment
\nexists when the carrying amount of an asset or cash-
\ngenerating unit exceeds its estimated recoverable amount.
\nThe asset or cash-generating unit is then written down
\nto its recoverable amount. Any impairment losses are
\nrecognised in pro\ufb01t or loss. Where an impairment loss
\nsubsequently reverses, the carrying amount of the asset
\nis increased to the revised estimate of its recoverable
\namount, but only to the extent that the increased carrying
\namount does not exceed the carrying amount that would
\nhave been determined had no impairment loss been
\nrecognised for the asset in previous years.
\n1
\nRefer to
note 5
for details of the restatement of prior year results.
\n\u00a0
\u00a0
\u00a0
\n
\n
\n
\n
\n
\nWhere a decision is made to proceed with development
\nin respect of a particular area of interest, the relevant
\nexploration and evaluation asset is assessed for
\nimpairment and the balance is classi\ufb01ed as a
\ndevelopment asset within property, plant and equipment.
\nAccumulated costs in relation to an abandoned area
\nare written off in full against pro\ufb01t in the year in which
\nthe decision to abandon the area is made. Costs are
\ncapitalised during construction until commercial levels of
\nproduction are achieved after which the relevant costs are
\ndepreciated. The accumulated costs for the relevant area
\nof interest are amortised over the life of the area according
\nto the rate of depletion of the economically recoverable
\nreserves. A regular review is undertaken of each area of
\ninterest to determine the appropriateness of continuing to
\ncarry forward costs in relation to that area of interest.
\nAccumulated costs in respect of areas of interest are
\nwritten off or a provision made in the statement of
\ncomprehensive income when the above criteria do not
\napply or when the directors assess that the carrying
\nvalue may exceed the recoverable amount. The costs of
\nproductive areas within property, plant and equipment
\nare amortised over the life of the area of interest to
\nwhich such costs relate on the production output
\nbasis. Provisions are made where farm-in partners are
\nsought and there is a possibility that carried forward
\nexpenditures may have to be written off in the future if
\na farm-in partner is not found. In the event that farm-
\nin agreements are reached, or the group undertakes
\nfurther exploration in its own right on those properties,
\nthe provisions would be reviewed and, if appropriate,
\nwritten\u00a0back.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10593": {
"value": "Property, plant and equipment Plant and equipment are stated at historical cost
\nless accumulated depreciation and any accumulated
\nimpairment losses. The carrying value of the plant and
\nequipment also includes costs eligible for capitalisation.
\nOther costs relating to plant and equipment are
\nexpensed when incurred.
\nLand and buildings are measured at cost, less
\naccumulated depreciation on buildings.
\nDevelopment assets and assets under construction are
\ndepreciated once commissioning of the assets occurs.
\nDepreciation will be charged over the useful life of
\nthe\u00a0asset.
\nDepreciation is calculated on a straight-line basis over the
\nestimated useful life of the assets as follows:
\nAsset
Depreciation rate
\nMotor vehicles
25%
\nOf\ufb01ce equipment
33.33%
\nComputer equipment
33.33%
\nPlant and machinery
10%
\nBuildings
2%
\nThe assets\u2019 residual values, useful lives and amortisation
\nmethods are reviewed, and adjusted if appropriate, at
\neach \ufb01nancial year-end.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10602": {
"value": "Land and buildings are measured at cost, less accumulated depreciation on buildings.
\nDevelopment assets and assets under construction are
\ndepreciated once commissioning of the assets occurs.
\nDepreciation will be charged over the useful life of
\nthe\u00a0asset.
\nDepreciation is calculated on a straight-line basis over the
\nestimated useful life of the assets as follows:
\nAsset
Depreciation rate
\nMotor vehicles
25%
\nOf\ufb01ce equipment
33.33%
\nComputer equipment
33.33%
\nPlant and machinery
10%
\nBuildings
2%
\nThe assets\u2019 residual values, useful lives and amortisation
\nmethods are reviewed, and adjusted if appropriate, at
each \ufb01nancial year-end.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10606": {
"value": "Development assets and assets under construction are depreciated once commissioning of the assets occurs.
\nDepreciation will be charged over the useful life of
\nthe\u00a0asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10640": {
"value": "Intangible assets Recognition and measurement
\nIntangible assets are recognised at cost and capitalised
\nwhen the costs can be measured reliably and it is
\nprobable that there will be future economic bene\ufb01ts.
\nIntangible assets that are deemed to have inde\ufb01nite lives
\nand intangible assets that are not yet ready for use are
\nnot amortised; they are reviewed annually for impairment
\nor more frequently if events or changes in circumstances
\nindicate a potential impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10653": {
"value": "Employee bene\ufb01ts Liabilities for wages and salaries, including non-monetary
\nbene\ufb01ts, and annual leave expected to be settled within
\n12 months of the reporting date are recognised in
\nrespect of employees\u2019 services up to the balance sheet
\ndate. Employee bene\ufb01ts expected to be settled within
\none year have been measured at the amounts expected
\nto be paid when the liability is settled. Employee bene\ufb01ts
\npayable later than one year have been measured at the
\npresent value of the estimated future cash out\ufb02ows.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10666": {
"value": "Share-based payment transactions Equity-settled transactions
\nThe company provides bene\ufb01ts to certain key
\nmanagement personnel in the form of share-based
\npayments and/or options. The group currently has a
\nshare incentive plan, which may be used to provide
\nbene\ufb01ts to directors and senior executives.
\nThe cost of such equity-settled transactions is measured
\nby reference to the fair value of the equity instruments at
\nthe date at which they are granted using an appropriate
\n
\u00a0
\u00a0
\u00a0
\u00a0
valuation model. The cost of equity-settled transactions
\nis recognised together with a corresponding increase in
\nequity over the vesting period of the equity instruments.
\nThat cost is recognised in employee bene\ufb01ts expense
\nor capitalised to exploration or development assets,
\ntogether with a corresponding increase in equity, over
\nthe period in which the service and, where applicable,
\nthe performance conditions are ful\ufb01lled. The cumulative
\nexpense is recognised for equity-settled transactions
\nat each reporting date until the vesting date. It re\ufb02ects
\nthe extent to which the vesting period has expired
\nand the group\u2019s best estimate of the number of equity
\ninstruments that will ultimately vest. When both service
\nand non-market performance conditions are satis\ufb01ed
\nprior to the expiry date of the award, vesting dates are
\nrevised and the vesting expense adjusted accordingly.
\nThe expense or credit in the statement of pro\ufb01t or loss for
\na period represents the movement in cumulative expense
\nrecognised as at the beginning and end of that period.
\nService and non-market performance conditions are not
\nconsidered when determining the grant date fair value
\nof awards, but the likelihood of the conditions being met
\nis assessed as part of the group\u2019s best estimate of the
\nnumber of equity instruments that will ultimately vest.
\nMarket performance conditions are re\ufb02ected within the
\ngrant date fair value. Any other conditions attached to an
\naward, but without an associated service requirement,
\nare considered to be non-vesting conditions. Non-vesting
\nconditions are re\ufb02ected in the fair value of an award and
\nlead to an immediate expensing of an award unless there
\nare also service and/or performance conditions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10733": {
"value": "Contributed equity Ordinary shares are classi\ufb01ed as equity. Incremental
\ncosts directly attributable to the issue of new shares or
\noptions are shown in equity as a deduction, net of tax,
\nfrom the proceeds.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10742": {
"value": "Interest income Interest income is recognised as interest accrues
\nusing the effective interest method. This is a method of
\ncalculating the amortised cost of a \ufb01nancial asset and
\nallocating the interest income over the relevant period
\nusing the effective interest rate, which is the rate that
\nexactly discounts estimated future cash receipts through
\nthe expected life of the \ufb01nancial asset to the net carrying
\namount of the asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10754": {
"value": "Disposal of assets Gains from the disposal of assets are recognised when all
\nconditions precedent to the sale of the asset have been
\nmet and it is probable that any consideration receivable
\nwill be collected.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10762": {
"value": "Income tax Current tax assets and liabilities for the current and prior
\nperiods are measured at the amount expected to be
\nrecovered from or paid to the taxation authorities based
\non the current period\u2019s taxable income. The tax rates and
\ntax laws used to compute the amount are those that are
\nenacted or substantively enacted by the reporting date.
\nDeferred income tax liabilities are recognised for all
\ntaxable temporary differences except:
\n\u2022
when the deferred income tax liability arises from the
\ninitial recognition of goodwill or of an asset or liability
\nin a transaction that is not a business combination
\nand that, at the time of the transaction, affects neither
\nthe accounting pro\ufb01t nor taxable pro\ufb01t or loss; or
\n\u2022
when the taxable temporary difference is associated
\nwith investments in subsidiaries, associates or
\ninterests in joint ventures, and the timing of the
\nreversal of the temporary difference can be controlled
\nand it is probable that the temporary difference will not
\nreverse in the foreseeable future.
\nDeferred income tax assets are recognised for all
\ndeductible temporary differences, carry forward of
\nunused tax credits and unused tax losses, to the extent
\nthat it is probable that taxable pro\ufb01t will be available
\nagainst which the deductible temporary differences and
\nthe carry forward of unused tax credits and unused tax
\nlosses can be utilised, except:
\n\u2022
when the deferred income tax asset relating to the
\ndeductible temporary difference arises from the initial
\nrecognition of an asset or liability in a transaction that
\nis not a business combination and, at the time of the
\ntransaction, affects neither the accounting pro\ufb01t nor
\ntaxable pro\ufb01t or loss; or
\n\u2022
when the deductible temporary difference is
\nassociated with investments in subsidiaries,
\nassociates or interests in joint ventures, in which case
\na deferred tax asset is only recognised to the extent
\nthat it is probable that the temporary difference will
\nreverse in the foreseeable future and taxable pro\ufb01t will
\nbe available against which the temporary difference
\ncan be utilised.
\nThe carrying amount of deferred income tax assets is
\nreviewed at each reporting date and reduced to the
\nextent that it is no longer probable that suf\ufb01cient taxable
\npro\ufb01t will be available to allow all or part of the deferred
\nincome tax asset to be utilised. Unrecognised deferred
\nincome tax assets are reassessed at each reporting date
\nand are recognised to the extent that it has become
\nprobable that future taxable pro\ufb01t will allow the deferred
\ntax asset to be recovered.
\nDeferred income tax assets and liabilities are measured
\nat the tax rates that are expected to apply to the year
\nwhen the asset is realised or the liability is settled, based
\non tax rates (and tax laws) that have been enacted or
\nsubstantively enacted at the reporting date.
\n\u00a0
\u00a0
\u00a0
\n
\n
\n
\n
\nIncome taxes relating to items recognised directly in
\nequity are recognised in equity and not in pro\ufb01t or loss.
\nDeferred tax assets and deferred tax liabilities are offset
\nonly if a legally enforceable right exists to set off current
\ntax assets against current tax liabilities and the deferred
\ntax assets and liabilities relate to the same taxable entity
\nand the same taxation authority.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10771": {
"value": "Deferred income tax liabilities are recognised for all taxable temporary differences except:
\n\u2022
when the deferred income tax liability arises from the
\ninitial recognition of goodwill or of an asset or liability
\nin a transaction that is not a business combination
\nand that, at the time of the transaction, affects neither
\nthe accounting pro\ufb01t nor taxable pro\ufb01t or loss; or
\n\u2022
when the taxable temporary difference is associated
\nwith investments in subsidiaries, associates or
\ninterests in joint ventures, and the timing of the
\nreversal of the temporary difference can be controlled
\nand it is probable that the temporary difference will not
\nreverse in the foreseeable future.
\nDeferred income tax assets are recognised for all
\ndeductible temporary differences, carry forward of
\nunused tax credits and unused tax losses, to the extent
\nthat it is probable that taxable pro\ufb01t will be available
\nagainst which the deductible temporary differences and
\nthe carry forward of unused tax credits and unused tax
\nlosses can be utilised, except:
\n\u2022
when the deferred income tax asset relating to the
\ndeductible temporary difference arises from the initial
\nrecognition of an asset or liability in a transaction that
\nis not a business combination and, at the time of the
\ntransaction, affects neither the accounting pro\ufb01t nor
\ntaxable pro\ufb01t or loss; or
\n\u2022
when the deductible temporary difference is
\nassociated with investments in subsidiaries,
\nassociates or interests in joint ventures, in which case
\na deferred tax asset is only recognised to the extent
\nthat it is probable that the temporary difference will
\nreverse in the foreseeable future and taxable pro\ufb01t will
\nbe available against which the temporary difference
\ncan be utilised.
\nThe carrying amount of deferred income tax assets is
\nreviewed at each reporting date and reduced to the
\nextent that it is no longer probable that suf\ufb01cient taxable
\npro\ufb01t will be available to allow all or part of the deferred
\nincome tax asset to be utilised. Unrecognised deferred
\nincome tax assets are reassessed at each reporting date
\nand are recognised to the extent that it has become
\nprobable that future taxable pro\ufb01t will allow the deferred
\ntax asset to be recovered.
\nDeferred income tax assets and liabilities are measured
\nat the tax rates that are expected to apply to the year
\nwhen the asset is realised or the liability is settled, based
\non tax rates (and tax laws) that have been enacted or
\nsubstantively enacted at the reporting date.
\n\u00a0
\u00a0
\u00a0
\n
\n
\n
\n
\nIncome taxes relating to items recognised directly in
\nequity are recognised in equity and not in pro\ufb01t or loss.
\nDeferred tax assets and deferred tax liabilities are offset
\nonly if a legally enforceable right exists to set off current
\ntax assets against current tax liabilities and the deferred
\ntax assets and liabilities relate to the same taxable entity
\nand the same taxation authority.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10876": {
"value": "Goods and services tax (GST) and value added tax (VAT)
\nExpenses and assets are recognised net of the amount
\nof GST or VAT, except where the amount of GST or
\nVAT incurred is not recoverable from the Australian
\nTaxation Of\ufb01ce or other government authorities. In these
\ncircumstances, the GST or VAT is recognised as part of
\nthe cost of acquisition of the asset or as part of an item
\nof the expense.
\nGST or VAT receivable from, or payable to, either
\nthe Australian Taxation Of\ufb01ce or other government
\nauthorities has been accounted for and included as part
\nof receivables or payables in the statement of \ufb01nancial
\nposition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10893": {
"value": "Loss per share Basic loss per share
\nBasic loss per share is calculated by dividing the loss
\nattributable to equity holders of the group, excluding
\nany costs of servicing equity other than shares, by the
\nweighted average number of shares outstanding during
\nthe \ufb01nancial year, adjusted for any bonus elements in
\nshares issued during the year.
\nDiluted earnings per share
\nDiluted earnings per share adjusts the \ufb01gures used in the
\ndetermination of basic earnings per share to take into
\naccount the after-income tax effect of interest and other
\n\ufb01nancing costs associated with dilutive potential shares
\nand the weighted average number of shares assumed
\nto have been issued for no consideration in relation to
\ndilutive potential shares.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10912": {
"value": "Provisions Provisions are recognised when the group has a present
\nobligation (legal or constructive) as a result of a past
\nevent, it is probable that the group will be required to
\nsettle the obligation, and a reliable estimate can be made
\nof the amount of the obligation.
\nA provision for restoration and rehabilitation will be
\nrecognised when there is a present obligation as a result
\nof exploration and development activities undertaken, it
\nis probable that an out\ufb02ow of bene\ufb01ts will be required to
\nsettle the obligation and the provision can be measured
\nreliably. The estimated future obligations will include the
\ncosts of restoring the affected exploration and evaluation
\nareas contained in the group\u2019s tenements.
\nThe provision for future restoration will be the best
\nestimate of the present value of the expenditure required
\nto settle the restoration obligation at the reporting date.
\nFuture restoration costs will be reviewed annually and
\nany changes in the estimate re\ufb02ected in the present value
\nof the restoration provision at each reporting date. The
\ninitial estimate of restoration and rehabilitation relating
\nto development assets will be capitalised into the cost
\nof the related asset and amortised on the same basis
\nas the related asset. Changes in the estimate of the
\nprovision for restoration and rehabilitation will be treated
\nin the same way, except that the unwinding of the effect
\nof discounting on the provision will be recognised as a
\n\ufb01nance cost rather than being capitalised into the cost
\nof the related asset. As at 30 June 2023, the group
\nhas not recognised any provision for restoration and
\nrehabilitation. The group does not have any obligation
\ndue to the limited disturbances to date as the group is
\nstill in the early stages of developing the projects.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10920": {
"value": "A provision for restoration and rehabilitation will be recognised when there is a present obligation as a result
\nof exploration and development activities undertaken, it
\nis probable that an out\ufb02ow of bene\ufb01ts will be required to
\nsettle the obligation and the provision can be measured
\nreliably. The estimated future obligations will include the
\ncosts of restoring the affected exploration and evaluation
\nareas contained in the group\u2019s tenements.
\nThe provision for future restoration will be the best
\nestimate of the present value of the expenditure required
\nto settle the restoration obligation at the reporting date.
\nFuture restoration costs will be reviewed annually and
\nany changes in the estimate re\ufb02ected in the present value
\nof the restoration provision at each reporting date. The
\ninitial estimate of restoration and rehabilitation relating
\nto development assets will be capitalised into the cost
\nof the related asset and amortised on the same basis
\nas the related asset. Changes in the estimate of the
\nprovision for restoration and rehabilitation will be treated
\nin the same way, except that the unwinding of the effect
\nof discounting on the provision will be recognised as a
\n\ufb01nance cost rather than being capitalised into the cost
\nof the related asset. As at 30 June 2023, the group
\nhas not recognised any provision for restoration and
\nrehabilitation. The group does not have any obligation
\ndue to the limited disturbances to date as the group is
still in the early stages of developing the projects.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f10951": {
"value": "Leases IFRS 16 was adopted as of 1 July 2019 without
\nrestatement of comparative \ufb01gures. On transition,
\nneither the group nor company had any leases in
\nscope of IFRS 16.
\nAt inception of a contract, the group assesses whether
\na contract is, or contains, a lease. A contract is, or
\ncontains, a lease if the contract conveys the right to
\ncontrol the use of an identi\ufb01ed asset for a period in
\nexchange for consideration. To assess whether a contract
\nconveys the right to control the use of an identi\ufb01ed asset,
\nthe group uses the de\ufb01nition of a lease in IFRS 16.
\nRight-of-use asset
\nA right-of-use asset and a lease liability have been
\nrecognised for all leases except leases of low-value
\nassets, which are considered to be those with a fair value
\nbelow US$5,000, and those with a duration of 12 months
\nor less. The right-of-use asset has been measured at
\ncost, which is made up of the initial measurement of the
\nlease liability adjusted for prepaid and accrued lease
\npayments at the date of transition. As at the reporting
\ndate, there are no right-of-use assets.
\nShort-term and low-value leases
\nA practical expedient offered by IFRS 16 has been
\napplied to not recognise a lease liability and right-of-use
\nasset for such leases but to recognise payments on a
\n
\u00a0
\u00a0
\u00a0
\u00a0
straight-line basis over the lease term. The group only
\nholds short-term or low-value leases. As such, lease
\npayments have continued to be recognised on a straight-
\nline basis over the lease term.
\nThe group has elected not to separate non-lease
\ncomponents and account for the lease and non-lease
\ncomponents as a single lease component.
\nThe group will depreciate the right-of-use assets on a
\nstraight-line basis from the lease commencement date to
\nthe earlier of the end of the useful life of the right-of-use
\nasset or the end of the lease term. Where impairment
\nindicators exist, the right-of-use asset will be assessed
\nfor impairment.
\nLease liability
\nA lease liability is measured at amortised cost using
\nthe effective interest method. The lease liabilities are
\nmeasured at the present value of the lease payments
\ndue to the lessor over the lease term, discounted using
\nthe incremental discount rate relevant to each lease as
\nmandated under the modi\ufb01ed retrospective approach.
\nThe lease payments include \ufb01xed payments, including
\nin-substance \ufb01xed payments, less any lease incentives
\nreceivable, variable lease payments that depend on an
\nindex or a rate, and amounts expected to be paid under
\nresidual value guarantees.
\nIt is remeasured when there is a change in future lease
\npayments arising from a change in an index or rate, if
\nthere is a change in the group\u2019s estimate of the amount
\nexpected to be payable under a residual value guarantee,
\nif the group changes its assessment of whether it will
\nexercise a purchase, extension or termination option or
\nif there is a revised in-substance \ufb01xed lease payment.
\nWhen the lease liability is remeasured in this way, a
\ncorresponding adjustment is made to the carrying
\namount of the right-of-use asset or is recorded in pro\ufb01t
\nor loss if the carrying amount of the right-of-use asset
\nhas been reduced to zero.
\nAfter initial measurement, any payments made will
\nreduce the liability and the interest accrued will
\nincrease it. Any reassessment or modi\ufb01cation will lead
\nto a remeasurement of the liability. In such case, the
\ncorresponding adjustment will be re\ufb02ected in the right-
\nof-use asset, or pro\ufb01t or loss if the right-of-use asset is
\nalready reduced to zero.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f11048": {
"value": "4. CRITICAL ACCOUNTING JUDGEMENTS
\nAND KEY SOURCES OF ESTIMATION
\nUNCERTAINTY
\nIn applying the group\u2019s accounting policies, management
\ncontinually evaluates judgements, estimates and
\nassumptions based on experience and other factors,
\nincluding expectations of future events that may have
\nan impact on the group. All judgements, estimates and
\nassumptions made are believed to be reasonable based
\non the most current set of circumstances available
\nto management. Actual results may differ from the
\njudgements, estimates and assumptions. Signi\ufb01cant
\njudgements, estimates and assumptions made by
\nmanagement in the preparation of these \ufb01nancial
\nstatements are outlined below.
\nSigni\ufb01cant accounting judgements
\nImpairment assessment of development assets,
\nassets under construction and Saltend intangibles
\nImpairment indicator assessment of development
\nassets (
notes 11
and
12
), as well as impairment
\nassessment of assets under construction and Saltend
\nintangibles (
notes 11
and
12
).
\nThe ultimate recovery of the value of the group\u2019s
\ndevelopment assets, assets under construction and
\nSaltend intangibles as at 30 June 2023 is dependent
\non the successful development and commercial
\nexploitation, or alternatively, the sale of the Longonjo
\nProject, as well as the successful development and
\ncommercial exploitation of the Saltend facility or the sale
\nthereof.
\nJudgement was exercised in assessing the extent to
\nwhich impairment existed as at 30\u00a0June\u00a02023 in respect
\nof the Longonjo and Saltend Projects and associated
\nbalances. In forming this assessment, internal and
\nexternal factors were evaluated, including those that
\napplied last year. Management determined that no
\nimpairment existed having considered the company\u2019s
\nmarket capitalisation relative to the group\u2019s net asset
\nvalue, the progression of the Longonjo and Saltend
\nProjects and the \ufb01nancial life of mine plan, feasibility
\nstudy equivalent assessments and the associated
\nOre Reserve Statement and the competent person\u2019s
\nreport covering the Longonjo and Saltend Projects. The
\nunderlying \ufb01nancial life of mine plan involves estimates
\nregarding commodity prices, production and reserves,
\noperating costs and capital development together with
\ndiscount rates and demonstrates signi\ufb01cant headroom.
\nImpairment of assessment of the company\u2019s
\ninvestment in subsidiaries and loans to
\nsubsidiaries
\nThe ultimate recovery of the value of the company\u2019s
\ninvestment in subsidiaries and loans to subsidiaries
\nis dependent on the successful development and
\ncommercial exploitation, or alternatively, the sale of
\nthe\u00a0Longonjo and Saltend Projects.
\n\u00a0
\u00a0
\u00a0
\n
\n
\n
\n
\n
\n
\n\n
\nIn assessing the potential impairment of investments and
\ninter-company receivables (applying an ECL approach
\nfor the latter), the directors exercised judgement over the
\nreasonableness of projections and considered the status
\nof both the Longonjo and Saltend Projects, together with
\nthe implied economic value of the assets, and concluded
\nthat no impairment provisions were necessary.
\nRecoverability of equity receivable (note 10)
\nManagement have taken legal advice from their external
\ncounsel and have issued a letter of demand to the
\ndebtor. The company\u2019s broker has maintained full security
\nover the shares originally issued for trading and an ECL
\nprovision of US$308,260 has been recognised in the year
\n(30 June 2022: US$669,470). To date, and in an attempt
\nto avoid the costs associated with litigation, the company
\nhas attempted to recover the amount due through a
\nsettlement and payment plan that was agreed with the
\ndebtor. This payment plan has, however, been reneged
\nupon by the debtor. In the \ufb01rst instance, the company
\nwill now seek to exercise all the rights at its disposal in
\norder to recover the outstanding debt due by the\u00a0debtor,
\nreserving all rights in that regard.
\nRefer to
note 10
for further details.
\nRecognition of R&D tax credits (note 5)
\nR&D tax credits are recognised when reliable estimates
\nof the future bene\ufb01ts have been made and when it is
\nreasonably certain that the tax credit will be received.
\nManagement have considered the nature of the tax
\nclaims, the limited history of successful tax claims and
\nreceipt thereof. Management also do not recognise any
\ntax credits before submissions have been made to the
\nrelevant tax authority.
\nSigni\ufb01cant accounting estimates and
\nassumptions
\nShare-based payment transactions (note 24)
\nThe group measures the cost of equity-settled
\ntransactions with directors and others by reference to
\nthe fair value of the equity instruments at the date at
\nwhich they are granted. The fair value is determined
\nusing a stochastic model to value awards with market-
\nbased conditions and a Black-Scholes valuation
\nmodel for awards that are not subject to market-
\nbased performance conditions. These models require
\nestimates for inputs such as share price volatility and
\ntotal shareholder return. The share-based payment
\narrangements are expensed on a straight-line basis over
\nthe vesting period, based on the group\u2019s estimate of
\nshares that will eventually vest. At each reporting date,
\nvesting assumptions are reviewed to ensure they re\ufb02ect
\ncurrent expectations and immediately recognise any
\nimpact of the revision to original estimates. Judgement
\nis required as to the likelihood of the vesting conditions
\nbeing met, such as the progress of \ufb01nancing of various
\nprojects, the lost time injury frequency rate, progress
\nof construction of the projects, etc. If fully vested
\nshare options are not exercised and expire, then the
\naccumulated expense in respect of these is reclassi\ufb01ed
\nto accumulated losses.
\nClimate change
\nManagement has considered the impact of climate
\nchange in preparing these consolidated \ufb01nancial
\nstatements. These considerations, which are integral to
\nthe group\u2019s strategy and operations, were considered in
\nthe following areas:
\n\u2022
The judgements involved in the evaluation of
\nindicators of impairment for the group\u2019s development
\nassets and assets under construction (
note 4
);
\n\u2022
The judgements used in the evaluation of the group\u2019s
\nexploration and evaluation assets for impairment
\n(
note\u00a04
); and
\n\u2022
The evaluation of the residual values and economic
\nuseful lives of property, plant, and equipment
\n(
note\u00a012
).
\nThe effects of climate-related strategic decisions are
\nincorporated into management\u2019s judgements and
\nestimates, as it relates to the future cash \ufb02ow projections
\nunderpinning the recoverable amounts of mining
\ninterests, when the decisions have been approved by
\nthe board, and the implementation of these is likely to
\noccur. The considerations with respect to climate change
\ndid not have a material impact on the key accounting
\njudgements and estimates noted above in the current
\nyear, however, the emphasis on climate-related strategic
\ndecisions, such as a focus on decarbonisation, further
\nelectri\ufb01cation and sourcing of renewable power may have
\na signi\ufb01cant impact in future periods.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f11290": {
"value": "During the course of preparing the results for the year ended 30 June 2023, an error was identi\ufb01ed in the prior period results. In the year ended 30 June 2022, the R&D tax credit related to capital expenditure incurred was recorded in the consolidated
\nincome statement within income tax. The associated costs to which the R&D tax credit related were capitalised in line with the
\ngroup\u2019s policy on development assets and the credits are receivable in cash in the absence of corporate tax liabilities such that
\nthey are judged to represent a form of government grant. Based on IFRS requirements, the R&D tax credit should therefore,
\nin line with government grant accounting, have been deferred on the balance sheet and netted off against the development
\nasset to be released to the income statement as the asset is depreciated in future periods. As such, the total loss for the year
\nwas understated by US$1,329,553 and the capitalised costs relating to the development at Saltend (previously recognised in
\nproperty, plant and equipment) were overstated by US$1,256,296. The results for the year ended 30 June 2022 have been
\nrestated to re\ufb02ect the grant deferral in development assets. No other previous \ufb01nancial years are materially impacted by this
\nrestatement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f11381": {
"value": "6. OPERATING SEGMENTS
\nDescription of segments
\nThe group has identi\ufb01ed its operating segments based on the internal reports that are used by the chief operating decision
\nmaker in assessing performance and determining the allocation of resources.
\nThe group has identi\ufb01ed that it has two operating segments, related to the activities in Angola and Saltend (UK), on the basis
\nthat the assets in Tanzania are fully impaired as at 30 June 2023 and at 30 June 2022. Unallocated relates to operations in
\nAustralia and Portugal which consist of corporate and head of\ufb01ce-related costs.
\nAngola
\nUS$
\nUK
\nUS$
\nUnallocated
\nUS$
\nTotal
\nUS$
\n2023
\nNon-current assets \u2013 opening balance
\n1
\n30,228,932
6,466,270
\u2013
36,695,202
\nNon-current assets \u2013 additions
11,243,252
11,476,514
\u2013
22,719,766
\nNon-current assets \u2013 closing balance
41,472,184
17,942,784
\u2013
59,414,968
\nCurrent and non-current liabilities
1,830,614
12,298,921
735,559
14,865,091
\nCash and cash equivalents
30,594
8,883,904
780,993
9,695,491
\nAdministration expenses
(1,795,341)
(3,495,167)
(85,068)
(5,375,576)
\nOperating pro\ufb01t/(loss)
(689,624)
(3,178,374)
(434,797)
(4,302,795)
\nDepreciation
51,607
6,417
133
58,157
\nPro\ufb01t/(loss) before tax
(689,624)
(3,178,403)
(434,796)
(4,302,823)
\nPro\ufb01t/(loss) for the year
(689,624)
(3,178,403)
(434,796)
(4,302,823)
\n2022
\nNon-current assets \u2013 opening balance
18,473,893
162,330
3,585
18,639,808
\nNon-current assets \u2013 additions
\n1
\n11,755,039
6,303,940
(3,585)
18,055,394
\nNon-current assets \u2013 closing balance
\n1
\n30,228,932
6,466,270
\u2013
36,695,202
\nCurrent and non-current liabilities
151,250
2,027,511
1,467,625
3,646,386
\nCash and cash equivalents
296,966
2,550,436
82,760
2,930,162
\nAdministration expenses
(6,777,309)
(2,088,553)
78,753
(8,787,109)
\nOperating loss
\n1
\n(2,380,118)
(7,520,376)
(1,811,556)
(11,712,050)
\nDepreciation
17,103
3,911
3,494
24,508
\nIncome tax credit
\n1
\n\u2013
\u2013
\u2013
\u2013
\nLoss before tax
(2,380,118)
(7,520,376)
(1,811,528)
(11,712,022)
\nLoss for the year
(2,380,118)
(7,520,376)
(1,811,528)
(11,712,022)
\n1
\nRefer to
note 5
for details of the restatement of prior year results.
\nNon-current assets consist mainly of development assets and assets under construction. Additions and depreciation of
\nnon-current assets are disclosed in
note 12
.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f11539": {
"value": "7. OTHER EXPENSES
\nCONSOLIDATED
\n2023
\nUS$
\n2022
\nUS$
\nAdministration expenses
\nGeneral administration costs
1,953,918
1,796,217
\nAudit fees
193,854
200,481
\nConsultant fees
480,133
699,680
\nTravel expenses
388,593
318,283
\nLegal fees
451,380
210,670
\nOperating lease rental expenses
\nLease payments (short-life leases)
147,899
117,307
\nDepreciation on non-current assets
\nProperty, plant and equipment
58,157
24,508
\nEmployee bene\ufb01ts
\n1,2
\nPerformance rights and options granted to directors, of\ufb01cers and employees
(272,965)
876,657
\nDirectors\u2019 fees and employee bene\ufb01ts
1,794,683
4,409,611
\nSocial security costs
179,924
133,695
\nTotal administration expenses
5,375,576
8,787,109
\n1
\nKey management personnel remuneration, disclosed in
note 23
, includes amounts in employee bene\ufb01ts disclosed above. Information in
\nrespect of the highest-paid director is provided in the remuneration report.
\n2
\nThe average number of persons employed by the group during 2023 was 56 (2022: 48).
\n.
\nForeign currency exchange gains/losses
\nThe foreign currency exchange gain of US$1,381,041 (2022: US$2,255,471 loss) comprises realised foreign exchange
\nmovements on retranslation of monetary balances and unrealised foreign exchange movements on inter-company loans which
\nare considered repayable in the foreseeable future.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f11540": {
"value": "7. OTHER EXPENSES
\nCONSOLIDATED
\n2023
\nUS$
\n2022
\nUS$
\nAdministration expenses
\nGeneral administration costs
1,953,918
1,796,217
\nAudit fees
193,854
200,481
\nConsultant fees
480,133
699,680
\nTravel expenses
388,593
318,283
\nLegal fees
451,380
210,670
\nOperating lease rental expenses
\nLease payments (short-life leases)
147,899
117,307
\nDepreciation on non-current assets
\nProperty, plant and equipment
58,157
24,508
\nEmployee bene\ufb01ts
\n1,2
\nPerformance rights and options granted to directors, of\ufb01cers and employees
(272,965)
876,657
\nDirectors\u2019 fees and employee bene\ufb01ts
1,794,683
4,409,611
\nSocial security costs
179,924
133,695
\nTotal administration expenses
5,375,576
8,787,109
\n1
\nKey management personnel remuneration, disclosed in
note 23
, includes amounts in employee bene\ufb01ts disclosed above. Information in
\nrespect of the highest-paid director is provided in the remuneration report.
\n2
\nThe average number of persons employed by the group during 2023 was 56 (2022: 48).
\n.
\nForeign currency exchange gains/losses
\nThe foreign currency exchange gain of US$1,381,041 (2022: US$2,255,471 loss) comprises realised foreign exchange
\nmovements on retranslation of monetary balances and unrealised foreign exchange movements on inter-company loans which
\nare considered repayable in the foreseeable future.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f11541": {
"value": "7. OTHER EXPENSES
\nCONSOLIDATED
\n2023
\nUS$
\n2022
\nUS$
\nAdministration expenses
\nGeneral administration costs
1,953,918
1,796,217
\nAudit fees
193,854
200,481
\nConsultant fees
480,133
699,680
\nTravel expenses
388,593
318,283
\nLegal fees
451,380
210,670
\nOperating lease rental expenses
\nLease payments (short-life leases)
147,899
117,307
\nDepreciation on non-current assets
\nProperty, plant and equipment
58,157
24,508
\nEmployee bene\ufb01ts
\n1,2
\nPerformance rights and options granted to directors, of\ufb01cers and employees
(272,965)
876,657
\nDirectors\u2019 fees and employee bene\ufb01ts
1,794,683
4,409,611
\nSocial security costs
179,924
133,695
\nTotal administration expenses
5,375,576
8,787,109
\n1
\nKey management personnel remuneration, disclosed in
note 23
, includes amounts in employee bene\ufb01ts disclosed above. Information in
\nrespect of the highest-paid director is provided in the remuneration report.
\n2
\nThe average number of persons employed by the group during 2023 was 56 (2022: 48).
\n.
\nForeign currency exchange gains/losses
\nThe foreign currency exchange gain of US$1,381,041 (2022: US$2,255,471 loss) comprises realised foreign exchange
\nmovements on retranslation of monetary balances and unrealised foreign exchange movements on inter-company loans which
\nare considered repayable in the foreseeable future.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f11547": {
"value": "CONSOLIDATED 2023
\nUS$
\n2022
\nUS$
\nAdministration expenses
\nGeneral administration costs
1,953,918
1,796,217
\nAudit fees
193,854
200,481
\nConsultant fees
480,133
699,680
\nTravel expenses
388,593
318,283
\nLegal fees
451,380
210,670
\nOperating lease rental expenses
\nLease payments (short-life leases)
147,899
117,307
\nDepreciation on non-current assets
\nProperty, plant and equipment
58,157
24,508
\nEmployee bene\ufb01ts
\n1,2
\nPerformance rights and options granted to directors, of\ufb01cers and employees
(272,965)
876,657
\nDirectors\u2019 fees and employee bene\ufb01ts
1,794,683
4,409,611
\nSocial security costs
179,924
133,695
\nTotal administration expenses
5,375,576
8,787,109
\n1
\nKey management personnel remuneration, disclosed in
note 23
, includes amounts in employee bene\ufb01ts disclosed above. Information in
\nrespect of the highest-paid director is provided in the remuneration report.
\n2
\nThe average number of persons employed by the group during 2023 was 56 (2022: 48).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f11548": {
"value": "CONSOLIDATED 2023
\nUS$
\n2022
\nUS$
\nAdministration expenses
\nGeneral administration costs
1,953,918
1,796,217
\nAudit fees
193,854
200,481
\nConsultant fees
480,133
699,680
\nTravel expenses
388,593
318,283
\nLegal fees
451,380
210,670
\nOperating lease rental expenses
\nLease payments (short-life leases)
147,899
117,307
\nDepreciation on non-current assets
\nProperty, plant and equipment
58,157
24,508
\nEmployee bene\ufb01ts
\n1,2
\nPerformance rights and options granted to directors, of\ufb01cers and employees
(272,965)
876,657
\nDirectors\u2019 fees and employee bene\ufb01ts
1,794,683
4,409,611
\nSocial security costs
179,924
133,695
\nTotal administration expenses
5,375,576
8,787,109",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f11549": {
"value": "CONSOLIDATED 2023
\nUS$
\n2022
\nUS$
\nAdministration expenses
\nGeneral administration costs
1,953,918
1,796,217
\nAudit fees
193,854
200,481
\nConsultant fees
480,133
699,680
\nTravel expenses
388,593
318,283
\nLegal fees
451,380
210,670
\nOperating lease rental expenses
\nLease payments (short-life leases)
147,899
117,307
\nDepreciation on non-current assets
\nProperty, plant and equipment
58,157
24,508
\nEmployee bene\ufb01ts
\n1,2
\nPerformance rights and options granted to directors, of\ufb01cers and employees
(272,965)
876,657
\nDirectors\u2019 fees and employee bene\ufb01ts
1,794,683
4,409,611
\nSocial security costs
179,924
133,695
\nTotal administration expenses
5,375,576
8,787,109",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f11550": {
"value": "CONSOLIDATED 2023
\nUS$
\n2022
\nUS$
\nAdministration expenses
\nGeneral administration costs
1,953,918
1,796,217
\nAudit fees
193,854
200,481
\nConsultant fees
480,133
699,680
\nTravel expenses
388,593
318,283
\nLegal fees
451,380
210,670
\nOperating lease rental expenses
\nLease payments (short-life leases)
147,899
117,307
\nDepreciation on non-current assets
\nProperty, plant and equipment
58,157
24,508
\nEmployee bene\ufb01ts
\n1,2
\nPerformance rights and options granted to directors, of\ufb01cers and employees
(272,965)
876,657
\nDirectors\u2019 fees and employee bene\ufb01ts
1,794,683
4,409,611
\nSocial security costs
179,924
133,695
\nTotal administration expenses
5,375,576
8,787,109
\n1
\nKey management personnel remuneration, disclosed in
note 23
, includes amounts in employee bene\ufb01ts disclosed above. Information in
\nrespect of the highest-paid director is provided in the remuneration report.
\n2
\nThe average number of persons employed by the group during 2023 was 56 (2022: 48).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f11610": {
"value": "Foreign currency exchange gains/losses The foreign currency exchange gain of US$1,381,041 (2022: US$2,255,471 loss) comprises realised foreign exchange
\nmovements on retranslation of monetary balances and unrealised foreign exchange movements on inter-company loans which
are considered repayable in the foreseeable future.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f11644": {
"value": "8. INCOME TAXES
\nCONSOLIDATED
\n2023
\nUS$
\nRestated
\n1
\n2022
\nUS$
\nCurrent taxation
\nCurrent tax charge/(credit)
\u2013
\u2013
\nNo liability to corporation tax arose in the ordinary activities for the year ended 30 June 2023 or 30 June 2022.
\nThe tax assessed for the year utilised the standard rate of tax in the UK of 25% (2022: 19%). The change is tax rates is the
\nresult of the increased rate enacted.
\nThe differences are explained as follows:
\nCONSOLIDATED
\n2023
\nUS$
\nRestated
\n1
\n2022
\nUS$
\nLoss from continuing operations before tax
(4,302,823)
(11,712,022)
\nLoss on continuing activities multiplied by the rate of corporation tax in the UK
\nof 25% (2022: 19%)
(1,075,706)
(2,225,284)
\nTax effects of:
\nDifferent tax rates in overseas jurisdictions
(1,704)
(260,970)
\nPermanent differences
(39,083)
285,949
\nDeferred tax assets not recognised
1,116,493
2,200,305
\nTotal tax credit
\n1
\n\u2013
\u2013
\n1
\nRefer to
note 5
for details of the restatement of prior year results.
\nThe taxation bene\ufb01ts of tax losses and temporary differences not brought to account will only be obtained if:
\n\u2022
assessable income is derived of a nature and of an amount suf\ufb01cient to enable the bene\ufb01t from the deductions to be realised;
\n\u2022
conditions for deductibility imposed by the law are complied with; and
\n\u2022
no changes in tax legislation adversely affect the realisation of the bene\ufb01t from the deductions.
\nThe company is subject to 25% income tax in the UK. In Australia, Pensana Metals Limited is subject to a corporation tax rate
\nof 26%. In Tanzania, all subsidiaries are subject to 30% corporation tax. In Angola, Ozango Minerais and Coola Mining are
\nsubject to 25% corporation tax.
\nLongonjo bene\ufb01ts from a six-year tax holiday in Angola from the commencement of production until the exoneration period
\nexpires.
\nNo deferred tax asset has been recognised in respect of the tax losses carried forward as the recoverability is dependent on
\nthe future pro\ufb01tability of the individual entities within the group, the timing of which is considered uncertain. The unrecognised
\npotential deferred tax asset created during the year was US$1,116,493 (30 June 2022: US$2,189,458). The total unrecognised
\npotential deferred tax asset in respect of losses carried forward is US$15,561,711 (30 June 2022: US$14,296,507). These
\nunused tax losses do not expire.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f11663": {
"value": "CONSOLIDATED 2023
\nUS$
\nRestated
\n1
\n2022
\nUS$
\nLoss from continuing operations before tax
(4,302,823)
(11,712,022)
\nLoss on continuing activities multiplied by the rate of corporation tax in the UK
\nof 25% (2022: 19%)
(1,075,706)
(2,225,284)
\nTax effects of:
\nDifferent tax rates in overseas jurisdictions
(1,704)
(260,970)
\nPermanent differences
(39,083)
285,949
\nDeferred tax assets not recognised
1,116,493
2,200,305
\nTotal tax credit
\n1
\n\u2013
\u2013No deferred tax asset has been recognised in respect of the tax losses carried forward as the recoverability is dependent on the future pro\ufb01tability of the individual entities within the group, the timing of which is considered uncertain. The unrecognised
\npotential deferred tax asset created during the year was US$1,116,493 (30 June 2022: US$2,189,458). The total unrecognised
\npotential deferred tax asset in respect of losses carried forward is US$15,561,711 (30 June 2022: US$14,296,507). These
unused tax losses do not expire.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f11738": {
"value": "9. CASH AND CASH EQUIVALENTS
\nCONSOLIDATED
\n2023
\nUS$
\n2022
\nUS$
\nCash at bank and on hand
9,695,491
2,930,162
\n9,695,491
2,930,162",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f11742": {
"value": "CONSOLIDATED 2023
\nUS$
\n2022
\nUS$
\nCash at bank and on hand
9,695,491
2,930,162
\n9,695,491
2,930,162",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f11756": {
"value": "10. TRADE AND OTHER RECEIVABLES CONSOLIDATED
\n2023
\nUS$
\n2022
\nUS$
\nTrade receivables
34,756
43,425
\nPrepayments
184,744
328,794
\nR&D tax receivables
1,037,336
1,256,295
\nVAT receivables
934,641
130,478
\nOther receivables
323,757
641,019
\n2,515,234
2,400,011
\nOpening balance
2,400,011
5,370,007
\nMovement in trade receivables, other receivables and prepayments
483,991
1,288,652
\nFunds received
(60,508)
(3,589,178)
\nProvision for impairment
(308,260)
(669,470)
\nClosing balance
2,515,234
2,400,011
\nOf the other receivables as at 30 June 2023, US$1,239,059 (gross) (30 June 2022: US$1,299,567) relates to payment pending
\nas part of the equity raise completed on 25 June 2021. The net amount included in the closing balance as at 30 June 2023
\nwas US$280,893 (30 June 2022: US$630,097).
\nManagement have taken legal advice from their external counsel and have issued a letter of demand to the debtor. The
\ncompany\u2019s broker has maintained full security over the shares originally issued for trading and an ECL provision of US$308,260
\nhas been recognised in the year (30 June 2022: US$669,470).Trade and other receivables As at 30 June 2023, the group was exposed to trade and other receivables of US$1,293,155 (2022: US$814,921). The
\ncompany was exposed to trade and other receivables of US$349,352 (2022: US$642,202). An impairment analysis is
\nperformed at each reporting date by senior management on all trade and other receivable balances. The maximum exposure to
\ncredit risk for trade and other receivables at the reporting date is the carrying value of each class of \ufb01nancial asset. In respect of
\nother receivables that were past due by more than 90 days, an estimated credit loss allowance has been recognised based on
\nthe estimated lifetime credit loss. Refer to
note 10
for further details.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f11759": {
"value": "CONSOLIDATED 2023
\nUS$
\n2022
\nUS$
\nTrade receivables
34,756
43,425
\nPrepayments
184,744
328,794
\nR&D tax receivables
1,037,336
1,256,295
\nVAT receivables
934,641
130,478
\nOther receivables
323,757
641,019
\n2,515,234
2,400,011
\nOpening balance
2,400,011
5,370,007
\nMovement in trade receivables, other receivables and prepayments
483,991
1,288,652
\nFunds received
(60,508)
(3,589,178)
\nProvision for impairment
(308,260)
(669,470)
\nClosing balance
2,515,234
2,400,011",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f11806": {
"value": "11. INTANGIBLE ASSETS Saltend intangible assets
\nCONSOLIDATED
\n2023
\nUS$
\nRestated
\n1
\n2022
\nUS$
\nCarrying value
\nBalance at the beginning of the year
5,236,226
\u2013
\nAdditions
9,452,299
5,236,226
\nR&D government grant deferred
(1,037,336)
\u2013
\nAdjustment on currency translation
(74,120)
\u2013
\nBalance at the end of the year
13,577,069
5,236,226
\n1
\nRefer to
note 5
for details of the restatement of prior year results.
\nThese costs were capitalised in respect of the Saltend Project and have been classi\ufb01ed as intangible assets given their nature,
\nbeing consulting fees relating to process design and testwork. Previously, such costs were wholly classi\ufb01ed as property, plant
\nand equipment. Refer to
note 5
for details of the restatement of prior year results.
\n\u00a0
\u00a0
\u00a0
\n
\n
\nCoola exploration and evaluation expenditure
\nCONSOLIDATED
\n2023
\nUS$
\n2022
\nUS$
\nCarrying value
\nBalance at the beginning of the year
181,206
132,040
\nAdditions
62,043
49,166
\nBalance at the end of the year
243,249
181,206
\nTotal intangibles
13,820,318
5,417,432
\nThe above amounts represent capitalised costs of exploration incurred at the Coola Project in Angola carried forward as an
\nasset in accordance with the accounting policy set out in
note 3
. The ultimate recoupment of the exploration and evaluation
\nexpenditure in respect of the areas of interest carried forward is dependent upon the discovery of commercially viable reserves
\nand the successful development and exploitation of the respective areas or, alternatively, the sale of the underlying areas of
\ninterest for at least their carrying value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f11872": {
"value": "Coola exploration and evaluation expenditure CONSOLIDATED
\n2023
\nUS$
\n2022
\nUS$
\nCarrying value
\nBalance at the beginning of the year
181,206
132,040
\nAdditions
62,043
49,166
\nBalance at the end of the year
243,249
181,206
\nTotal intangibles
13,820,318
5,417,432
\nThe above amounts represent capitalised costs of exploration incurred at the Coola Project in Angola carried forward as an
\nasset in accordance with the accounting policy set out in
note 3
. The ultimate recoupment of the exploration and evaluation
\nexpenditure in respect of the areas of interest carried forward is dependent upon the discovery of commercially viable reserves
\nand the successful development and exploitation of the respective areas or, alternatively, the sale of the underlying areas of
interest for at least their carrying value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f11902": {
"value": "12. PROPERTY, PLANT AND EQUIPMENT Buildings
\nUS$
\nPlant and
\nequipment
\nUS$
\nRestated
\n1
\nDevelop-
\nment
\nasset
\nUS$
\nRestated
\n1
\nAssets under
\nconstruc-
\ntion
\n2
\nUS$
\nMotor
\nvehicles
\nUS$
\nOf\ufb01ce
\nequipment
\nUS$
\nComputer
\nequipment
\nUS$
\nRestated
\n1
\nTotal
\nUS$
\n2023
\nCost
\nBalance as at
\n1\u00a0July 2022
28,310
17,675
29,969,013
1,217,581
83,384
7,325
21,281
31,344,569
\nAdjustment
\non currency
\ntranslation
\u2013
\u2013
(599,055)
(20,244)
\u2013
\u2013
(602)
(619,901)
\nR&D government
\ngrant deferred
\u2013
\u2013
(1,155,382)
\u2013
\u2013
\u2013
\u2013
(1,155,382)
\nAdditions
\u2013
15,346
12,914,832
3,075,630
130,855
\u2013
13,413
16,150,076
\nDisposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nBalance as at
\n30\u00a0June 2023
28,310
33,021
41,129,408
4,272,967
214,239
7,325
34,092
45,719,362
\nDepreciation
\nBalance as at
\n1 July 2022
3,828
5,344
\u2013
\u2013
48,923
2,590
6,114
66,799
\nCharge for
\nthe year
2,632
5,015
\u2013
\u2013
39,615
1,038
9,857
58,157
\nAdjustment
\non currency
\ntranslation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(244)
(244)
\nDisposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nBalance as at
\n30 June 2023
6,460
10,359
\u2013
\u2013
88,538
3,628
15,727
124,712
\nNet book value
\nAs at
\n30 June 2022
24,482
12,331
29,969,013
1,217,581
34,461
4,735
15,167
31,277,770
\nAs at
\n30 June 2023
21,849
22,662
41,129,408
4,272,967
125,701
3,697
18,366
45,594,650
\n1
\nRefer to
note 5
for details of the restatement of prior year results.
\n2
\nAssets under construction relate to Saltend.
\n
\u00a0
\u00a0
\u00a0
\u00a0
\nBuildings
\nUS$
\nPlant and
\nequipment
\nUS$
\nRestated
\n1
\nDevelop-
\nment
\nasset
\nUS$
\nRestated
\n1
\nAssets under
\nconstruc-
\ntion
\n2
\nUS$
\nMotor
\nvehicles
\nUS$
\nOf\ufb01ce
\nequipment
\nUS$
\nComputer
\nequipment
\nUS$
\nRestated
\n1
\nTotal
\nUS$
\n2022
\nCost
\nBalance as at
\n1\u00a0July 2021
6,199
10,204
18,400,076
65,728
54,507
6,080
30,611
18,573,405
\nR&D government
\ngrant deferred
\u2013
\u2013
(1,256,295)
\u2013
\u2013
\u2013
\u2013
(1,256,295)
\nAdditions
22,111
7,471
12,825,232
1,151,853
28,877
1,245
14,017
14,050,806
\nDisposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(23,347)
(23,347)
\nBalance as at
\n30\u00a0June 2022
28,310
17,675
29,969,013
1,217,581
83,384
7,325
21,281
31,344,569
\nDepreciation
\nBalance as at
\n1\u00a0July 2021
1,807
1,407
\u2013
\u2013
40,653
1,400
20,370
65,637
\nCharge for
\nthe year
2,021
3,937
\u2013
\u2013
8,270
1,190
9,090
24,508
\nDisposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(23,346)
(23,346)
\nBalance as at
\n30\u00a0June 2022
3,828
5,344
\u2013
\u2013
48,923
2,590
6,114
66,799
\nNet book value
\nAs at
\n30 June 2021
4,392
8,797
18,400,076
65,728
13,854
4,680
10,241
18,507,768
\nAs at
\n30 June 2022
24,482
12,331
29,969,013
1,217,581
34,461
4,735
15,167
31,277,770
\n1
\nRefer to
note 5
for details of the restatement of prior year results.
\n2
\nAssets under construction relate to Saltend.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f11905": {
"value": "Buildings US$
\nPlant and
\nequipment
\nUS$
\nRestated
\n1
\nDevelop-
\nment
\nasset
\nUS$
\nRestated
\n1
\nAssets under
\nconstruc-
\ntion
\n2
\nUS$
\nMotor
\nvehicles
\nUS$
\nOf\ufb01ce
\nequipment
\nUS$
\nComputer
\nequipment
\nUS$
\nRestated
\n1
\nTotal
\nUS$
\n2023
\nCost
\nBalance as at
\n1\u00a0July 2022
28,310
17,675
29,969,013
1,217,581
83,384
7,325
21,281
31,344,569
\nAdjustment
\non currency
\ntranslation
\u2013
\u2013
(599,055)
(20,244)
\u2013
\u2013
(602)
(619,901)
\nR&D government
\ngrant deferred
\u2013
\u2013
(1,155,382)
\u2013
\u2013
\u2013
\u2013
(1,155,382)
\nAdditions
\u2013
15,346
12,914,832
3,075,630
130,855
\u2013
13,413
16,150,076
\nDisposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nBalance as at
\n30\u00a0June 2023
28,310
33,021
41,129,408
4,272,967
214,239
7,325
34,092
45,719,362
\nDepreciation
\nBalance as at
\n1 July 2022
3,828
5,344
\u2013
\u2013
48,923
2,590
6,114
66,799
\nCharge for
\nthe year
2,632
5,015
\u2013
\u2013
39,615
1,038
9,857
58,157
\nAdjustment
\non currency
\ntranslation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(244)
(244)
\nDisposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nBalance as at
\n30 June 2023
6,460
10,359
\u2013
\u2013
88,538
3,628
15,727
124,712
\nNet book value
\nAs at
\n30 June 2022
24,482
12,331
29,969,013
1,217,581
34,461
4,735
15,167
31,277,770
\nAs at
\n30 June 2023
21,849
22,662
41,129,408
4,272,967
125,701
3,697
18,366
45,594,650Buildings US$
\nPlant and
\nequipment
\nUS$
\nRestated
\n1
\nDevelop-
\nment
\nasset
\nUS$
\nRestated
\n1
\nAssets under
\nconstruc-
\ntion
\n2
\nUS$
\nMotor
\nvehicles
\nUS$
\nOf\ufb01ce
\nequipment
\nUS$
\nComputer
\nequipment
\nUS$
\nRestated
\n1
\nTotal
\nUS$
\n2022
\nCost
\nBalance as at
\n1\u00a0July 2021
6,199
10,204
18,400,076
65,728
54,507
6,080
30,611
18,573,405
\nR&D government
\ngrant deferred
\u2013
\u2013
(1,256,295)
\u2013
\u2013
\u2013
\u2013
(1,256,295)
\nAdditions
22,111
7,471
12,825,232
1,151,853
28,877
1,245
14,017
14,050,806
\nDisposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(23,347)
(23,347)
\nBalance as at
\n30\u00a0June 2022
28,310
17,675
29,969,013
1,217,581
83,384
7,325
21,281
31,344,569
\nDepreciation
\nBalance as at
\n1\u00a0July 2021
1,807
1,407
\u2013
\u2013
40,653
1,400
20,370
65,637
\nCharge for
\nthe year
2,021
3,937
\u2013
\u2013
8,270
1,190
9,090
24,508
\nDisposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(23,346)
(23,346)
\nBalance as at
\n30\u00a0June 2022
3,828
5,344
\u2013
\u2013
48,923
2,590
6,114
66,799
\nNet book value
\nAs at
\n30 June 2021
4,392
8,797
18,400,076
65,728
13,854
4,680
10,241
18,507,768
\nAs at
\n30 June 2022
24,482
12,331
29,969,013
1,217,581
34,461
4,735
15,167
31,277,770",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f12255": {
"value": "13. TRADE AND OTHER PAYABLES CONSOLIDATED
\n2023
\nUS$
\n2022
\nUS$
\nTrade and other payables
\n1
\n13,003,570
1,526,310
\nAccrued expenses
1,811,853
2,060,866
\nStatutory liabilities
49,668
59,210
\n14,865,091
3,646,386
\n1
\nThere has been no interest charged on the trade payables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f12258": {
"value": "CONSOLIDATED 2023
\nUS$
\n2022
\nUS$
\nTrade and other payables
\n1
\n13,003,570
1,526,310
\nAccrued expenses
1,811,853
2,060,866
\nStatutory liabilities
49,668
59,210
\n14,865,091
3,646,386",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f12305": {
"value": "14. ISSUED CAPITAL CONSOLIDATED
\n2023
\nNumber
\n2023
\nUS$
\n2022
\nNumber
\n2022
\nUS$
\nFully paid ordinary shares
\nBalance at the beginning of the period
235,599,539
295,425
216,145,822
279,398
\nShare placement
12,331,334
14,993
\u2013
\u2013
\nShares issued conversion of performance rights
\u2013
\u2013
7,108,037
1,015
\nShare placement
7,250,000
8,626
12,345,680
15,012
\nShare placement
15,000,000
18,927
\u2013
\u2013
\nShare placement
15,000,000
18,927
\u2013
\u2013
\nBalance at the end of the \ufb01nancial year
285,180,873
356,898
235,599,539
295,425
\nCOMPANY
\nFully paid ordinary shares
\nBalance at the beginning of the period/incorporation
235,599,539
295,425
216,145,822
279,398
\nShare placement
12,331,334
14,993
\u2013
\u2013
\nShares issued conversion of performance rights
\u2013
\u2013
7,108,037
1,015
\nShare placement
7,250,000
8,626
12,345,680
15,012
\nShare placement
15,000,000
18,927
\u2013
\u2013
\nShare placement
15,000,000
18,927
\u2013
\u2013
\nBalance at the end of the \ufb01nancial year
285,180,873
356,898
235,599,539
295,425
\nPlacements during 2023
\nOn 5 August 2022, the company issued 12,331,334 fully paid ordinary shares to the FSDEA at a price of \u00a30.67 per share and
\nraised US$10 million.
\nOn 5 January 2023, the company issued 7,250,000 fully paid ordinary shares to M&G Investment Management at a price of
\n\u00a30.44 per share and raised US$3.8 million.
\nOn 9 May 2023, the company issued 15,000,000 fully paid ordinary shares to M&G Investment Management at a price of
\n\u00a30.28 per share and raised US$5.2 million.
\nOn 9 May 2023, the company issued 15,000,000 fully paid ordinary shares to FSDEA at a price of \u00a30.28 per share and raised
\nUS$5.2 million. The issue was done in two tranches, where the balance of the shares was issued on 27 June 2023.
\nPlacements during 2022
\nOn 6 January 2022, the company issued 12,345,680 fully paid ordinary shares to M&G Investment Management at a price of
\n\u00a30.81 per share and raised US$13.2 million.
\nOn 6 July 2021, 7,108,037 shares related to share awards were issued to executive management.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f12306": {
"value": "14. ISSUED CAPITAL CONSOLIDATED
\n2023
\nNumber
\n2023
\nUS$
\n2022
\nNumber
\n2022
\nUS$
\nFully paid ordinary shares
\nBalance at the beginning of the period
235,599,539
295,425
216,145,822
279,398
\nShare placement
12,331,334
14,993
\u2013
\u2013
\nShares issued conversion of performance rights
\u2013
\u2013
7,108,037
1,015
\nShare placement
7,250,000
8,626
12,345,680
15,012
\nShare placement
15,000,000
18,927
\u2013
\u2013
\nShare placement
15,000,000
18,927
\u2013
\u2013
\nBalance at the end of the \ufb01nancial year
285,180,873
356,898
235,599,539
295,425
\nCOMPANY
\nFully paid ordinary shares
\nBalance at the beginning of the period/incorporation
235,599,539
295,425
216,145,822
279,398
\nShare placement
12,331,334
14,993
\u2013
\u2013
\nShares issued conversion of performance rights
\u2013
\u2013
7,108,037
1,015
\nShare placement
7,250,000
8,626
12,345,680
15,012
\nShare placement
15,000,000
18,927
\u2013
\u2013
\nShare placement
15,000,000
18,927
\u2013
\u2013
\nBalance at the end of the \ufb01nancial year
285,180,873
356,898
235,599,539
295,425
\nPlacements during 2023
\nOn 5 August 2022, the company issued 12,331,334 fully paid ordinary shares to the FSDEA at a price of \u00a30.67 per share and
\nraised US$10 million.
\nOn 5 January 2023, the company issued 7,250,000 fully paid ordinary shares to M&G Investment Management at a price of
\n\u00a30.44 per share and raised US$3.8 million.
\nOn 9 May 2023, the company issued 15,000,000 fully paid ordinary shares to M&G Investment Management at a price of
\n\u00a30.28 per share and raised US$5.2 million.
\nOn 9 May 2023, the company issued 15,000,000 fully paid ordinary shares to FSDEA at a price of \u00a30.28 per share and raised
\nUS$5.2 million. The issue was done in two tranches, where the balance of the shares was issued on 27 June 2023.
\nPlacements during 2022
\nOn 6 January 2022, the company issued 12,345,680 fully paid ordinary shares to M&G Investment Management at a price of
\n\u00a30.81 per share and raised US$13.2 million.
\nOn 6 July 2021, 7,108,037 shares related to share awards were issued to executive management.
\n
\u00a0
\u00a0
\u00a0
\u00a0
15. RESERVES
\nThe following describes the nature and purpose of each reserve within equity:
\nReserve
Description and purpose
\nFully paid ordinary shares
Represents fully paid ordinary shares in the company of \u00a30.001 par value.
\nThe\u00a0company may, by ordinary resolution, declare a dividend to be paid to the
\nmembers, according to their respective rights and interest in the pro\ufb01ts, and may
\n\ufb01x the time for payment of such dividend, but no dividend shall exceed the amount
\nrecommended by the board.
\nShare premium
Represents the difference between the par value of the shares issued and the
\nsubscription or issue price less share issue costs.
\nForeign currency reserve
Represents foreign exchange differences arising from the translation of the \ufb01nancial
\nstatements of entities in the group denominated in a currency other than United
\nStates dollars.
\nShare-based payments reserve
The reserve includes the grant of share options and performance rights to
\nexecutives, senior employees and consultants. Amounts are transferred out of the
\nreserve and into issued capital when the options, share awards or performance
\nrights are converted to equity or lapse. Further information about share-based
\npayments can be found in
note 24
to the \ufb01nancial statements.
\nEquity reserve
This relates to the company\u2019s purchase of an additional 14% equity in its Angolan
\nsubsidiary company, Ozango Minerais SA (Ozango), for US$500,000 from non-
\ncontrolling interests in the 2019 \ufb01nancial year. Ozango holds the title to the
\nLongonjo NdPr Project.
\nAccumulated losses
Cumulative net losses recognised in the statement of comprehensive income.
\nMerger reserve
The company issued shares at par value as part of a group reorganisation to
\nacquire 100% of the share capital of Pensana Metals. The difference arising in the
\ngroup at the date of the group reorganisation is recorded in the non-distributable
\nmerger reserve as part of the transaction. The company-level merger reserve
\nrepresents the difference between the investment and nominal value of shares
\nissued in the scheme of arrangement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f12427": {
"value": "15. RESERVES The following describes the nature and purpose of each reserve within equity:
\nReserve
Description and purpose
\nFully paid ordinary shares
Represents fully paid ordinary shares in the company of \u00a30.001 par value.
\nThe\u00a0company may, by ordinary resolution, declare a dividend to be paid to the
\nmembers, according to their respective rights and interest in the pro\ufb01ts, and may
\n\ufb01x the time for payment of such dividend, but no dividend shall exceed the amount
\nrecommended by the board.
\nShare premium
Represents the difference between the par value of the shares issued and the
\nsubscription or issue price less share issue costs.
\nForeign currency reserve
Represents foreign exchange differences arising from the translation of the \ufb01nancial
\nstatements of entities in the group denominated in a currency other than United
\nStates dollars.
\nShare-based payments reserve
The reserve includes the grant of share options and performance rights to
\nexecutives, senior employees and consultants. Amounts are transferred out of the
\nreserve and into issued capital when the options, share awards or performance
\nrights are converted to equity or lapse. Further information about share-based
\npayments can be found in
note 24
to the \ufb01nancial statements.
\nEquity reserve
This relates to the company\u2019s purchase of an additional 14% equity in its Angolan
\nsubsidiary company, Ozango Minerais SA (Ozango), for US$500,000 from non-
\ncontrolling interests in the 2019 \ufb01nancial year. Ozango holds the title to the
\nLongonjo NdPr Project.
\nAccumulated losses
Cumulative net losses recognised in the statement of comprehensive income.
\nMerger reserve
The company issued shares at par value as part of a group reorganisation to
\nacquire 100% of the share capital of Pensana Metals. The difference arising in the
\ngroup at the date of the group reorganisation is recorded in the non-distributable
\nmerger reserve as part of the transaction. The company-level merger reserve
\nrepresents the difference between the investment and nominal value of shares
issued in the scheme of arrangement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f12470": {
"value": "16. LOSS PER SHARE 2023
\ncents per
\nshare
\nRestated
\n1
\n2022
\ncents per
\nshare
\nBasic loss per share
\nFrom continuing operations
1.69
5.11
\nTotal basic loss per share
1.69
5.11
\nDiluted loss per share
\nFrom continuing operations
1.69
5.11
\nTotal diluted loss per share
1.69
5.11
\n1
\nRefer to
note 5
for details of the restatement of prior year results.
\n\u00a0
\u00a0
\u00a0
\n
\n
\nBasic loss per share
\nThe net loss and weighted average number of ordinary shares used in the calculation of basic loss per share are as follows:
\n2023
\nUS$
\nRestated
\n1
\n2022
\nUS$
\nNet loss
(4,302,823)
(11,712,022)
\nLosses used in the calculation of basic loss per share from continuing operations
(4,302,823)
(11,712,022)
\nLosses used in the calculation of diluted loss per share attributable to
\nordinary shareholders
(4,302,823)
(11,712,022)
\n1
\nRefer to
note 5
for details of the restatement of prior year results.
\n2023
\nNumber
\n2022
\nNumber
\nWeighted average number of ordinary shares for the purpose of calculating basic loss
\nper share
254,074,694
229,019,699
\nWeighted average number of ordinary shares for the purpose of calculating diluted loss
\nper share
254,074,694
229,019,699
\nThe weighted average is calculated by adjusting the number of shares outstanding at the beginning of the period by the
\nnumber of shares issued during the period, multiplied by a time-weighting factor to re\ufb02ect the proportion of the period for which
\nthose shares were outstanding. Diluted loss per share equals basic loss per share as no anti-dilutive factors exist.
\nAs at year-end, there are 750,000 share options in issue (2022: 1,500,000).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f12568": {
"value": "17. DIVIDENDS No dividends were paid or proposed during the current or previous \ufb01nancial year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f12572": {
"value": "18. COMMITMENTS FOR EXPENDITURE The consolidated entity has certain obligations to perform exploration work and expend minimum amounts of money on mineral
\nexploration tenements.
\nNo provision is required in the accounts for minimum expenditure requirements in respect of tenements.
\nNo provision has been made in the accounts for the possibility of a native title claim application which is deemed appropriate
\ndue to the stage of development on the Angolan projects and the positive interaction with the local community on the Longonjo
\nProject as regards the relocation management aspects of the development. Any potential substantial claim may have an effect
\non the value of the relevant tenement and may vary from time to time. Furthermore, based on continued interaction with local
\ncommunities and the development of a stakeholder engagement plan, the board considers any such potential claim occurring
\nas less than probable but possible.
\nOperating leases
\nThe group has entered into leases with Regus Serviced Of\ufb01ces and Parkway Business Centre Limited in the UK, as well as
\nwith Workspace in South Africa. The leases are currently operating on a short-term basis. As the group is expanding, lease
\ncommitments have been kept to a minimum as it is likely that bigger premises will be required in the near future, hence the
\nreason for the leases not being extended or are not anticipated to be extended beyond a 12-month period at inception.
\n
\u00a0
\u00a0
\u00a0
\u00a0
\n
\nThere are no restrictions placed upon the lessee by entering into these leases.
\nCONSOLIDATED
COMPANY
\n2023
\nUS$
\n2022
\nUS$
\n2023
\nUS$
\n2022
\nUS$
\nOperating lease expenditure
\nLess than one year
\n1
\n79,722
87,575
74,515
81,762
\n79,722
87,575
74,515
81,762
\n1
\nThe short-term lease commitments that are less than one year have been reviewed under IFRS 16, and the short-term lease exemption has
\nbeen applied.
\nExploration commitments
\nCommitments for payments under exploration permits and mineral leases in existence at the reporting date but not yet
\nincurred, are as follows:
\nCONSOLIDATED
\n2023
\nUS$
\n2022
\nUS$
\nExploration and evaluation expenditure
\nNo longer than one year
5,718
11,915
\nLonger than one year and not longer than \ufb01ve years
\u2013
15,756
\nLonger than \ufb01ve years
\u2013
\u2013
\n5,718
27,671
\nCapital commitments
\nCapital expenditure contracted for at the reporting date but not yet incurred was as follows:
\nCONSOLIDATED
COMPANY
\n2023
\nUS$
\n2022
\nUS$
\n2023
\nUS$
\n2022
\nUS$
\nCapital expenditure
3,784,108
3,298,647
\u2013
\u2013
\nThe expenditure relates primarily to the Longonjo Project in Angola, as well as the Saltend Project in the UK.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f12573": {
"value": "18. COMMITMENTS FOR EXPENDITURE The consolidated entity has certain obligations to perform exploration work and expend minimum amounts of money on mineral
\nexploration tenements.
\nNo provision is required in the accounts for minimum expenditure requirements in respect of tenements.
\nNo provision has been made in the accounts for the possibility of a native title claim application which is deemed appropriate
\ndue to the stage of development on the Angolan projects and the positive interaction with the local community on the Longonjo
\nProject as regards the relocation management aspects of the development. Any potential substantial claim may have an effect
\non the value of the relevant tenement and may vary from time to time. Furthermore, based on continued interaction with local
\ncommunities and the development of a stakeholder engagement plan, the board considers any such potential claim occurring
\nas less than probable but possible.
\nOperating leases
\nThe group has entered into leases with Regus Serviced Of\ufb01ces and Parkway Business Centre Limited in the UK, as well as
\nwith Workspace in South Africa. The leases are currently operating on a short-term basis. As the group is expanding, lease
\ncommitments have been kept to a minimum as it is likely that bigger premises will be required in the near future, hence the
\nreason for the leases not being extended or are not anticipated to be extended beyond a 12-month period at inception.
\n
\u00a0
\u00a0
\u00a0
\u00a0
\n
\nThere are no restrictions placed upon the lessee by entering into these leases.
\nCONSOLIDATED
COMPANY
\n2023
\nUS$
\n2022
\nUS$
\n2023
\nUS$
\n2022
\nUS$
\nOperating lease expenditure
\nLess than one year
\n1
\n79,722
87,575
74,515
81,762
\n79,722
87,575
74,515
81,762
\n1
\nThe short-term lease commitments that are less than one year have been reviewed under IFRS 16, and the short-term lease exemption has
\nbeen applied.
\nExploration commitments
\nCommitments for payments under exploration permits and mineral leases in existence at the reporting date but not yet
\nincurred, are as follows:
\nCONSOLIDATED
\n2023
\nUS$
\n2022
\nUS$
\nExploration and evaluation expenditure
\nNo longer than one year
5,718
11,915
\nLonger than one year and not longer than \ufb01ve years
\u2013
15,756
\nLonger than \ufb01ve years
\u2013
\u2013
\n5,718
27,671
\nCapital commitments
\nCapital expenditure contracted for at the reporting date but not yet incurred was as follows:
\nCONSOLIDATED
COMPANY
\n2023
\nUS$
\n2022
\nUS$
\n2023
\nUS$
\n2022
\nUS$
\nCapital expenditure
3,784,108
3,298,647
\u2013
\u2013
\nThe expenditure relates primarily to the Longonjo Project in Angola, as well as the Saltend Project in the UK.
\n19. CONTINGENT LIABILITIES AND CONTINGENT ASSETS
\nThe directors are not aware of any other contingent liabilities or contingent assets that are likely to have a material effect on the
\nresults of the group as disclosed in these \ufb01nancial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f12586": {
"value": "Operating leases The group has entered into leases with Regus Serviced Of\ufb01ces and Parkway Business Centre Limited in the UK, as well as
\nwith Workspace in South Africa. The leases are currently operating on a short-term basis. As the group is expanding, lease
\ncommitments have been kept to a minimum as it is likely that bigger premises will be required in the near future, hence the
\nreason for the leases not being extended or are not anticipated to be extended beyond a 12-month period at inception.
\n
\u00a0
\u00a0
\u00a0
\u00a0
\n
\nThere are no restrictions placed upon the lessee by entering into these leases.
\nCONSOLIDATED
COMPANY
\n2023
\nUS$
\n2022
\nUS$
\n2023
\nUS$
\n2022
\nUS$
\nOperating lease expenditure
\nLess than one year
\n1
\n79,722
87,575
74,515
81,762
\n79,722
87,575
74,515
81,762
\n1
\nThe short-term lease commitments that are less than one year have been reviewed under IFRS 16, and the short-term lease exemption has
\nbeen applied.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f12691": {
"value": "19. CONTINGENT LIABILITIES AND CONTINGENT ASSETS The directors are not aware of any other contingent liabilities or contingent assets that are likely to have a material effect on the
results of the group as disclosed in these \ufb01nancial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f12722": {
"value": "20. INTERESTS IN CONTROLLED ENTITIES OWNERSHIP INTEREST
\nName of entity
\nCountry of
\nincorporation
\nPrincipal
\nactivity
\n2023
\n%
\n3
\n2022
\n%
\n3
\nParent entity
\nPensana Plc
\n2
\nUnited Kingdom
\nControlled entities
\nSaltend Magnet Metals Limited
United Kingdom
Manufacturing
100
100
\nPensana Metals Limited
Australia
Mining
100
100
\nCarlton Resources Proprietary Limited
Australia
Holding company
100
100
\nCarlton Miyabi Tanzania Limited
Tanzania
Holding company
100
100
\nCarlton Kitongo Tanzania Limited
Tanzania
Holding company
100
100
\nBright Star Tanzania Limited
Tanzania
Holding company
100
100
\nRift Valley Resources (Africa) Proprietary
\nLimited
Australia
Holding company
100
100
\nRift Valley Resources Tanzania Limited
Tanzania
Holding company
100
100
\nTasman Gold\ufb01elds Australia Operations
\nProprietary Limited
Australia
Holding company
100
100
\nSable Minerals Proprietary Limited
Australia
Holding company
100
100
\nSable Min Unipessoal Lda (previously Sable
\nMinerals GmbH)
Portugal
Holding company
100
100
\nSBLRTHS Unipessoal Lda (previously Sable
\nRare Earths GmbH)
Portugal
Holding company
100
100
\nOzango Minerais S.A.
\n1
\nAngola
Mining
84
84
\nCoola Mining LDA
\n1
\nAngola
Exploration
90
90
\nMtemi G (Tanzania) Limited
Tanzania
Holding company
100
100
\nMtemi O (Tanzania) Limited
Tanzania
Holding company
100
100
\nMtemi U (Tanzania) Limited
Tanzania
Holding company
100
100
\n1
\nPensana Plc is the immediate and ultimate controlling party of the group as at 30 June 2023. During exploration phase on the projects, the
\nminority shareholders are entitled to free-carry; as such, no non-controlling interest is currently recognised on the Longonjo or Coola Projects.
\nThe parent entity and its controlled entities are not within a tax-consolidated group.
\n2
\nThe registered of\ufb01ce is located at Suite 31, Second Floor, Cheapside, London, United Kingdom, EC2V 6DN.
\n3
\nAll shareholdings are held via ordinary shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f12723": {
"value": "20. INTERESTS IN CONTROLLED ENTITIES OWNERSHIP INTEREST
\nName of entity
\nCountry of
\nincorporation
\nPrincipal
\nactivity
\n2023
\n%
\n3
\n2022
\n%
\n3
\nParent entity
\nPensana Plc
\n2
\nUnited Kingdom
\nControlled entities
\nSaltend Magnet Metals Limited
United Kingdom
Manufacturing
100
100
\nPensana Metals Limited
Australia
Mining
100
100
\nCarlton Resources Proprietary Limited
Australia
Holding company
100
100
\nCarlton Miyabi Tanzania Limited
Tanzania
Holding company
100
100
\nCarlton Kitongo Tanzania Limited
Tanzania
Holding company
100
100
\nBright Star Tanzania Limited
Tanzania
Holding company
100
100
\nRift Valley Resources (Africa) Proprietary
\nLimited
Australia
Holding company
100
100
\nRift Valley Resources Tanzania Limited
Tanzania
Holding company
100
100
\nTasman Gold\ufb01elds Australia Operations
\nProprietary Limited
Australia
Holding company
100
100
\nSable Minerals Proprietary Limited
Australia
Holding company
100
100
\nSable Min Unipessoal Lda (previously Sable
\nMinerals GmbH)
Portugal
Holding company
100
100
\nSBLRTHS Unipessoal Lda (previously Sable
\nRare Earths GmbH)
Portugal
Holding company
100
100
\nOzango Minerais S.A.
\n1
\nAngola
Mining
84
84
\nCoola Mining LDA
\n1
\nAngola
Exploration
90
90
\nMtemi G (Tanzania) Limited
Tanzania
Holding company
100
100
\nMtemi O (Tanzania) Limited
Tanzania
Holding company
100
100
\nMtemi U (Tanzania) Limited
Tanzania
Holding company
100
100
\n1
\nPensana Plc is the immediate and ultimate controlling party of the group as at 30 June 2023. During exploration phase on the projects, the
\nminority shareholders are entitled to free-carry; as such, no non-controlling interest is currently recognised on the Longonjo or Coola Projects.
\nThe parent entity and its controlled entities are not within a tax-consolidated group.
\n2
\nThe registered of\ufb01ce is located at Suite 31, Second Floor, Cheapside, London, United Kingdom, EC2V 6DN.
\n3
\nAll shareholdings are held via ordinary shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f12864": {
"value": "21. NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
\nReconciliation of cash and cash equivalents
\nCash and cash equivalents at the end of the \ufb01nancial year as shown in the cash \ufb02ow statement are reconciled to the related
\nitems in the statement of \ufb01nancial position as follows:
\nCONSOLIDATED
\n2023
\nUS$
\n2022
\nUS$
\nCash and cash equivalents
9,695,491
2,930,162
\nReconciliation of loss for the period to net cash flows from operating activities
\nCONSOLIDATED
\n2023
\nUS$
\nRestated
\n1
\n2022
\nUS$
\nNet loss
(4,302,823)
(11,712,022)
\nAdd/less non-cash items
\nDepreciation
58,157
24,508
\nShare-based payments
(272,965)
876,657
\nUnrealised foreign exchange (gains)/losses
(1,381,041)
2,255,471
\nImpairment of \ufb01nancial assets
308,260
669,470
\nDecrease/(increase) in assets
\nTrade and other receivables
(702,950)
(32,356)
\nIncrease/(decrease) in liabilities
\nTrade and other payables
539,457
(29,959)
\nNet cash used in operating activities
(5,753,905)
(7,948,231)
\nReconciliation of additions to property, plant and equipment and intangibles to payments for property,
\nplant and equipment and intangibles used in investing activities
\nCONSOLIDATED
\nNote
\n2023
\nUS$
\nRestated
\n1
\n2022
\nUS$
\nAdditions to property, plant and equipment
12
(16,150,076)
(14,050,806)
\nAdditions to Saltend intangible assets
11
(9,452,299)
(5,236,226)
\nAdditions to exploration and evaluation
11
(62,043)
(49,166)
\nTotal additions
(25,664,418)
(19,336,198)
\nCapital items included in working capital
11,673,885
(1,510,549)
\nPayments for property, plant and equipment and intangibles
\n(cash \ufb02ow investing activities)
(13,990,532)
(20,846,747)
\n1
\nRefer to
note 5
for details of the restatement of prior year results.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f12975": {
"value": "22. FINANCIAL INSTRUMENTS Financial risk management objectives
\nSenior management and the board monitor and manage the \ufb01nancial risk relating to the operations of the group and company.
\nThe group\u2019s activities include exposure to market price risk, foreign exchange risk, credit risk, liquidity risk and cash \ufb02ow interest
\nrate risk. The overall risk management programme focuses on managing these risks and implementing and monitoring controls
\nover the cash management function. Owing to the unpredictability of \ufb01nance markets, senior management and the board
\nseek to minimise potential adverse effects on \ufb01nancial performance. There have been no substantive changes in the group
\nand company\u2019s exposure to \ufb01nancial instrument risks, their objectives, polices and processes for managing these risks or the
\nmethods to measure them.
\nSigni\ufb01cant accounting policies
\nDetails of the signi\ufb01cant accounting policies and methods adopted, including the criteria for recognition, the basis of
\nmeasurement and the basis on which income and expenses are recognised, in respect of each class of \ufb01nancial asset, \ufb01nancial
\nliability and equity instrument are disclosed in
notes 3
and
4
to the \ufb01nancial statements.
\nCapital risk management
\nThe group and company manage their capital to ensure that they will be able to continue as a going concern. The capital
\nstructure of the group and company includes cash and cash equivalents and equity attributable to equity holders of the
\nparent, comprising issued capital, reserves and accumulated losses as disclosed in
notes 14
and
15
, respectively. The group
\nundertakes its exploration and evaluation and development activities through its wholly owned subsidiaries. None of the group\u2019s
\nentities are subject to externally imposed capital requirements. The group intends to use a variety of capital market issues to
\nmeet anticipated funding requirements. The group currently has no short- or long-term borrowings.
\nMarket price risk
\nThe group and company are involved in the exploration and development of mining tenements for rare earths. Revenue
\nfrom any future mining associated with metal sales, the acquisition and disposal consideration for mining tenements and the
\nability to raise funds through equity and debt will be largely dependent on the commodity price for resources at the time of
\nthe transaction. The group and company actively monitor factors that could impact market prices including market demand,
\ncustomer needs and potential new entrants into the rare earth industry.
\nInterest rate risk
\nThe group and company\u2019s cash \ufb02ow interest rate risk for assets primarily arises from cash at bank and deposits which are
\nsubject to market bank rates. Cash deposits with banks and \ufb01nancial institutions are managed by senior management and the
\nboard in accordance with the group and company\u2019s internal policy. There is no interest receivable or payable on the group\u2019s
\ntrade and other receivables or payables.
\nA 1% change in interest rates on interest-bearing assets will increase or decrease net loss and accumulated losses by
\nUS$96,952 (2022: US$29,302).
\nA 1% change in interest rates on interest-bearing assets for the company will increase or decrease net loss and accumulated
\nlosses by US$86,621 (2022: US$25,504).
\nCredit risk management
\nCredit risk is the risk that a counterparty will not meet its obligations under a \ufb01nancial instrument or customer contract, leading to
\n\ufb01nancial loss. The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance sheet date, to
\nrecognised \ufb01nancial assets is the carrying amount of those assets, net of any provisions for estimated credit losses, as disclosed in
\nthe statement of \ufb01nancial position and notes to the \ufb01nancial statements. The group does not have any material credit risk exposure
\nto any single debtor or group of debtors under \ufb01nancial instruments or customer contracts entered into by the group, other than
\ncash deposits and the outstanding proceeds due from the June 2021 equity placing as disclosed in
note 10
. The group\u2019s internal
\npolicy requires deposits to be held with \ufb01nancial institutions holding a benchmark credit rating. At the balance sheet date, the
\nmajority of cash and deposits was held with Barclays Bank which has a Fitch rating of A+ as at period-end.
\n
\u00a0
\u00a0
\u00a0
\u00a0
\n
\nFinancial instruments and cash deposits
\nCash deposits with banks and \ufb01nancial institutions are managed by senior management and the board in accordance with the
\ngroup and company\u2019s internal policy. We are exposed to credit risk from our investing activities that include balances with banks
\nand \ufb01nancial institutions of US$9,695,491 (30 June 2022: US$2,930,162). The balance with banks and \ufb01nancial institutions for
\nthe company was U$8,662,086 (30 June 2022: US$2,550,436).
\nTrade and other receivables
\nAs at 30 June 2023, the group was exposed to trade and other receivables of US$1,293,155 (2022: US$814,921). The
\ncompany was exposed to trade and other receivables of US$349,352 (2022: US$642,202). An impairment analysis is
\nperformed at each reporting date by senior management on all trade and other receivable balances. The maximum exposure to
\ncredit risk for trade and other receivables at the reporting date is the carrying value of each class of \ufb01nancial asset. In respect of
\nother receivables that were past due by more than 90 days, an estimated credit loss allowance has been recognised based on
\nthe estimated lifetime credit loss. Refer to
note 10
for further details.
\nForeign currency risk
\nThe group and company are exposed to \ufb02uctuations in foreign currencies arising from the purchase of goods and services
\nand the holding of assets and liabilities in currencies that are not the functional currency of the relevant group entity. In general,
\nthe group does not enter into any material derivatives to manage these currency risks and no signi\ufb01cant positions were held in
\n2023 and 2022.
\nAs at 30 June 2023, the group had exposure to other foreign currencies; primarily the following exposure to Australian dollar,
\nBritish pound and the Angolan kwanza that is not designated in cash \ufb02ow hedges:
\nCONSOLIDATED
COMPANY
\n2023
\nUS$
\n2022
\nUS$
\n2023
\nUS$
\n2022
\nUS$
\nLevel of exposure of foreign currency risk
\nCarrying value of foreign currency balances
\nCash and cash equivalents include balances
\ndenominated in:
\nAustralian dollar
740,443
15,580
653
743
\nBritish pound
4,579,577
2,539,160
4,357,759
2,539,160
\nAngolan kwanza
30,589
269,454
\u2013
\u2013
\nTanzanian shilling
\u2013
566
\u2013
\u2013
\nEuro
381
64,493
\u2013
\u2013
\nTrade and other payables include balances
\ndenominated in:
\nAustralian dollar
23,618
819,612
1,332
25,342
\nBritish pound
11,750,719
414,918
11,088,348
414,918
\nAngolan kwanza
1,086,278
16,933
\u2013
\u2013
\nSouth African rand
52,559
3,085
48,210
640
\nA 5% change in the Australian dollar/British pound exchange rate will increase or decrease net loss and accumulated losses by
\nUS$267,550 (2022: US$144,463).
\nA 5% change in the Australian dollar/British pound exchange rate will increase or decrease net loss and accumulated losses for
\nthe company by US$217,921 (2022: US$126,995).
\n\u00a0
\u00a0
\u00a0
\n
\n
\nLiquidity risk
\nUltimate responsibility for liquidity risk management rests with the board of directors, who have built an appropriate liquidity risk
\nmanagement framework for the management of the group and company\u2019s short-, medium- and long-term funding and liquidity
\nmanagement requirements. With reference to the current going concern commentary (
note 3
), the group will look to manage
\nliquidity risk by maintaining adequate reserves, and by continuously monitoring forecast and actual cash \ufb02ows and matching
\nthe maturity pro\ufb01les of \ufb01nancial assets, expenditure commitments and liabilities.
\nMaturity pro\ufb01le of \ufb01nancial instruments
\nThe following table details the group\u2019s remaining contractual maturity for its non-derivative \ufb01nancial assets and liabilities.
\nThe table has been drawn up based on undiscounted cash \ufb02ows and details the group\u2019s exposure to interest rate risk as at
\n30\u00a0June\u00a02023 and 30 June 2022.
\nLess than
\n1 year
\nUS$
\n1 to 5 years
\nUS$
\n5+ years
\nUS$
Total
\n2023
\nGroup and company
\nFinancial assets
\nAmortised cost
261,329
\u2013
\u2013
261,329
\nGroup
\nFinancial liabilities
\nNon-interest-bearing
14,815,424
\u2013
\u2013
14,815,424
\nCompany
\nFinancial liabilities
\nNon-interest-bearing
11,587,582
\u2013
\u2013
11,587,582
\nLess than
\n1 year
\nUS$
\n1 to 5 years
\nUS$
\n5+ years
\nUS$
Total
\n2022
\nGroup and company
\nFinancial assets
\nAmortised cost
630,097
\u2013
\u2013
630,097
\nGroup
\nFinancial liabilities
\nNon-interest-bearing
3,587,177
\u2013
\u2013
3,587,177
\nCompany
\nFinancial liabilities
\nNon-interest-bearing
1,974,219
\u2013
\u2013
1,974,219",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f12978": {
"value": "Financial risk management objectives Senior management and the board monitor and manage the \ufb01nancial risk relating to the operations of the group and company.
\nThe group\u2019s activities include exposure to market price risk, foreign exchange risk, credit risk, liquidity risk and cash \ufb02ow interest
\nrate risk. The overall risk management programme focuses on managing these risks and implementing and monitoring controls
\nover the cash management function. Owing to the unpredictability of \ufb01nance markets, senior management and the board
\nseek to minimise potential adverse effects on \ufb01nancial performance. There have been no substantive changes in the group
\nand company\u2019s exposure to \ufb01nancial instrument risks, their objectives, polices and processes for managing these risks or the
\nmethods to measure them.
\nSigni\ufb01cant accounting policies
\nDetails of the signi\ufb01cant accounting policies and methods adopted, including the criteria for recognition, the basis of
\nmeasurement and the basis on which income and expenses are recognised, in respect of each class of \ufb01nancial asset, \ufb01nancial
\nliability and equity instrument are disclosed in
notes 3
and
4
to the \ufb01nancial statements.
\nCapital risk management
\nThe group and company manage their capital to ensure that they will be able to continue as a going concern. The capital
\nstructure of the group and company includes cash and cash equivalents and equity attributable to equity holders of the
\nparent, comprising issued capital, reserves and accumulated losses as disclosed in
notes 14
and
15
, respectively. The group
\nundertakes its exploration and evaluation and development activities through its wholly owned subsidiaries. None of the group\u2019s
\nentities are subject to externally imposed capital requirements. The group intends to use a variety of capital market issues to
\nmeet anticipated funding requirements. The group currently has no short- or long-term borrowings.
\nMarket price risk
\nThe group and company are involved in the exploration and development of mining tenements for rare earths. Revenue
\nfrom any future mining associated with metal sales, the acquisition and disposal consideration for mining tenements and the
\nability to raise funds through equity and debt will be largely dependent on the commodity price for resources at the time of
\nthe transaction. The group and company actively monitor factors that could impact market prices including market demand,
\ncustomer needs and potential new entrants into the rare earth industry.
\nInterest rate risk
\nThe group and company\u2019s cash \ufb02ow interest rate risk for assets primarily arises from cash at bank and deposits which are
\nsubject to market bank rates. Cash deposits with banks and \ufb01nancial institutions are managed by senior management and the
\nboard in accordance with the group and company\u2019s internal policy. There is no interest receivable or payable on the group\u2019s
\ntrade and other receivables or payables.
\nA 1% change in interest rates on interest-bearing assets will increase or decrease net loss and accumulated losses by
\nUS$96,952 (2022: US$29,302).
\nA 1% change in interest rates on interest-bearing assets for the company will increase or decrease net loss and accumulated
\nlosses by US$86,621 (2022: US$25,504).
\nCredit risk management
\nCredit risk is the risk that a counterparty will not meet its obligations under a \ufb01nancial instrument or customer contract, leading to
\n\ufb01nancial loss. The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance sheet date, to
\nrecognised \ufb01nancial assets is the carrying amount of those assets, net of any provisions for estimated credit losses, as disclosed in
\nthe statement of \ufb01nancial position and notes to the \ufb01nancial statements. The group does not have any material credit risk exposure
\nto any single debtor or group of debtors under \ufb01nancial instruments or customer contracts entered into by the group, other than
\ncash deposits and the outstanding proceeds due from the June 2021 equity placing as disclosed in
note 10
. The group\u2019s internal
\npolicy requires deposits to be held with \ufb01nancial institutions holding a benchmark credit rating. At the balance sheet date, the
\nmajority of cash and deposits was held with Barclays Bank which has a Fitch rating of A+ as at period-end.
\n
\u00a0
\u00a0
\u00a0
\u00a0
\n
\nFinancial instruments and cash deposits
\nCash deposits with banks and \ufb01nancial institutions are managed by senior management and the board in accordance with the
\ngroup and company\u2019s internal policy. We are exposed to credit risk from our investing activities that include balances with banks
\nand \ufb01nancial institutions of US$9,695,491 (30 June 2022: US$2,930,162). The balance with banks and \ufb01nancial institutions for
\nthe company was U$8,662,086 (30 June 2022: US$2,550,436).
\nTrade and other receivables
\nAs at 30 June 2023, the group was exposed to trade and other receivables of US$1,293,155 (2022: US$814,921). The
\ncompany was exposed to trade and other receivables of US$349,352 (2022: US$642,202). An impairment analysis is
\nperformed at each reporting date by senior management on all trade and other receivable balances. The maximum exposure to
\ncredit risk for trade and other receivables at the reporting date is the carrying value of each class of \ufb01nancial asset. In respect of
\nother receivables that were past due by more than 90 days, an estimated credit loss allowance has been recognised based on
\nthe estimated lifetime credit loss. Refer to
note 10
for further details.
\nForeign currency risk
\nThe group and company are exposed to \ufb02uctuations in foreign currencies arising from the purchase of goods and services
\nand the holding of assets and liabilities in currencies that are not the functional currency of the relevant group entity. In general,
\nthe group does not enter into any material derivatives to manage these currency risks and no signi\ufb01cant positions were held in
\n2023 and 2022.
\nAs at 30 June 2023, the group had exposure to other foreign currencies; primarily the following exposure to Australian dollar,
\nBritish pound and the Angolan kwanza that is not designated in cash \ufb02ow hedges:
\nCONSOLIDATED
COMPANY
\n2023
\nUS$
\n2022
\nUS$
\n2023
\nUS$
\n2022
\nUS$
\nLevel of exposure of foreign currency risk
\nCarrying value of foreign currency balances
\nCash and cash equivalents include balances
\ndenominated in:
\nAustralian dollar
740,443
15,580
653
743
\nBritish pound
4,579,577
2,539,160
4,357,759
2,539,160
\nAngolan kwanza
30,589
269,454
\u2013
\u2013
\nTanzanian shilling
\u2013
566
\u2013
\u2013
\nEuro
381
64,493
\u2013
\u2013
\nTrade and other payables include balances
\ndenominated in:
\nAustralian dollar
23,618
819,612
1,332
25,342
\nBritish pound
11,750,719
414,918
11,088,348
414,918
\nAngolan kwanza
1,086,278
16,933
\u2013
\u2013
\nSouth African rand
52,559
3,085
48,210
640
\nA 5% change in the Australian dollar/British pound exchange rate will increase or decrease net loss and accumulated losses by
\nUS$267,550 (2022: US$144,463).
\nA 5% change in the Australian dollar/British pound exchange rate will increase or decrease net loss and accumulated losses for
\nthe company by US$217,921 (2022: US$126,995).
\n\u00a0
\u00a0
\u00a0
\n
\n
\nLiquidity risk
\nUltimate responsibility for liquidity risk management rests with the board of directors, who have built an appropriate liquidity risk
\nmanagement framework for the management of the group and company\u2019s short-, medium- and long-term funding and liquidity
\nmanagement requirements. With reference to the current going concern commentary (
note 3
), the group will look to manage
\nliquidity risk by maintaining adequate reserves, and by continuously monitoring forecast and actual cash \ufb02ows and matching
\nthe maturity pro\ufb01les of \ufb01nancial assets, expenditure commitments and liabilities.
\nMaturity pro\ufb01le of \ufb01nancial instruments
\nThe following table details the group\u2019s remaining contractual maturity for its non-derivative \ufb01nancial assets and liabilities.
\nThe table has been drawn up based on undiscounted cash \ufb02ows and details the group\u2019s exposure to interest rate risk as at
\n30\u00a0June\u00a02023 and 30 June 2022.
\nLess than
\n1 year
\nUS$
\n1 to 5 years
\nUS$
\n5+ years
\nUS$
Total
\n2023
\nGroup and company
\nFinancial assets
\nAmortised cost
261,329
\u2013
\u2013
261,329
\nGroup
\nFinancial liabilities
\nNon-interest-bearing
14,815,424
\u2013
\u2013
14,815,424
\nCompany
\nFinancial liabilities
\nNon-interest-bearing
11,587,582
\u2013
\u2013
11,587,582
\nLess than
\n1 year
\nUS$
\n1 to 5 years
\nUS$
\n5+ years
\nUS$
Total
\n2022
\nGroup and company
\nFinancial assets
\nAmortised cost
630,097
\u2013
\u2013
630,097
\nGroup
\nFinancial liabilities
\nNon-interest-bearing
3,587,177
\u2013
\u2013
3,587,177
\nCompany
\nFinancial liabilities
\nNon-interest-bearing
1,974,219
\u2013
\u2013
1,974,219",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f12999": {
"value": "Capital risk management The group and company manage their capital to ensure that they will be able to continue as a going concern. The capital
\nstructure of the group and company includes cash and cash equivalents and equity attributable to equity holders of the
\nparent, comprising issued capital, reserves and accumulated losses as disclosed in
notes 14
and
15
, respectively. The group
\nundertakes its exploration and evaluation and development activities through its wholly owned subsidiaries. None of the group\u2019s
\nentities are subject to externally imposed capital requirements. The group intends to use a variety of capital market issues to
\nmeet anticipated funding requirements. The group currently has no short- or long-term borrowings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f13013": {
"value": "Market price risk The group and company are involved in the exploration and development of mining tenements for rare earths. Revenue
\nfrom any future mining associated with metal sales, the acquisition and disposal consideration for mining tenements and the
\nability to raise funds through equity and debt will be largely dependent on the commodity price for resources at the time of
\nthe transaction. The group and company actively monitor factors that could impact market prices including market demand,
\ncustomer needs and potential new entrants into the rare earth industry.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f13031": {
"value": "Credit risk management Credit risk is the risk that a counterparty will not meet its obligations under a \ufb01nancial instrument or customer contract, leading to
\n\ufb01nancial loss. The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance sheet date, to
\nrecognised \ufb01nancial assets is the carrying amount of those assets, net of any provisions for estimated credit losses, as disclosed in
\nthe statement of \ufb01nancial position and notes to the \ufb01nancial statements. The group does not have any material credit risk exposure
\nto any single debtor or group of debtors under \ufb01nancial instruments or customer contracts entered into by the group, other than
\ncash deposits and the outstanding proceeds due from the June 2021 equity placing as disclosed in
note 10
. The group\u2019s internal
\npolicy requires deposits to be held with \ufb01nancial institutions holding a benchmark credit rating. At the balance sheet date, the
\nmajority of cash and deposits was held with Barclays Bank which has a Fitch rating of A+ as at period-end.
\n
\u00a0
\u00a0
\u00a0
\u00a0
\n
\nFinancial instruments and cash deposits
\nCash deposits with banks and \ufb01nancial institutions are managed by senior management and the board in accordance with the
\ngroup and company\u2019s internal policy. We are exposed to credit risk from our investing activities that include balances with banks
\nand \ufb01nancial institutions of US$9,695,491 (30 June 2022: US$2,930,162). The balance with banks and \ufb01nancial institutions for
\nthe company was U$8,662,086 (30 June 2022: US$2,550,436).
\nTrade and other receivables
\nAs at 30 June 2023, the group was exposed to trade and other receivables of US$1,293,155 (2022: US$814,921). The
\ncompany was exposed to trade and other receivables of US$349,352 (2022: US$642,202). An impairment analysis is
\nperformed at each reporting date by senior management on all trade and other receivable balances. The maximum exposure to
\ncredit risk for trade and other receivables at the reporting date is the carrying value of each class of \ufb01nancial asset. In respect of
\nother receivables that were past due by more than 90 days, an estimated credit loss allowance has been recognised based on
\nthe estimated lifetime credit loss. Refer to
note 10
for further details.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f13078": {
"value": "Cash deposits with banks and \ufb01nancial institutions are managed by senior management and the board in accordance with the group and company\u2019s internal policy. We are exposed to credit risk from our investing activities that include balances with banks
\nand \ufb01nancial institutions of US$9,695,491 (30 June 2022: US$2,930,162). The balance with banks and \ufb01nancial institutions for
\nthe company was U$8,662,086 (30 June 2022: US$2,550,436).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f13088": {
"value": "As at 30 June 2023, the group was exposed to trade and other receivables of US$1,293,155 (2022: US$814,921). The company was exposed to trade and other receivables of US$349,352 (2022: US$642,202). An impairment analysis is
\nperformed at each reporting date by senior management on all trade and other receivable balances. The maximum exposure to
\ncredit risk for trade and other receivables at the reporting date is the carrying value of each class of \ufb01nancial asset. In respect of
\nother receivables that were past due by more than 90 days, an estimated credit loss allowance has been recognised based on
\nthe estimated lifetime credit loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f13205": {
"value": "Liquidity risk Ultimate responsibility for liquidity risk management rests with the board of directors, who have built an appropriate liquidity risk
\nmanagement framework for the management of the group and company\u2019s short-, medium- and long-term funding and liquidity
\nmanagement requirements. With reference to the current going concern commentary (
note 3
), the group will look to manage
\nliquidity risk by maintaining adequate reserves, and by continuously monitoring forecast and actual cash \ufb02ows and matching
\nthe maturity pro\ufb01les of \ufb01nancial assets, expenditure commitments and liabilities.
\nMaturity pro\ufb01le of \ufb01nancial instruments
\nThe following table details the group\u2019s remaining contractual maturity for its non-derivative \ufb01nancial assets and liabilities.
\nThe table has been drawn up based on undiscounted cash \ufb02ows and details the group\u2019s exposure to interest rate risk as at
\n30\u00a0June\u00a02023 and 30 June 2022.
\nLess than
\n1 year
\nUS$
\n1 to 5 years
\nUS$
\n5+ years
\nUS$
Total
\n2023
\nGroup and company
\nFinancial assets
\nAmortised cost
261,329
\u2013
\u2013
261,329
\nGroup
\nFinancial liabilities
\nNon-interest-bearing
14,815,424
\u2013
\u2013
14,815,424
\nCompany
\nFinancial liabilities
\nNon-interest-bearing
11,587,582
\u2013
\u2013
11,587,582
\nLess than
\n1 year
\nUS$
\n1 to 5 years
\nUS$
\n5+ years
\nUS$
Total
\n2022
\nGroup and company
\nFinancial assets
\nAmortised cost
630,097
\u2013
\u2013
630,097
\nGroup
\nFinancial liabilities
\nNon-interest-bearing
3,587,177
\u2013
\u2013
3,587,177
\nCompany
\nFinancial liabilities
\nNon-interest-bearing
1,974,219
\u2013
\u2013
1,974,219",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f13282": {
"value": "23. KEY MANAGEMENT PERSONNEL COMPENSATION CONSOLIDATED
\n2023
\nUS$
\n2022
\nUS$
\nShort-term employee bene\ufb01ts
1,974,607
2,240,592
\nPost-employment bene\ufb01ts
\u2013
\u2013
\nShare-based payment
(272,965)
605,388
\n1,701,642
2,845,980
\nThis includes compensation for two executive directors (2022: three), \ufb01ve non-executive directors (2022: four) and one
\nexecutive (2022: one). Further details of the key management personnel compensation can be found in the remuneration report
\nsection of the directors\u2019 report. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f13324": {
"value": "24. SHARE-BASED PAYMENTS Performance rights
\n2023
\nDuring the year, no performance rights were issued to directors and key management personnel.
\n2022
\nDuring the year, no performance rights were issued to directors and key management personnel.
\nThe use of performance rights was a legacy arrangement under the previous ASX listing of the then parent Pensana Metals Limited.
\n2021 \u2013 amendment to historical performance rights
\nDirector/key
\nmanagement
\npersonnel
\nNumber
\nof rights
\nFair
\nvalue
\n1
\nper right
\nOriginal
\nvesting
\nconditions
\nOriginal
\ngrant
\ndate
\nOriginal
\nexpiry
\ndate
Vesting status
\nP Atherley
3,858,037
n/a
Completion of the de\ufb01nitive
\nfeasibility study (DFS) and
\ncommencement of construction
\nby 13 May 2023
\n13 May
\n2018
\n13 May
\n2023
\nFully vested
\nD Hammond
1,000,000
n/a
Completion of the DFS
\nand\u00a0commencement of
\nconstruction by 13 May\u00a02023
\n17 September
\n2018
\n17 September
\n2023
\nFully vested
\nT George
1,250,000
n/a
Commencement of
\nconstruction of\u00a0the concentrator
\nby end December 2020
\n22 April
\n2019
\n22 April
\n2019
\nFully vested
\nT George
\n1
\n1,250,000
US$0.014
\n(\u00a30.0108)
\nCommencement of
\nconcentrate sales by
\nend December 2021
\n22 April
\n2019
\n22 April
\n2019
\nVesting extended.
\nVesting subject to
\ntime-weighted
\npro rata 1/3 basis
\non 31\u00a0December
\n2021/2022/2023
\nR Kaplan
\n1
\n1,000,000
n/a
Commencement of
\nconstruction of\u00a0the concentrator
\nby end December 2020
\n1 January
\n2020
\n31 December
\n2020
\nFully vested
\nR Kaplan
\n1
\n1,000,000
US$0.15
\n(\u00a30.11)
\nCommencement of sales
\nby end\u00a0December 2021
\n1 January
\n2020
\n31 December
\n2021
\nVesting extended.
\nVesting subject to
\ntime-weighted
\npro rata 1/3 basis
\non 31\u00a0December
\n2021/2022/2023
\n1
\nDuring the prior year, the amended awards were repriced to re\ufb02ect the extended vesting conditions. The following inputs were used under the
\nBlack-Scholes model:
\n\u2022
Stock pricing
US$0.0956
\n\u2022
Exercise price
US$0.0010
\n\u2022
Time to maturity
Four years
\n\u2022
Risk-free interest rate
1.6%
\n\u2022
Annualised volatility
100%
\nOptions
\n2023
\nDuring 2023, no share-based options were issued.
\n2022
\nDuring 2022, no share-based options were issued.
\n\u00a0
\u00a0
\u00a0
\n\n
\nReconciliation of options outstanding
\nThe following reconciles outstanding share options provided as share-based payments at the beginning and end of the
\n\ufb01nancial\u00a0year:
\nNumber
\nof options
\n2023
\nWeighted
\naverage
\nexercise
\nprice
\n2023
\nNumber
\nof options
\n2022
\nWeighted
\naverage
\nexercise
\nprice
\n2022
\nBalance at the beginning of the \ufb01nancial year
1,500,000
\u2013
2,750,000
\u2013
\nIssued or to be issued during the \ufb01nancial year
\u2013
\u2013
\u2013
\u2013
\nVested during the \ufb01nancial year
(750,000)
US$0.103
(750,000)
US$0.103
\nExpired during the \ufb01nancial year
\u2013
\u2013
(500,000)
US$0.175
\nBalance at the end of the \ufb01nancial year
750,000
US$0.103
1,500,000
US$0.103
\nExercisable at the end of the \ufb01nancial year
750,000
\u2013
1,500,000
\u2013
\n1
\nDuring 2021, 2,750,000 legacy performance rights were reclassi\ufb01ed as share-based awards with the migration from the ASX to the LSE.
\nDuring the prior year, performance rights awarded to Mr T George and Mr R Kaplan, that were originally subject to commencement of
\nconcentrate sales by the end of 31 December 2021, were restructured to realign to the amended project scopes and the planned addition of
\nan mixed rare earth recovery plant and solvent extraction re\ufb01nery alongside the concentrator plant. As a result thereof, the timeline for vesting
\nwas amended to 31\u00a0December 2021 \u2013 2023 with vesting to take place on a one-third time-weighted basis.
\nShare awards
\n2023
\nDuring the year, no new share awards were issued to executive management or to employees.
\n2022
\nDuring the year, share awards were issued to executive management and to employees.
\nShare awards issued to executive management
\nNo share awards were issued to executives during the current year.
\nShare awards were issued to executives during the prior year. These awards are subject to six performance conditions:
\nabsolute total shareholder return (market-based), lost time injury frequency rate, full \ufb01nancing of the Longonjo Project, full
\n\ufb01nancing of the Saltend Project, construction completion of the rare earth separation facility (RESF) and production of the RESF.
\nGrant date fair value was calculated using the market-based measure. No dividends are attributable during the vesting period.
\nRefer to the remuneration committee report on
page 63
of this annual report for more detail.
\nThe fair value of the share awards issued to executives was calculated using both a stochastic simulation model, as well as a
\nBlack-Scholes pricing model.
\nThe key assumptions used in the models for shares granted during the year ended 30 June 2022 were as follows:
\nShare awards
16 May 2022
\nQuantity of shares issued
1,595,833
\nFair value of shares issued
US$1.57 million (\u00a31.27 million)
\nPerformance period
Three years
\nVolatility
92.25%
\nRisk-free interest rate
1.26%
\nDividend yield
0%
\nWeighted average share price on grant and valuation date
US$0.98 (\u00a30.80)
\nDue to the delay in securing the main \ufb01nancing on the Saltend and Longonjo Projects, certain share incentive performance
\nconditions relating to the FY2022 LTI share plan awards have not been met or are unlikely to be met. These speci\ufb01cally related
\nto \ufb01nancing of the Longonjo Project (12.5% of award) and \ufb01nancing of the Saltend Project (12.5% of award), construction
\ncompletion of the RESF (12.5% of award) and \ufb01rst production at the RESF (12.5% of award). As a result of the lapsing of these
\nawards, the directors will not receive the shares or related bene\ufb01ts outlined in the original plan agreements. The share-based
\ncharges recognised in prior periods relating to these awards were reversed during FY2023.
\n\u00a0
\u00a0
\u00a0
\u00a0
\nShare awards issued to employees
\nNo share awards were issued to employees during the current year.
\nShare awards were issued to employees during the prior year. These awards are subject to two performance conditions:
\ncompletion of the construction of the RESF and \ufb01rst production of the RESF.
\nThe performance period is three years. There are no market-based vesting conditions on the share awards.
\nThe fair value of the share awards is detailed below, and the share-based payment charge is charged to pro\ufb01t evenly between
\nthe grant and vesting dates. No dividends are attributable during the vesting period. The share awards have an exercise price
\nof nil.
\nThe fair value of the restricted shares issued in 2022 was calculated using the Black-Scholes pricing model. The key
\nassumptions used in the model for shares granted during the year ended 30 June 2022 were as follows:
\nShare awards
1 July 2021
\nQuantity of shares issued
583,786
\nFair value of shares issued
US$912,340 (\u00a3754,000)
\nPerformance period
Three years
\nVolatility
92.25%
\nDividend yield
0%
\nWeighted average share price on grant and valuation date
US$1.3 (\u00a31.08)
\nDue to the delay in securing the main \ufb01nancing on the Saltend Project, the share incentive performance conditions relating to
\nthe FY2022 LTI share plan awards have not been met or are unlikely to be met. These speci\ufb01cally related to an award on 33%
\nconstruction completion of the RESF (25% of award), an award on 100% construction completion of the RESF (25% of award)
\nand an award on \ufb01rst production at the RESF (50% of the award). As a result of the lapsing of these awards, the employees will
\nnot receive the shares or related bene\ufb01ts outlined in the original plan agreements. The share-based charges recognised in prior
\nperiods relating to these awards were reversed during FY2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f13637": {
"value": "25. RELATED PARTY TRANSACTIONS Parent entity
\nThe parent entity of the group is Pensana Plc which is incorporated in the UK.
\nEquity interests in related parties
\nDetails of the percentage of ordinary shares held in subsidiaries are disclosed in
note 20
to the \ufb01nancial statements.
\nTransactions with key management personnel and related parties
\nThe aggregate compensation made to key management personnel is disclosed in
note 23
to the \ufb01nancial statements, and
\ndetails of the compensation have been provided in the remuneration report which forms part of the directors\u2019 report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f13652": {
"value": "26. REMUNERATION OF THE AUDITOR CONSOLIDATED
\n2023
\nUS$
\n2022
\nUS$
\nFee payable to BDO LLP as the company\u2019s external auditor for the audit of the
\ncompany\u2019s annual \ufb01nancial statements
150,654
156,574
\nFee payable to BDO LLP as the company\u2019s external auditor for non-audit services
\nto the group
\n1
\n43,200
43,907
\n1
\nDuring the period, there were non-audit service fees of US$43,200 (2022: US$43,907) incurred by BDO LLP with respect to the half-year
\ninterim review.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f13673": {
"value": "27. SUBSEQUENT EVENTS On 27 June 2023 FSDEA-provided a US15miilion loan facility to the group as part of a broader US$80 million investment
\n(subject to due diligence and the \ufb01nalisation of investment terms) to facilitate the development of the Longonjo Project. The loan
facility was formally executed on 7 August 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"f13694": {
"value": "COMPANY STATEMENT OF FINANCIAL POSITION
\nfor the \ufb01nancial year ended 30 June 2023
\nNote
\n30 June 2023
\nUS$
\nRestated
\n1
\n30 June 2022
\nUS$
\nASSETS
\nNon-current assets
\nInvestment in subsidiaries
C3
13,627,499
13,362,139
\nTrade and other receivables
C2
50,621,963
39,617,189
\nProperty, plant and equipment
C5
3,353,594
1,320,202
\nIntangible assets
C6
13,577,069
5,236,226
\nTotal non-current assets
81,180,125
59,535,756
\nCurrent assets
\nCash and cash equivalents
C1
8,662,086
2,550,436
\nTrade and other receivables
C2
2,417,360
946,840
\nTotal current assets
11,079,446
3,497,276
\nTotal assets
92,259,571
63,033,032
\nLIABILITIES
\nCurrent liabilities
\nTrade and other payables
C4
25,198,149
16,753,382
\nTotal current liabilities
25,198,149
16,753,382
\nTotal liabilities
25,198,149
16,753,382
\nNet assets
67,061,422
46,279,650
\nEquity
\nIssued capital
14
356,898
295,425
\nShare premium
15
70,826,007
47,043,782
\nReserves
15
13,300,904
13,551,117
\nAccumulated losses
15
(17,422,387)
(14,610,674)
\nTotal equity
67,061,422
46,279,650
\n1
\nRefer to
note C8
for details of the restatement of prior year results.
\nThe notes to the \ufb01nancial statements, included on
pages 99
to
129
, form an integral part of these \ufb01nancial statements.
\nThe company\u2019s loss for the \ufb01nancial year was US$2.8 million (2022: US$7.5 million). The company has taken advantage of the
\nsection 408 exemption in the Companies Act 2006 not to present a separate statement of comprehensive income.
\nThe \ufb01nancial statements were approved by the board of directors and authorised for issue on 30 October 2023 and are signed on its
\nbehalf by:
\nSteven Sharpe
\nChairman of the audit and risk committee
\nRegistered number: 12206525. Pensana Plc (the company) is incorporated in the United Kingdom, registered in England and Wales
\nand domiciled in the United Kingdom.
\n\u00a0
\u00a0
\u00a0
\u00a0
COMPANY STATEMENT
\nOF CASH FLOWS
\nfor the \ufb01nancial year ended 30 June 2023
\nNote
\n30 June 2023
\nUS$
\n30 June 2022
\nUS$
\nCash \ufb02ows from operating activities
\nOperating cash \ufb02ows
C7
(5,329,653)
(5,278,812)
\nNet cash used in operating activities
(5,329,653)
(5,278,812)
\nCash \ufb02ows from investing activities
\nFunding of group companies
(11,004,774)
(17,282,121)
\nPayments for property, plant and equipment and intangibles
C7
(1,683,586)
(6,168,699)
\nNet cash used in investing activities
(12,688,360)
(23,450,820)
\nCash \ufb02ows from \ufb01nancing activities
\nInterest paid
28
\u2013
\nProceeds from issues of equity securities
24,265,820
16,780,204
\nShare issue costs
(361,614)
(410,887)
\nNet cash provided by \ufb01nancing activities
23,904,234
16,369,317
\nNet increase/(decrease) in cash and cash equivalents
5,886,221
(12,360,315)
\nCash and cash equivalents at the beginning of the year
2,550,436
16,383,163
\nEffects of exchange rate changes on the balance of cash held in foreign currencies
225,429
(1,472,412)
\nCash and cash equivalents at the end of the year
C1
8,662,086
2,550,436
\nThe notes to the \ufb01nancial statements, included on
pages
99
to
129
, form an integral part of these \ufb01nancial statements.
\n\u00a0
\u00a0
\u00a0
COMPANY STATEMENT
\nOF CHANGES IN EQUITY
\nfor the \ufb01nancial year ended 30 June 2023
\nIssued share
\ncapital
\nUS$
\nShare
\npremium
\nUS$
\nShares to
\nbe issued
\nUS$
\nOpening balance as at 1 July 2021
279,398
34,195,957
\u2013
\nLoss for the year
\u2013
\u2013
\u2013
\nOther comprehensive income
\u2013
\u2013
\u2013
\nTotal comprehensive income for the year
\u2013
\nIssue of shares (
note 14
)
15,012
13,176,014
\u2013
\nCapital raising costs
\u2013
(410,887)
\u2013
\nIssue of shares \u2013 conversion of performance rights
1,015
82,698
\u2013
\nShare-based payments
\u2013
\u2013
\u2013
\nBalance as at 30 June 2022
295,425
47,043,782
\u2013
\nOpening balance as at 1 July 2022
295,425
47,043,782
\u2013
\nLoss for the year
\u2013
\u2013
\u2013
\nOther comprehensive income
\u2013
\u2013
\u2013
\nTotal comprehensive income for the year
\u2013
\nIssue of shares (
note 14
)
61,473
24,143,839
\u2013
\nCapital raising costs
\u2013
(361,614)
\u2013
\nShare-based payments
\u2013
\u2013
\u2013
\nBalance as at 30 June 2023
356,898
70,826,007
\u2013
\nThe notes to the \ufb01nancial statements, included on
pages
99
to
129
, form an integral part of these \ufb01nancial statements.
\n\u00a0
\u00a0
\u00a0
\u00a0
Accumulated
\nlosses
\nUS$
\nMerger
\nreserve
\nUS$
\nForeign
\ncurrency
\nreserve
\nUS$
\nShare-based
\npayments
\nreserve
\nUS$
\nTotal
\nUS$
\n(7,090,298)
11,557,230
1,203,611
767,178
40,913,076
\n(7,520,376)
\u2013
\u2013
\u2013
(7,520,376)
\n\u2013
\u2013
(816,868)
\u2013
(816,868)
\n(7,520,376)
\u2013
(816,868)
\u2013
(8,337,244)
\n\u2013
\u2013
\u2013
\u2013
13,191,026
\n\u2013
\u2013
\u2013
\u2013
(410,887)
\n\u2013
\u2013
\u2013
(83,713)
\u2013
\n\u2013
\u2013
\u2013
923,679
923,679
\n(14,610,674)
11,557,230
386,743
1,607,144
46,279,650
\n(14,610,674)
11,557,230
386,743
1,607,144
46,279,650
\n(2,811,713)
\u2013
\u2013
\u2013
(2,811,713)
\n\u2013
\u2013
22,752
\u2013
22,752
\n(2,811,713)
\u2013
22,752
\u2013
(2,788,961)
\n\u2013
\u2013
\u2013
\u2013
24,205,312
\n\u2013
\u2013
\u2013
\u2013
(361,614)
\n\u2013
\u2013
\u2013
(272,965)
(272,965)
\n(17,422,387)
11,557,230
409,495
1,334,179
67,061,422",
"dimensions": {
"concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800H4QP6T9499RU64",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
}
}
}