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"Tag243": {
"value": "\n1. GENERAL INFORMATION
\n
\nReporting entity
\nRainbow Rare Earths Limited (the \u201cCompany\u201d) is a company domiciled in Guernsey and incorporated on 5 August 2011, with company registration
\nnumber 53831, and is a company limited by shares. The Company\u2019s registered office is
\n\nConnaught House, St Julian\u2019s Avenue, St Peter Port, Guernsey,
\nGY1 1GZ.
\n\n\n\n\n\n The consolidated financial statements of the Company for the years ended 30 June 2023 and 30 June 2022 comprise the Company and its
\nsubsidiaries.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
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"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
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"Tag253": {
"value": "Rainbow Rare Earths Limited",
"dimensions": {
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"language": "en",
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"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag237": {
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"dimensions": {
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"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag261": {
"value": "\nConnaught House, St Julian\u2019s Avenue, St Peter Port, Guernsey,
\nGY1 1GZ.
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag247": {
"value": "\n
\n
\n2. MATERIAL ACCOUNTING POLICIES
\n
\n\n
\nBasis of preparation
\n\nThe Financial Statements of the Company and its subsidiaries (the \u201cGroup\u201d) are prepared in accordance with International Financial Reporting
\nStandards (\u201cIFRS\u201d) (IFRS and IFRIC Interpretations) issued by the International Accounting Standards Board (\u201cIASB\u201d), as adopted by the European
\nUnion.
\n
\n\n\n\n\n\n
\nThe consolidated financial statements have been prepared on a historical cost basis, except for financial instruments measured at fair value
\nthrough profit or loss. Given the development status of the Group\u2019s assets, management do not consider sustainability and climate change as key risks
\nrequiring significant judgement for the Year. The Group has prepared sustainability disclosures on pages 20 to 31 in line with the requirements set out
\nin the UK Listing Rules to the extent relevant for a Group without producing assets.
\n
\n\n\n\n\n\n
\n\nGoing Concern
\nAs at 30 June 2024, the Group had total cash of US$0.1 million prior to the announcement, on 1 July 2024, of a US$10 million financing with
\nEcora Resources plc comprising US$1.5 million of equity and US$8.5 million proceeds for a 0.85% gross revenue royalty over future sales from
\nthe Phalaborwa project. Following receipt of these funds, after associated costs, the Group has available cash resources of US$9.7 million.
\n
\nThe Directors have reviewed a range of potential cash flow forecasts for the period to 31 December 2025, including reasonable possible downside
\nscenarios. This has included the following assumptions:
\n
\nCorporate
\nThe forecast includes US$3.6 million of ongoing general and administrative costs of the Group over the 18-month period from 1 July 2024
\nto 31 December 2025 (the \u201cPeriod\u201d), based on the current administrative costs of the Group. This includes US$0.2 million in respect of pursuing
\nnew business opportunities, which will cover only the initial low cost test work at the opportunities identified to date including the opportunity
\nwith Mosaic in Brazil.
\n
\nThe Directors\u2019 reasonably plausible downside scenario includes a 10% contingency for unexpected costs plus a further US$0.25 million per annum
\nfor business development costs. Corporate cost includes costs incurred in British Pounds at an exchange rate of \u00a31:US$1.25 and South African Rand
\nat an exchange rate of US$1:ZAR18.5. The Directors\u2019 reasonably plausible downside scenario includes an adjustment to reflect a higher US Dollar cost
\nbased on an exchange rate of \u00a31:US$1.35 and US$1:ZAR17.5.
\n
\nPhalaborwa Project
\nThe forecast includes all costs anticipated for the completion of the Phalaborwa DFS, estimated at US$4.8 million, inclusive of a 10% contingency.
\nThis includes all costs associated with the ongoing test work campaigns, including separation test work, ongoing costs associated with the DFS,
\nexpected to be completed in 2025, and costs associated with the ongoing permitting process.
\n
\nThe forecast also includes salary and consultant costs of US$0.9 million for the core project team tasked with advancing the project. The Directors\u2019
\nreasonably plausible downside scenario includes a further 10% contingency on all costs associated with the Phalaborwa project. Phalaborwa project
\ncosts include costs incurred in South African Rand at an exchange rate of US$1:ZAR18.5. The Directors\u2019 reasonably plausible downside scenario
\nincludes an adjustment to reflect a higher US Dollar cost based on an exchange rate of US$1:ZAR17.5.
\n
\nThe forecast does not include costs related to a formal financing process for the Phalaborwa project, or any costs associated with the management
\nof the gypsum stacks, which will be transferred from Bosveld Phosphates (Pty) Limited to the Group under the Phalaborwa co-development
\nagreement at the Group\u2019s election. The co-development agreement includes an option for the Group to obtain 100% of Phalaborwa via the issue
\nto Bosveld of 38,873,663 new ordinary shares at any time up to 31 December 2025. It is expected that the assets relating to Phalaborwa will be
\ntransferred to the Group prior to the exercise of this option. The Group does not intend to arrange that transfer or exercise the option until the
\nfunding needs for the management of the gypsum stacks have been defined and funds are available for the ongoing management thereof.
\n
\nUberaba Project
\nAs set out in the operations review the opportunity relating to Mosaic\u2019s phosphogypsum stack in Uberaba, Brazil is considered to present
\nan opportunity to replicate Phalaborwa at a potentially larger scale. At the date of this these financial statements the Group has no commitments in
\nrespect of this project. Low-cost test work is expected to continue in the short term. A detailed budget to deliver a preliminary economic assessment,
\nas anticipated in the agreement with Mosaic, is not yet available and will need to be agreed with Mosaic before funds can be committed. It is noted
\nthat the Directors\u2019 reasonably plausible downside scenario would not be sufficient for a preliminary economic assessment to be developed, and
\nfurther funding may be required to allow for the Uberaba opportunity to be de-risked, the timing of which cannot be accurately predicted at this time.
\n
\nGakara Project
\nThe cash flow forecasts assume ongoing care and maintenance costs totalling US$0.6 million, including amounts payable under the FinBank loan
\nfacility in Burundi. The Group has determined that no additional cash outflows beyond the US$0.6 million care and maintenance budget will be
\nincurred on Gakara until the export ban and mining suspension has been lifted. A re-start of operations would be conditional on the Gakara project
\nnot requiring additional financial support from Rainbow Rare Earths Limited at then current rare earth prices.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\n
\n2. MATERIAL ACCOUNTING POLICIES CONTINUED
\n
\n\nGoing Concern continued
\nConclusion
\nThe base case forecast includes a total cash outflow over the Period of US$9.9 million. The Directors\u2019 reasonably plausible downside scenario,
\nwhich includes a 10% contingency for corporate costs, fixed costs at Phalaborwa and Gakara costs, together with a further allowance for business
\ndevelopment opportunities and foreign exchange variances, includes a total cash outflow of US$11.2 million.
\n
\nAt 30 June 2024 the Group had US$9.7 million of available cash including the receipt from the fundraising with Ecora announced in July 2024,
\nof which the final US$8.2 million was received in September 2024. The forecast indicates that under all scenarios the Group will need to raise additional
\nfunds before 31 December 2025, the timing of which is dependent primarily on the speed at which the Phalaborwa DFS is completed, which is within
\nthe Directors\u2019 control. In addition, further funds may be required to progress the Uberaba opportunity in Brazil or other new business opportunities.
\n
\nAs a result, the Group is reliant on securing additional funding which is not guaranteed. Based on the above, this indicates the existence
\nof a material uncertainty which may cast significant doubt over the Group\u2019s ability to continue as a going concern and therefore,
\nit may be unable to realise its assets and discharge its liabilities in the ordinary course of business.
\n
\nThe Directors are confident that funding will be secured, based on the Group\u2019s history of successful fundraising. The financial statements
\ndo not include any adjustments that would result if the Group was unable to continue as a going concern.
\n
\n\n\n\n\n\n
\n\nNew and amended standards and interpretations adopted by the Group
\nNo material changes to accounting policies arose as a result of new standards applied by the Group from 1 July 2023.
\n
\nNew standards, interpretations, and amendments not yet effective
\nCertain new accounting standards and interpretations have been published that are not mandatory for 30 June 2024 reporting periods and have
\nnot been early adopted by the Group. These standards include:
\n\u2022 IAS 1 \u2013 Presentation of Financial Statements \u2013 The classification of liabilities as current or non-current basing the classification on contractual
\narrangements at the reporting date. These amendments are effective for periods beginning on or after 1 January 2024.
\n\u2022 Amendments to IFRS 16 - Lease Liability in a Sale and Leaseback. The amendments are effective from 1 January 2024 but may be applied earlier.
\n\u2022 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures \u2013 Supplier Finance Arrangements. Effective date
\nis 1 January 2024.
\n\u2022 Lack of Exchangeability \u2013 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates. The effective date is 1 January 2025.
\n\u2022 Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 Financial Instruments and IFRS 7
\nFinancial Instruments: Disclosures. The effective date is 1 January 2026.
\n\u2022 Annual Improvements to IFRS Accounting Standards \u2013 Amendments to:
\n- IFRS 1 First-time Adoption of International Financial Reporting Standards;
\n- IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7;
\n- IFRS 9 Financial Instruments;
\n- IFRS 10 Consolidated Financial Statements; and
\n- IAS 7 Statement of Cash Flows
\nThe effective date is 1 January 2026.
\n\u2022 IFRS 18 Presentation and Disclosure in Financial Statements. The effective date is 1 January 2027.
\n\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures. The effective date is 1 January 2027.
\n
\nThese amendments are not expected to have a material impact on the Group.
\n
\n\n\n\n\n\n
\n\n
\n\n
\nBasis of consolidation
\nWhere the Company has control over an investee, it is classified as a subsidiary. The Company controls an investee if all three of the following elements
\nare present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those
\nvariable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control.
\n
\nThe consolidated financial statements present the results of the Company and its subsidiaries as if they formed a single entity. Intercompany
\ntransactions and balances between Group companies are therefore eliminated in full.
\n
\nThe results of undertakings acquired or disposed of are consolidated from or to the date when control passes to or from the Group. The results
\nof subsidiaries acquired or disposed of during the year are included in the Consolidated Statement of Comprehensive Income from the date that
\ncontrol commences until the date that control ceases.
\n
\nWhere necessary, adjustments are made to the results of subsidiaries to bring the accounting policies they use into line with those used by the Group.
\n
\n\nNon-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group\u2019s equity. Non-controlling interests
\nconsist of the non-controlling shareholder\u2019s share of changes in equity. The non-controlling interests\u2019 share of losses, where applicable, are attributed
\nto the non-controlling interests irrespective of whether the non-controlling shareholders have a binding obligation and are able to make an additional
\ninvestment to cover the losses. On acquisition of a non-controlling interest, the relevant non-controlling interest share of equity is extinguished and the
\ndifference between the fair value of consideration paid and the relevant carrying value of the non-controlling interest is recorded in retained earnings.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\n
\n
\n2. MATERIAL ACCOUNTING POLICIES CONTINUED
\n
\n\n
\nForeign currency
\n\nThe consolidated financial statements are presented in US Dollars, which is also the functional currency of the Company and all of its subsidiaries.
\n
\n\n\n\n\n\nThe Group\u2019s strategy is focused on developing an ethical supply chain for rare earth elements from secondary sources, with its principal project
\nbased in South Africa and a global pipeline of earlier stage opportunities being developed. All such opportunities will ultimately generate revenue
\nin US Dollars, which is the currency in which rare earth elements are traded internationally. All support services are charged between Group
\ncompanies in US Dollars. The Group is funded by various financial liabilities which are principally denominated in US Dollars and shareholder equity.
\n
\nTransactions in foreign currencies are translated to the functional currency of the Group entity at the rates of exchange prevailing on the dates of
\nthe transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated to the functional
\ncurrency at the rates prevailing on the reporting date. Exchange differences on all transactions are recognised in the consolidated statement of
\ncomprehensive income in the year in which they arise.
\n
\n\n\n\n\n\n
\n\nRevenue recognition
\nThe Group plans to produce and sell separated rare earth oxides from the Phalaborwa project in South Africa and other secondary rare earth sources
\nvia a mixture of long term off-take contracts and spot sales to global customers. The Group\u2019s Gakara project in Burundi produces a mixed rare earth
\nmineral concentrate which was previously sold under a long-term offtake contract with ThyssenKrupp Metallurgical Products GmbH.
\n
\nRevenue is recognised on transfer of control of the relevant rare earth product, which can occur at the project site, at a port in transit to the customers
\npremises or at the customers premises.
\n
\n\n\n\n\n\n
\n\nRare earth exploration and evaluation assets
\nAll exploration and evaluation costs incurred are accumulated in respect of each identifiable project area. Costs which are classified as intangible
\nfixed assets are only carried forward to the extent that they are expected to be recovered through the successful development of the area or where
\nactivities in the area have not yet reached a stage which permits reasonable assessment as to whether the deposit is commercially viable and
\ntechnically feasible for extraction. Costs associated with exploration and evaluation include costs related to trial mining and processing when such
\nactivity is focused on improving the understanding of the ore body. Such costs include the cost of mining, processing and sales costs for concentrate
\nproduced as a result of trial mining activities, excluding any costs associated with year-end inventory.
\n
\nCosts incurred prior to the legal right to a mineral project being obtained are written off immediately. Accumulated cost in relation to an abandoned
\narea are written off in full to the statement of comprehensive income in the year in which the decision to abandon the area is made.
\n
\nExploration and evaluation assets associated with an identifiable project area are transferred from intangible fixed assets to tangible fixed assets
\nas \u201cproject development costs\u201d when the commercial viability and technical feasibility of extracting the deposit has been established. This includes
\nconsideration of a variety of factors such as whether the requisite permits have been awarded, whether funding required for development is
\nsufficiently certain of being secured, whether an appropriate project development plan is established and the results of exploration and evaluation
\ndata including internal and external assessments.
\n
\n\n\n\n\n\n
\n\n
\nProperty, plant and equipment
\nProperty, plant and equipment consists of plant and machinery, project development costs, motor vehicles, computer equipment, and office furniture
\nand fittings.
\n
\nProperty, plant and equipment is initially recognised at cost and subsequently stated at cost less accumulated depreciation and any impairment.
\nThe cost of acquisition is the purchase price and any directly attributable costs of acquisition or construction required to bring the asset to the
\nlocation and condition necessary for the asset to be capable of operating in the manner intended by management.
\n
\nThe Group assesses the stage of a development project to determine when it has reached commercial production, at which point the relevant assets
\nbegin to be depreciated. The criteria used to assess the date at which commercial production is achieved, being the point at which the project is ready
\nfor its intended use and operating in the manner intended by management, include completion of a reasonable period of testing, the ability to sustain
\ncommercial levels of production, and engineering sign off on the plant performance. In the case of new project sites, commercial production is
\ndeemed to have been met when the site has received all necessary permits and approvals (including a certificate of environmental conformity)
\nand is in operation. Prior to this period, any costs associated with the project site are capitalised.
\n
\n\nDepreciation
\nProperty, plant and equipment is depreciated on a straight-line basis over the estimated useful life of the asset. Residual values and useful lives
\nare reviewed on an annual basis and changes are accounted for over the remaining lives.
\n
\nThe applicable depreciation rates are as follows:
\n
\n\n
\n\n\n| Description | \nUseful life | \n\n
\n\n| Plant, machinery, and mine infrastructure | \n5 years | \n\n
\n\n| Vehicles | \n5 years | \n\n
\n\n| Computer equipment | \n3 years | \n\n
\n\n| Office furniture and fittings | \n7 years | \n\n
\n\n\n\n
\n\n
\nDepreciation incurred on equipment used in exploration is capitalised to exploration and evaluation costs.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\n2. MATERIAL ACCOUNTING POLICIES CONTINUED
\n
\n\n
\n\nImpairment of non-financial assets including exploration and evaluation assets
\nExploration and evaluation assets are reviewed regularly for indicators of impairment following the guidance in IFRS 6 \u201cExploration for and Evaluation
\nof Mineral Resources\u201d and tested for impairment where such indicators exist. In addition, these assets are tested for impairment prior to transfer
\nto project development costs. In accordance with IFRS 6 the Group considers the following facts and circumstances in their assessment of whether
\nthe Group\u2019s exploration and evaluation assets may be impaired:
\n\u2022 whether the period for which the Group has the right to explore in a specific area has expired during the period or will expire in the near future,
\nand is not expected to be renewed;
\n\u2022 whether substantive expenditure on further exploration for and evaluation of mineral resources in a specific area is neither budgeted nor planned;
\n\u2022 whether exploration for and evaluation of reserves in a specific area have not led to the discovery of commercially viable quantities of mineable
\nmaterial and the Group has decided to discontinue such activities in the specific area; and
\n\u2022 whether sufficient data exists to indicate that although a development in a specific area is likely to proceed, the carrying amount of the exploration
\nand evaluation assets is unlikely to be recovered in full from successful development or by sale.
\n
\nIf any such facts or circumstances are noted, the Group performs an impairment test in accordance with the provisions of IAS 36. In such
\ncircumstances the aggregate carrying value of the exploration and evaluation asset, together with any associated property, plant and equipment held
\nwithin the relevant cash generating unit, is compared against the expected recoverable amount of the cash generating unit. The recoverable amount
\nis the higher of value in use and the fair value less costs to sell.
\n
\nWhere the carrying amount of an asset or cash generating unit exceeds its recoverable amount, the asset or cash generating unit is considered
\nimpaired and is written down to its recoverable amount. Impairment losses are recognised in the Income Statement. Impairment losses recognised
\nfor cash generation are recognised against goodwill (if any) and then to identifiable assets on a pro-rata basis.
\n
\nA previously recognised impairment loss is reversed if the recoverable amount increases as a result of a reversal of the conditions that originally
\nresulted in the impairment. This reversal is recognised in the Income Statement and is limited to the carrying amount that would have been
\ndetermined, net of depreciation, had no impairment loss been recognised in prior years.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\nLeases
\nAt inception the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control
\nthe use of an identified asset, for a period of time, in exchange for consideration. To assess whether a contract conveys the right to control the use of
\nan identified asset, the Group assesses whether:
\n\u2022 the contract involves the use of an identified asset. This may be specified explicitly or implicitly and should be physically distinct or represent
\nsubstantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified;
\n\u2022 the Group has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use; and
\n\u2022 the Group has the right to direct the use of the asset. The Group has the right when it has the decision-making rights that are most relevant
\nto changing how and for what purposes the asset is used. In rare cases where the decision about how and for what purpose the assets is used
\nis predetermined, the Group has the right to direct the use of the asset if either:
\n- the Group has the right to operate the asset; or
\n- the Group designed the asset in a way that predetermines how and for what purpose it will be used.
\n
\nAt inception or on reassessment of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease
\ncomponent on the basis of their relative stand-alone prices.
\n
\nThe right-of-use asset is initially measured at the present value of the remaining lease payments, discounted using the incremental borrowing rate.
\n
\nThe right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term.
\nIn addition, impairment indictors for the right-of-use asset are assessed annually and will be adjusted for certain remeasurements of the lease liability.
\n
\nThe lease liability is initially measured at the present value of the remaining lease payments, discounted using the incremental borrowing rate.
\nThe liability is subsequently measured at amortised cost using the effective interest method. Lease payments are apportioned between the finance
\ncharges and reduction of the lease liability using the incremental borrowing rate implicit in the lease to achieve a constant rate of interest on the
\nremaining balance of the liability.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\n
\n
\n
\n2. MATERIAL ACCOUNTING POLICIES CONTINUED
\n
\n\nEnvironmental rehabilitation costs
\nAn obligation to incur restoration, rehabilitation and environmental costs arises when environmental disturbance is caused by the development
\nor ongoing production of a project. Such costs arising from the decommissioning of plant and other site preparation work, discounted to their net
\npresent values, are provided for in full as soon as the obligation to incur such costs arises and can be quantified. On recognition of a provision, an
\naddition is made to tangible or intangible fixed assets of the same amount. Upon commercial production this addition is then charged against profits
\nover the life of the project. Closure provisions are updated annually for changes in cost estimates as well as for changes to the anticipated life of the
\nproject, with the resulting adjustments made to both the provision balance and the net book value of the associated non-current asset.
\n
\n\n\n\n\n\n
\n\nInventory
\nStockpiles of ore (including but not limited to Run of Mine (\u201cRoM\u201d) ore (where applicable), pre-shipment rare earth finished or partially processed
\nproduct stockpiles, or rare earth products in transit but not yet sold) are valued at the lower of historic cost and net realisable value. Historic cost
\nis based on an allocation of all relevant costs incurred in bringing the stockpiles to their present condition at the period end (including as appropriate
\nmining or reclamation costs, processing costs and transportation costs). Realisable value is based on an estimate of selling price less applicable
\nfurther costs to be incurred to the point of revenue recognition (including as appropriate further expected processing costs, shipment costs, royalties,
\nand other fees to be incurred in the course of the sales process). Inventory stockpile costs do not include an allocation of support costs.
\n
\nInventory spares (including tools, parts for equipment, and stocks of consumables) are also valued at the lower of historic cost and realisable value,
\nwhere material. Spares are reviewed at each period end for obsolescence, with provisions applied to those stock lines where realisable value is
\nconsidered to be lower than historic cost.
\n
\n\n\n\n\n\n
\n\n
\nTaxation
\nCurrent tax is based on the estimated taxable profit for the period. Taxable profit differs from net profit as reported in the income statement because
\nit excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.
\nIn Burundi, when no taxable profit arises, current tax includes a minimum tax charge calculated as 1% of revenue.
\n
\n\nDeferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities for financial
\nreporting purposes and the corresponding tax bases used in the computation of taxable profit. It is accounted for using the balance sheet liability
\nmethod. Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is
\nprobable that taxable profits will be available against which deductible temporary differences can be utilised. The carrying amount of deferred tax
\nassets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available
\nto allow all or part of the asset to be recovered.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n
\nFinancial instruments
\nFinancial assets and financial liabilities are recognised on the statement of financial position when the Group becomes a party to the contractual
\nprovisions of the instrument.
\n
\n\n
\n
\n- Financial assets
\n\nCash and cash equivalents comprise cash held by the Group and short-term bank deposits with a maturity of three months or less.
\n
\n\n\n\n\n\n
\n\nTrade and other receivables, to the extent they represent financial assets, are measured at initial recognition at fair value and are subsequently
\nmeasured at amortised cost using the effective interest method. A provision is established when there is objective evidence that the Group will
\nnot be able to collect all amounts due.
\n
\n\n\n\n\n\n
\nIn applying the general model, the Group monitors on a forward-looking basis the expected credit loss, defined as the difference between the
\ncontractual cash flows and the cash flows that are expected to be received, associated with its assets carried at amortised cost. The impairment
\nmethodology applied depends on whether there has been a significant increase in credit risk. For trade receivables only, the simplified approach
\npermitted by IFRS 9 is applied, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
\n
\nLosses are recognised in the income statement. When a subsequent event causes the amount of impairment loss to decrease, the decrease
\nin impairment loss is reversed through the income statement.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\n
\n
\n2. MATERIAL ACCOUNTING POLICIES CONTINUED
\n
\n\n
\nFinancial instruments continued
\n\n
\n- Financial liabilities
\n\n
\n\nLoans, borrowings and trade and other payables are initially measured at fair value and are subsequently measured at amortised cost using
\nthe effective interest rate method. They are classified as current liabilities unless the Company has an unconditional right to defer settlement
\nof the liability for at least 12 months after the statement of financial position date.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\nA financial liability is removed from the balance sheet when it is extinguished, being when the obligation is discharged, cancelled, or expired.
\nOn extinguishment of a financial liability, any difference between the carrying amount of the liability and the consideration paid, including any
\nnon-cash assets transferred or liabilities assumed, is recognised in profit or loss. A modification or exchange of a financial liability is either
\naccounted for as an extinguishment of the original financial liability or a renegotiation of the original financial liability. An extinguishment or
\nsubstantial modification of a financial liability results in de-recognition of the original financial liability and any unamortised transaction costs
\nassociated with the original financial liability are immediately expensed to the profit and loss account. Where the change in the terms of the
\nmodified financial liability is not substantial, it is accounted for as a modification of the original liability, with the modified financial liability measured
\nat amortised cost using the original effective interest rate. To determine whether the terms of the modified liability are substantially different from
\nthose of the original one, a qualitative assessment is performed. If it is not already clear from a qualitative assessment that a modification has
\nresulted in a substantial change, then a quantitative assessment is performed. This includes consideration whether the discounted present value
\nof the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate,
\nis at least 10% different from the discounted present value of the remaining cash flows of the original financial liability.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\nShare capital
\nOrdinary shares are classified as equity and are recorded at the proceeds received, net of any direct issue costs.
\nThe nature of the Company\u2019s reserves is set out in note 23.
\n
\n\n\n\n\n\n
\n\nShare options
\nEquity-settled share-based payments to employees and Directors are initially measured at the fair value of the equity instrument. The fair value
\nof the equity-settled transactions with employees and Directors is recognised as an expense over the vesting period. The fair values of the equity
\ninstruments are determined at the date of grant, considering market-based vesting conditions.
\n
\nThe fair values of share options or restricted stock units (\u201cRSUs\u201d) are measured at fair value at the date of grant. Where the share options only contain
\nservice conditions or non-market conditions and the options are issued with a relevant strike price, a Black\u2013Scholes model is used. Where the share
\noptions or RSUs contain market conditions, a Monte Carlo simulation model is used and reflected in the fair value of the options or RSUs granted.
\nWhere the share options or RSUs contain no market conditions and do not include a strike price, the fair value is assessed by reference to the share
\nprice on the date of issue. Details of the assumptions used are included in note 22 Share Options and Warrants.
\n
\nThe expected life used in the models is adjusted, based on management\u2019s best estimate of the effects of non-transferability, exercise restrictions
\nand behavioural considerations. For RSUs, shares are automatically issued on vesting of the relevant tranche.
\n
\nThe cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance
\nand/or service conditions are fulfilled, ending on the date on which the relevant employees (or other beneficiaries) become fully entitled to the award
\n(the \u201cvesting date\u201d).
\n
\nThe cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which
\nthe vesting period has expired and the Company\u2019s best estimate of the number of equity instruments that will ultimately vest.
\n
\nThe income statement charge or credit for a period represents the movement in cumulative expense recognised as at the beginning
\nand end of that period.
\n
\nNo expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition, which are
\ntreated as vesting irrespective of whether the market condition is satisfied, provided that all other performance and/or service conditions are satisfied.
\n
\n\n\n\n\n\n
\n\nWarrants
\nWarrants issued are recognised at fair value at the date of grant. The fair value is measured using the Black-Scholes model. Where warrants are issued
\nin respect of services provided, the fair value is expensed on a straight-line basis over the vesting period (if applicable). Where warrants are considered
\nto represent a transaction cost attributable to a liability recorded at amortised cost, the fair value is deducted from the liability and amortised
\nsubsequently through the effective interest rate. Where a fixed number of warrants are issued, and the exercise price is in the functional currency of the
\nissuer, the warrant fair value is credited to equity. Where the number of warrants is fixed but the exercise price is in a currency other than the functional
\ncurrency of the issuer, the instrument fails the \u201cfixed-for-fixed\u201d criteria and is recognised as a financial liability at fair value through profit and loss.
\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag272": {
"value": "\n
\nBasis of preparation
\n\nThe Financial Statements of the Company and its subsidiaries (the \u201cGroup\u201d) are prepared in accordance with International Financial Reporting
\nStandards (\u201cIFRS\u201d) (IFRS and IFRIC Interpretations) issued by the International Accounting Standards Board (\u201cIASB\u201d), as adopted by the European
\nUnion.
\n
\n\n\n\n\n\n
\nThe consolidated financial statements have been prepared on a historical cost basis, except for financial instruments measured at fair value
\nthrough profit or loss. Given the development status of the Group\u2019s assets, management do not consider sustainability and climate change as key risks
\nrequiring significant judgement for the Year. The Group has prepared sustainability disclosures on pages 20 to 31 in line with the requirements set out
\nin the UK Listing Rules to the extent relevant for a Group without producing assets.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag232": {
"value": "\nThe Financial Statements of the Company and its subsidiaries (the \u201cGroup\u201d) are prepared in accordance with International Financial Reporting
\nStandards (\u201cIFRS\u201d) (IFRS and IFRIC Interpretations) issued by the International Accounting Standards Board (\u201cIASB\u201d), as adopted by the European
\nUnion.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag235": {
"value": "\nGoing Concern
\nAs at 30 June 2024, the Group had total cash of US$0.1 million prior to the announcement, on 1 July 2024, of a US$10 million financing with
\nEcora Resources plc comprising US$1.5 million of equity and US$8.5 million proceeds for a 0.85% gross revenue royalty over future sales from
\nthe Phalaborwa project. Following receipt of these funds, after associated costs, the Group has available cash resources of US$9.7 million.
\n
\nThe Directors have reviewed a range of potential cash flow forecasts for the period to 31 December 2025, including reasonable possible downside
\nscenarios. This has included the following assumptions:
\n
\nCorporate
\nThe forecast includes US$3.6 million of ongoing general and administrative costs of the Group over the 18-month period from 1 July 2024
\nto 31 December 2025 (the \u201cPeriod\u201d), based on the current administrative costs of the Group. This includes US$0.2 million in respect of pursuing
\nnew business opportunities, which will cover only the initial low cost test work at the opportunities identified to date including the opportunity
\nwith Mosaic in Brazil.
\n
\nThe Directors\u2019 reasonably plausible downside scenario includes a 10% contingency for unexpected costs plus a further US$0.25 million per annum
\nfor business development costs. Corporate cost includes costs incurred in British Pounds at an exchange rate of \u00a31:US$1.25 and South African Rand
\nat an exchange rate of US$1:ZAR18.5. The Directors\u2019 reasonably plausible downside scenario includes an adjustment to reflect a higher US Dollar cost
\nbased on an exchange rate of \u00a31:US$1.35 and US$1:ZAR17.5.
\n
\nPhalaborwa Project
\nThe forecast includes all costs anticipated for the completion of the Phalaborwa DFS, estimated at US$4.8 million, inclusive of a 10% contingency.
\nThis includes all costs associated with the ongoing test work campaigns, including separation test work, ongoing costs associated with the DFS,
\nexpected to be completed in 2025, and costs associated with the ongoing permitting process.
\n
\nThe forecast also includes salary and consultant costs of US$0.9 million for the core project team tasked with advancing the project. The Directors\u2019
\nreasonably plausible downside scenario includes a further 10% contingency on all costs associated with the Phalaborwa project. Phalaborwa project
\ncosts include costs incurred in South African Rand at an exchange rate of US$1:ZAR18.5. The Directors\u2019 reasonably plausible downside scenario
\nincludes an adjustment to reflect a higher US Dollar cost based on an exchange rate of US$1:ZAR17.5.
\n
\nThe forecast does not include costs related to a formal financing process for the Phalaborwa project, or any costs associated with the management
\nof the gypsum stacks, which will be transferred from Bosveld Phosphates (Pty) Limited to the Group under the Phalaborwa co-development
\nagreement at the Group\u2019s election. The co-development agreement includes an option for the Group to obtain 100% of Phalaborwa via the issue
\nto Bosveld of 38,873,663 new ordinary shares at any time up to 31 December 2025. It is expected that the assets relating to Phalaborwa will be
\ntransferred to the Group prior to the exercise of this option. The Group does not intend to arrange that transfer or exercise the option until the
\nfunding needs for the management of the gypsum stacks have been defined and funds are available for the ongoing management thereof.
\n
\nUberaba Project
\nAs set out in the operations review the opportunity relating to Mosaic\u2019s phosphogypsum stack in Uberaba, Brazil is considered to present
\nan opportunity to replicate Phalaborwa at a potentially larger scale. At the date of this these financial statements the Group has no commitments in
\nrespect of this project. Low-cost test work is expected to continue in the short term. A detailed budget to deliver a preliminary economic assessment,
\nas anticipated in the agreement with Mosaic, is not yet available and will need to be agreed with Mosaic before funds can be committed. It is noted
\nthat the Directors\u2019 reasonably plausible downside scenario would not be sufficient for a preliminary economic assessment to be developed, and
\nfurther funding may be required to allow for the Uberaba opportunity to be de-risked, the timing of which cannot be accurately predicted at this time.
\n
\nGakara Project
\nThe cash flow forecasts assume ongoing care and maintenance costs totalling US$0.6 million, including amounts payable under the FinBank loan
\nfacility in Burundi. The Group has determined that no additional cash outflows beyond the US$0.6 million care and maintenance budget will be
\nincurred on Gakara until the export ban and mining suspension has been lifted. A re-start of operations would be conditional on the Gakara project
\nnot requiring additional financial support from Rainbow Rare Earths Limited at then current rare earth prices.
\n
\n\n\n\n\n\nGoing Concern continued
\nConclusion
\nThe base case forecast includes a total cash outflow over the Period of US$9.9 million. The Directors\u2019 reasonably plausible downside scenario,
\nwhich includes a 10% contingency for corporate costs, fixed costs at Phalaborwa and Gakara costs, together with a further allowance for business
\ndevelopment opportunities and foreign exchange variances, includes a total cash outflow of US$11.2 million.
\n
\nAt 30 June 2024 the Group had US$9.7 million of available cash including the receipt from the fundraising with Ecora announced in July 2024,
\nof which the final US$8.2 million was received in September 2024. The forecast indicates that under all scenarios the Group will need to raise additional
\nfunds before 31 December 2025, the timing of which is dependent primarily on the speed at which the Phalaborwa DFS is completed, which is within
\nthe Directors\u2019 control. In addition, further funds may be required to progress the Uberaba opportunity in Brazil or other new business opportunities.
\n
\nAs a result, the Group is reliant on securing additional funding which is not guaranteed. Based on the above, this indicates the existence
\nof a material uncertainty which may cast significant doubt over the Group\u2019s ability to continue as a going concern and therefore,
\nit may be unable to realise its assets and discharge its liabilities in the ordinary course of business.
\n
\nThe Directors are confident that funding will be secured, based on the Group\u2019s history of successful fundraising. The financial statements
\ndo not include any adjustments that would result if the Group was unable to continue as a going concern.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag257": {
"value": "\nNew and amended standards and interpretations adopted by the Group
\nNo material changes to accounting policies arose as a result of new standards applied by the Group from 1 July 2023.
\n
\nNew standards, interpretations, and amendments not yet effective
\nCertain new accounting standards and interpretations have been published that are not mandatory for 30 June 2024 reporting periods and have
\nnot been early adopted by the Group. These standards include:
\n\u2022 IAS 1 \u2013 Presentation of Financial Statements \u2013 The classification of liabilities as current or non-current basing the classification on contractual
\narrangements at the reporting date. These amendments are effective for periods beginning on or after 1 January 2024.
\n\u2022 Amendments to IFRS 16 - Lease Liability in a Sale and Leaseback. The amendments are effective from 1 January 2024 but may be applied earlier.
\n\u2022 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures \u2013 Supplier Finance Arrangements. Effective date
\nis 1 January 2024.
\n\u2022 Lack of Exchangeability \u2013 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates. The effective date is 1 January 2025.
\n\u2022 Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 Financial Instruments and IFRS 7
\nFinancial Instruments: Disclosures. The effective date is 1 January 2026.
\n\u2022 Annual Improvements to IFRS Accounting Standards \u2013 Amendments to:
\n- IFRS 1 First-time Adoption of International Financial Reporting Standards;
\n- IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7;
\n- IFRS 9 Financial Instruments;
\n- IFRS 10 Consolidated Financial Statements; and
\n- IAS 7 Statement of Cash Flows
\nThe effective date is 1 January 2026.
\n\u2022 IFRS 18 Presentation and Disclosure in Financial Statements. The effective date is 1 January 2027.
\n\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures. The effective date is 1 January 2027.
\n
\nThese amendments are not expected to have a material impact on the Group.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag263": {
"value": "\n
\n\n
\nBasis of consolidation
\nWhere the Company has control over an investee, it is classified as a subsidiary. The Company controls an investee if all three of the following elements
\nare present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those
\nvariable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control.
\n
\nThe consolidated financial statements present the results of the Company and its subsidiaries as if they formed a single entity. Intercompany
\ntransactions and balances between Group companies are therefore eliminated in full.
\n
\nThe results of undertakings acquired or disposed of are consolidated from or to the date when control passes to or from the Group. The results
\nof subsidiaries acquired or disposed of during the year are included in the Consolidated Statement of Comprehensive Income from the date that
\ncontrol commences until the date that control ceases.
\n
\nWhere necessary, adjustments are made to the results of subsidiaries to bring the accounting policies they use into line with those used by the Group.
\n
\n\nNon-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group\u2019s equity. Non-controlling interests
\nconsist of the non-controlling shareholder\u2019s share of changes in equity. The non-controlling interests\u2019 share of losses, where applicable, are attributed
\nto the non-controlling interests irrespective of whether the non-controlling shareholders have a binding obligation and are able to make an additional
\ninvestment to cover the losses. On acquisition of a non-controlling interest, the relevant non-controlling interest share of equity is extinguished and the
\ndifference between the fair value of consideration paid and the relevant carrying value of the non-controlling interest is recorded in retained earnings.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag251": {
"value": "\n
\nBasis of consolidation
\nWhere the Company has control over an investee, it is classified as a subsidiary. The Company controls an investee if all three of the following elements
\nare present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those
\nvariable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control.
\n
\nThe consolidated financial statements present the results of the Company and its subsidiaries as if they formed a single entity. Intercompany
\ntransactions and balances between Group companies are therefore eliminated in full.
\n
\nThe results of undertakings acquired or disposed of are consolidated from or to the date when control passes to or from the Group. The results
\nof subsidiaries acquired or disposed of during the year are included in the Consolidated Statement of Comprehensive Income from the date that
\ncontrol commences until the date that control ceases.
\n
\nWhere necessary, adjustments are made to the results of subsidiaries to bring the accounting policies they use into line with those used by the Group.
\n
\n\nNon-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group\u2019s equity. Non-controlling interests
\nconsist of the non-controlling shareholder\u2019s share of changes in equity. The non-controlling interests\u2019 share of losses, where applicable, are attributed
\nto the non-controlling interests irrespective of whether the non-controlling shareholders have a binding obligation and are able to make an additional
\ninvestment to cover the losses. On acquisition of a non-controlling interest, the relevant non-controlling interest share of equity is extinguished and the
\ndifference between the fair value of consideration paid and the relevant carrying value of the non-controlling interest is recorded in retained earnings.
\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag231": {
"value": "\nNon-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group\u2019s equity. Non-controlling interests
\nconsist of the non-controlling shareholder\u2019s share of changes in equity. The non-controlling interests\u2019 share of losses, where applicable, are attributed
\nto the non-controlling interests irrespective of whether the non-controlling shareholders have a binding obligation and are able to make an additional
\ninvestment to cover the losses. On acquisition of a non-controlling interest, the relevant non-controlling interest share of equity is extinguished and the
\ndifference between the fair value of consideration paid and the relevant carrying value of the non-controlling interest is recorded in retained earnings.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag260": {
"value": "\n
\nForeign currency
\n\nThe consolidated financial statements are presented in US Dollars, which is also the functional currency of the Company and all of its subsidiaries.
\n
\n\n\n\n\n\nThe Group\u2019s strategy is focused on developing an ethical supply chain for rare earth elements from secondary sources, with its principal project
\nbased in South Africa and a global pipeline of earlier stage opportunities being developed. All such opportunities will ultimately generate revenue
\nin US Dollars, which is the currency in which rare earth elements are traded internationally. All support services are charged between Group
\ncompanies in US Dollars. The Group is funded by various financial liabilities which are principally denominated in US Dollars and shareholder equity.
\n
\nTransactions in foreign currencies are translated to the functional currency of the Group entity at the rates of exchange prevailing on the dates of
\nthe transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated to the functional
\ncurrency at the rates prevailing on the reporting date. Exchange differences on all transactions are recognised in the consolidated statement of
\ncomprehensive income in the year in which they arise.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag259": {
"value": "\nThe consolidated financial statements are presented in US Dollars, which is also the functional currency of the Company and all of its subsidiaries.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag273": {
"value": "\nRevenue recognition
\nThe Group plans to produce and sell separated rare earth oxides from the Phalaborwa project in South Africa and other secondary rare earth sources
\nvia a mixture of long term off-take contracts and spot sales to global customers. The Group\u2019s Gakara project in Burundi produces a mixed rare earth
\nmineral concentrate which was previously sold under a long-term offtake contract with ThyssenKrupp Metallurgical Products GmbH.
\n
\nRevenue is recognised on transfer of control of the relevant rare earth product, which can occur at the project site, at a port in transit to the customers
\npremises or at the customers premises.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag255": {
"value": "\nRare earth exploration and evaluation assets
\nAll exploration and evaluation costs incurred are accumulated in respect of each identifiable project area. Costs which are classified as intangible
\nfixed assets are only carried forward to the extent that they are expected to be recovered through the successful development of the area or where
\nactivities in the area have not yet reached a stage which permits reasonable assessment as to whether the deposit is commercially viable and
\ntechnically feasible for extraction. Costs associated with exploration and evaluation include costs related to trial mining and processing when such
\nactivity is focused on improving the understanding of the ore body. Such costs include the cost of mining, processing and sales costs for concentrate
\nproduced as a result of trial mining activities, excluding any costs associated with year-end inventory.
\n
\nCosts incurred prior to the legal right to a mineral project being obtained are written off immediately. Accumulated cost in relation to an abandoned
\narea are written off in full to the statement of comprehensive income in the year in which the decision to abandon the area is made.
\n
\nExploration and evaluation assets associated with an identifiable project area are transferred from intangible fixed assets to tangible fixed assets
\nas \u201cproject development costs\u201d when the commercial viability and technical feasibility of extracting the deposit has been established. This includes
\nconsideration of a variety of factors such as whether the requisite permits have been awarded, whether funding required for development is
\nsufficiently certain of being secured, whether an appropriate project development plan is established and the results of exploration and evaluation
\ndata including internal and external assessments.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag239": {
"value": "\n
\nProperty, plant and equipment
\nProperty, plant and equipment consists of plant and machinery, project development costs, motor vehicles, computer equipment, and office furniture
\nand fittings.
\n
\nProperty, plant and equipment is initially recognised at cost and subsequently stated at cost less accumulated depreciation and any impairment.
\nThe cost of acquisition is the purchase price and any directly attributable costs of acquisition or construction required to bring the asset to the
\nlocation and condition necessary for the asset to be capable of operating in the manner intended by management.
\n
\nThe Group assesses the stage of a development project to determine when it has reached commercial production, at which point the relevant assets
\nbegin to be depreciated. The criteria used to assess the date at which commercial production is achieved, being the point at which the project is ready
\nfor its intended use and operating in the manner intended by management, include completion of a reasonable period of testing, the ability to sustain
\ncommercial levels of production, and engineering sign off on the plant performance. In the case of new project sites, commercial production is
\ndeemed to have been met when the site has received all necessary permits and approvals (including a certificate of environmental conformity)
\nand is in operation. Prior to this period, any costs associated with the project site are capitalised.
\n
\n\nDepreciation
\nProperty, plant and equipment is depreciated on a straight-line basis over the estimated useful life of the asset. Residual values and useful lives
\nare reviewed on an annual basis and changes are accounted for over the remaining lives.
\n
\nThe applicable depreciation rates are as follows:
\n
\n\n
\n\n\n| Description | \nUseful life | \n\n
\n\n| Plant, machinery, and mine infrastructure | \n5 years | \n\n
\n\n| Vehicles | \n5 years | \n\n
\n\n| Computer equipment | \n3 years | \n\n
\n\n| Office furniture and fittings | \n7 years | \n\n
\n\n\n\n
\n\n
\nDepreciation incurred on equipment used in exploration is capitalised to exploration and evaluation costs.
\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag229": {
"value": "\nDepreciation
\nProperty, plant and equipment is depreciated on a straight-line basis over the estimated useful life of the asset. Residual values and useful lives
\nare reviewed on an annual basis and changes are accounted for over the remaining lives.
\n
\nThe applicable depreciation rates are as follows:
\n
\n\n
\n\n\n| Description | \nUseful life | \n\n
\n\n| Plant, machinery, and mine infrastructure | \n5 years | \n\n
\n\n| Vehicles | \n5 years | \n\n
\n\n| Computer equipment | \n3 years | \n\n
\n\n| Office furniture and fittings | \n7 years | \n\n
\n\n\n\n
\n\n
\nDepreciation incurred on equipment used in exploration is capitalised to exploration and evaluation costs.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag250": {
"value": "\n
\n\nImpairment of non-financial assets including exploration and evaluation assets
\nExploration and evaluation assets are reviewed regularly for indicators of impairment following the guidance in IFRS 6 \u201cExploration for and Evaluation
\nof Mineral Resources\u201d and tested for impairment where such indicators exist. In addition, these assets are tested for impairment prior to transfer
\nto project development costs. In accordance with IFRS 6 the Group considers the following facts and circumstances in their assessment of whether
\nthe Group\u2019s exploration and evaluation assets may be impaired:
\n\u2022 whether the period for which the Group has the right to explore in a specific area has expired during the period or will expire in the near future,
\nand is not expected to be renewed;
\n\u2022 whether substantive expenditure on further exploration for and evaluation of mineral resources in a specific area is neither budgeted nor planned;
\n\u2022 whether exploration for and evaluation of reserves in a specific area have not led to the discovery of commercially viable quantities of mineable
\nmaterial and the Group has decided to discontinue such activities in the specific area; and
\n\u2022 whether sufficient data exists to indicate that although a development in a specific area is likely to proceed, the carrying amount of the exploration
\nand evaluation assets is unlikely to be recovered in full from successful development or by sale.
\n
\nIf any such facts or circumstances are noted, the Group performs an impairment test in accordance with the provisions of IAS 36. In such
\ncircumstances the aggregate carrying value of the exploration and evaluation asset, together with any associated property, plant and equipment held
\nwithin the relevant cash generating unit, is compared against the expected recoverable amount of the cash generating unit. The recoverable amount
\nis the higher of value in use and the fair value less costs to sell.
\n
\nWhere the carrying amount of an asset or cash generating unit exceeds its recoverable amount, the asset or cash generating unit is considered
\nimpaired and is written down to its recoverable amount. Impairment losses are recognised in the Income Statement. Impairment losses recognised
\nfor cash generation are recognised against goodwill (if any) and then to identifiable assets on a pro-rata basis.
\n
\nA previously recognised impairment loss is reversed if the recoverable amount increases as a result of a reversal of the conditions that originally
\nresulted in the impairment. This reversal is recognised in the Income Statement and is limited to the carrying amount that would have been
\ndetermined, net of depreciation, had no impairment loss been recognised in prior years.
\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag228": {
"value": "\nImpairment of non-financial assets including exploration and evaluation assets
\nExploration and evaluation assets are reviewed regularly for indicators of impairment following the guidance in IFRS 6 \u201cExploration for and Evaluation
\nof Mineral Resources\u201d and tested for impairment where such indicators exist. In addition, these assets are tested for impairment prior to transfer
\nto project development costs. In accordance with IFRS 6 the Group considers the following facts and circumstances in their assessment of whether
\nthe Group\u2019s exploration and evaluation assets may be impaired:
\n\u2022 whether the period for which the Group has the right to explore in a specific area has expired during the period or will expire in the near future,
\nand is not expected to be renewed;
\n\u2022 whether substantive expenditure on further exploration for and evaluation of mineral resources in a specific area is neither budgeted nor planned;
\n\u2022 whether exploration for and evaluation of reserves in a specific area have not led to the discovery of commercially viable quantities of mineable
\nmaterial and the Group has decided to discontinue such activities in the specific area; and
\n\u2022 whether sufficient data exists to indicate that although a development in a specific area is likely to proceed, the carrying amount of the exploration
\nand evaluation assets is unlikely to be recovered in full from successful development or by sale.
\n
\nIf any such facts or circumstances are noted, the Group performs an impairment test in accordance with the provisions of IAS 36. In such
\ncircumstances the aggregate carrying value of the exploration and evaluation asset, together with any associated property, plant and equipment held
\nwithin the relevant cash generating unit, is compared against the expected recoverable amount of the cash generating unit. The recoverable amount
\nis the higher of value in use and the fair value less costs to sell.
\n
\nWhere the carrying amount of an asset or cash generating unit exceeds its recoverable amount, the asset or cash generating unit is considered
\nimpaired and is written down to its recoverable amount. Impairment losses are recognised in the Income Statement. Impairment losses recognised
\nfor cash generation are recognised against goodwill (if any) and then to identifiable assets on a pro-rata basis.
\n
\nA previously recognised impairment loss is reversed if the recoverable amount increases as a result of a reversal of the conditions that originally
\nresulted in the impairment. This reversal is recognised in the Income Statement and is limited to the carrying amount that would have been
\ndetermined, net of depreciation, had no impairment loss been recognised in prior years.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag238": {
"value": "\nLeases
\nAt inception the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control
\nthe use of an identified asset, for a period of time, in exchange for consideration. To assess whether a contract conveys the right to control the use of
\nan identified asset, the Group assesses whether:
\n\u2022 the contract involves the use of an identified asset. This may be specified explicitly or implicitly and should be physically distinct or represent
\nsubstantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified;
\n\u2022 the Group has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use; and
\n\u2022 the Group has the right to direct the use of the asset. The Group has the right when it has the decision-making rights that are most relevant
\nto changing how and for what purposes the asset is used. In rare cases where the decision about how and for what purpose the assets is used
\nis predetermined, the Group has the right to direct the use of the asset if either:
\n- the Group has the right to operate the asset; or
\n- the Group designed the asset in a way that predetermines how and for what purpose it will be used.
\n
\nAt inception or on reassessment of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease
\ncomponent on the basis of their relative stand-alone prices.
\n
\nThe right-of-use asset is initially measured at the present value of the remaining lease payments, discounted using the incremental borrowing rate.
\n
\nThe right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term.
\nIn addition, impairment indictors for the right-of-use asset are assessed annually and will be adjusted for certain remeasurements of the lease liability.
\n
\nThe lease liability is initially measured at the present value of the remaining lease payments, discounted using the incremental borrowing rate.
\nThe liability is subsequently measured at amortised cost using the effective interest method. Lease payments are apportioned between the finance
\ncharges and reduction of the lease liability using the incremental borrowing rate implicit in the lease to achieve a constant rate of interest on the
\nremaining balance of the liability.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag245": {
"value": "\nEnvironmental rehabilitation costs
\nAn obligation to incur restoration, rehabilitation and environmental costs arises when environmental disturbance is caused by the development
\nor ongoing production of a project. Such costs arising from the decommissioning of plant and other site preparation work, discounted to their net
\npresent values, are provided for in full as soon as the obligation to incur such costs arises and can be quantified. On recognition of a provision, an
\naddition is made to tangible or intangible fixed assets of the same amount. Upon commercial production this addition is then charged against profits
\nover the life of the project. Closure provisions are updated annually for changes in cost estimates as well as for changes to the anticipated life of the
\nproject, with the resulting adjustments made to both the provision balance and the net book value of the associated non-current asset.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag241": {
"value": "\nInventory
\nStockpiles of ore (including but not limited to Run of Mine (\u201cRoM\u201d) ore (where applicable), pre-shipment rare earth finished or partially processed
\nproduct stockpiles, or rare earth products in transit but not yet sold) are valued at the lower of historic cost and net realisable value. Historic cost
\nis based on an allocation of all relevant costs incurred in bringing the stockpiles to their present condition at the period end (including as appropriate
\nmining or reclamation costs, processing costs and transportation costs). Realisable value is based on an estimate of selling price less applicable
\nfurther costs to be incurred to the point of revenue recognition (including as appropriate further expected processing costs, shipment costs, royalties,
\nand other fees to be incurred in the course of the sales process). Inventory stockpile costs do not include an allocation of support costs.
\n
\nInventory spares (including tools, parts for equipment, and stocks of consumables) are also valued at the lower of historic cost and realisable value,
\nwhere material. Spares are reviewed at each period end for obsolescence, with provisions applied to those stock lines where realisable value is
\nconsidered to be lower than historic cost.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag246": {
"value": "\n
\nTaxation
\nCurrent tax is based on the estimated taxable profit for the period. Taxable profit differs from net profit as reported in the income statement because
\nit excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.
\nIn Burundi, when no taxable profit arises, current tax includes a minimum tax charge calculated as 1% of revenue.
\n
\n\nDeferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities for financial
\nreporting purposes and the corresponding tax bases used in the computation of taxable profit. It is accounted for using the balance sheet liability
\nmethod. Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is
\nprobable that taxable profits will be available against which deductible temporary differences can be utilised. The carrying amount of deferred tax
\nassets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available
\nto allow all or part of the asset to be recovered.
\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag256": {
"value": "\nDeferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities for financial
\nreporting purposes and the corresponding tax bases used in the computation of taxable profit. It is accounted for using the balance sheet liability
\nmethod. Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is
\nprobable that taxable profits will be available against which deductible temporary differences can be utilised. The carrying amount of deferred tax
\nassets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available
\nto allow all or part of the asset to be recovered.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag234": {
"value": "\n
\nFinancial instruments
\nFinancial assets and financial liabilities are recognised on the statement of financial position when the Group becomes a party to the contractual
\nprovisions of the instrument.
\n
\n\n
\n
\n- Financial assets
\n\nCash and cash equivalents comprise cash held by the Group and short-term bank deposits with a maturity of three months or less.
\n
\n\n\n\n\n\n
\n\nTrade and other receivables, to the extent they represent financial assets, are measured at initial recognition at fair value and are subsequently
\nmeasured at amortised cost using the effective interest method. A provision is established when there is objective evidence that the Group will
\nnot be able to collect all amounts due.
\n
\n\n\n\n\n\n
\nIn applying the general model, the Group monitors on a forward-looking basis the expected credit loss, defined as the difference between the
\ncontractual cash flows and the cash flows that are expected to be received, associated with its assets carried at amortised cost. The impairment
\nmethodology applied depends on whether there has been a significant increase in credit risk. For trade receivables only, the simplified approach
\npermitted by IFRS 9 is applied, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
\n
\nLosses are recognised in the income statement. When a subsequent event causes the amount of impairment loss to decrease, the decrease
\nin impairment loss is reversed through the income statement.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\nFinancial instruments continued
\n\n
\n- Financial liabilities
\n\n
\n\nLoans, borrowings and trade and other payables are initially measured at fair value and are subsequently measured at amortised cost using
\nthe effective interest rate method. They are classified as current liabilities unless the Company has an unconditional right to defer settlement
\nof the liability for at least 12 months after the statement of financial position date.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\nA financial liability is removed from the balance sheet when it is extinguished, being when the obligation is discharged, cancelled, or expired.
\nOn extinguishment of a financial liability, any difference between the carrying amount of the liability and the consideration paid, including any
\nnon-cash assets transferred or liabilities assumed, is recognised in profit or loss. A modification or exchange of a financial liability is either
\naccounted for as an extinguishment of the original financial liability or a renegotiation of the original financial liability. An extinguishment or
\nsubstantial modification of a financial liability results in de-recognition of the original financial liability and any unamortised transaction costs
\nassociated with the original financial liability are immediately expensed to the profit and loss account. Where the change in the terms of the
\nmodified financial liability is not substantial, it is accounted for as a modification of the original liability, with the modified financial liability measured
\nat amortised cost using the original effective interest rate. To determine whether the terms of the modified liability are substantially different from
\nthose of the original one, a qualitative assessment is performed. If it is not already clear from a qualitative assessment that a modification has
\nresulted in a substantial change, then a quantitative assessment is performed. This includes consideration whether the discounted present value
\nof the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate,
\nis at least 10% different from the discounted present value of the remaining cash flows of the original financial liability.
\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag267": {
"value": "\n
\n
\n- Financial assets
\n\nCash and cash equivalents comprise cash held by the Group and short-term bank deposits with a maturity of three months or less.
\n
\n\n\n\n\n\n
\n\nTrade and other receivables, to the extent they represent financial assets, are measured at initial recognition at fair value and are subsequently
\nmeasured at amortised cost using the effective interest method. A provision is established when there is objective evidence that the Group will
\nnot be able to collect all amounts due.
\n
\n\n\n\n\n\n
\nIn applying the general model, the Group monitors on a forward-looking basis the expected credit loss, defined as the difference between the
\ncontractual cash flows and the cash flows that are expected to be received, associated with its assets carried at amortised cost. The impairment
\nmethodology applied depends on whether there has been a significant increase in credit risk. For trade receivables only, the simplified approach
\npermitted by IFRS 9 is applied, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
\n
\nLosses are recognised in the income statement. When a subsequent event causes the amount of impairment loss to decrease, the decrease
\nin impairment loss is reversed through the income statement.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag249": {
"value": "\nCash and cash equivalents comprise cash held by the Group and short-term bank deposits with a maturity of three months or less.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag233": {
"value": "\nTrade and other receivables, to the extent they represent financial assets, are measured at initial recognition at fair value and are subsequently
\nmeasured at amortised cost using the effective interest method. A provision is established when there is objective evidence that the Group will
\nnot be able to collect all amounts due.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag270": {
"value": "\n
\n- Financial liabilities
\n\n
\n\nLoans, borrowings and trade and other payables are initially measured at fair value and are subsequently measured at amortised cost using
\nthe effective interest rate method. They are classified as current liabilities unless the Company has an unconditional right to defer settlement
\nof the liability for at least 12 months after the statement of financial position date.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\nA financial liability is removed from the balance sheet when it is extinguished, being when the obligation is discharged, cancelled, or expired.
\nOn extinguishment of a financial liability, any difference between the carrying amount of the liability and the consideration paid, including any
\nnon-cash assets transferred or liabilities assumed, is recognised in profit or loss. A modification or exchange of a financial liability is either
\naccounted for as an extinguishment of the original financial liability or a renegotiation of the original financial liability. An extinguishment or
\nsubstantial modification of a financial liability results in de-recognition of the original financial liability and any unamortised transaction costs
\nassociated with the original financial liability are immediately expensed to the profit and loss account. Where the change in the terms of the
\nmodified financial liability is not substantial, it is accounted for as a modification of the original liability, with the modified financial liability measured
\nat amortised cost using the original effective interest rate. To determine whether the terms of the modified liability are substantially different from
\nthose of the original one, a qualitative assessment is performed. If it is not already clear from a qualitative assessment that a modification has
\nresulted in a substantial change, then a quantitative assessment is performed. This includes consideration whether the discounted present value
\nof the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate,
\nis at least 10% different from the discounted present value of the remaining cash flows of the original financial liability.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag264": {
"value": "\n
\n\nLoans, borrowings and trade and other payables are initially measured at fair value and are subsequently measured at amortised cost using
\nthe effective interest rate method. They are classified as current liabilities unless the Company has an unconditional right to defer settlement
\nof the liability for at least 12 months after the statement of financial position date.
\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag269": {
"value": "\nLoans, borrowings and trade and other payables are initially measured at fair value and are subsequently measured at amortised cost using
\nthe effective interest rate method. They are classified as current liabilities unless the Company has an unconditional right to defer settlement
\nof the liability for at least 12 months after the statement of financial position date.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag254": {
"value": "\nShare capital
\nOrdinary shares are classified as equity and are recorded at the proceeds received, net of any direct issue costs.
\nThe nature of the Company\u2019s reserves is set out in note 23.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag240": {
"value": "\nShare options
\nEquity-settled share-based payments to employees and Directors are initially measured at the fair value of the equity instrument. The fair value
\nof the equity-settled transactions with employees and Directors is recognised as an expense over the vesting period. The fair values of the equity
\ninstruments are determined at the date of grant, considering market-based vesting conditions.
\n
\nThe fair values of share options or restricted stock units (\u201cRSUs\u201d) are measured at fair value at the date of grant. Where the share options only contain
\nservice conditions or non-market conditions and the options are issued with a relevant strike price, a Black\u2013Scholes model is used. Where the share
\noptions or RSUs contain market conditions, a Monte Carlo simulation model is used and reflected in the fair value of the options or RSUs granted.
\nWhere the share options or RSUs contain no market conditions and do not include a strike price, the fair value is assessed by reference to the share
\nprice on the date of issue. Details of the assumptions used are included in note 22 Share Options and Warrants.
\n
\nThe expected life used in the models is adjusted, based on management\u2019s best estimate of the effects of non-transferability, exercise restrictions
\nand behavioural considerations. For RSUs, shares are automatically issued on vesting of the relevant tranche.
\n
\nThe cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance
\nand/or service conditions are fulfilled, ending on the date on which the relevant employees (or other beneficiaries) become fully entitled to the award
\n(the \u201cvesting date\u201d).
\n
\nThe cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which
\nthe vesting period has expired and the Company\u2019s best estimate of the number of equity instruments that will ultimately vest.
\n
\nThe income statement charge or credit for a period represents the movement in cumulative expense recognised as at the beginning
\nand end of that period.
\n
\nNo expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition, which are
\ntreated as vesting irrespective of whether the market condition is satisfied, provided that all other performance and/or service conditions are satisfied.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag274": {
"value": "\nWarrants
\nWarrants issued are recognised at fair value at the date of grant. The fair value is measured using the Black-Scholes model. Where warrants are issued
\nin respect of services provided, the fair value is expensed on a straight-line basis over the vesting period (if applicable). Where warrants are considered
\nto represent a transaction cost attributable to a liability recorded at amortised cost, the fair value is deducted from the liability and amortised
\nsubsequently through the effective interest rate. Where a fixed number of warrants are issued, and the exercise price is in the functional currency of the
\nissuer, the warrant fair value is credited to equity. Where the number of warrants is fixed but the exercise price is in a currency other than the functional
\ncurrency of the issuer, the instrument fails the \u201cfixed-for-fixed\u201d criteria and is recognised as a financial liability at fair value through profit and loss.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag258": {
"value": "\n
\n3. ACCOUNTING JUDGMENTS AND ESTIMATIONS
\n
\nThe preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect
\nthe application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based
\non historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis
\nof making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ
\nfrom these estimates.
\n
\n\nThe estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period
\nin which the estimate is revised if the revision affects both current and future periods. Key sources of judgment and estimation uncertainty are:
\n
\nAccounting treatment of exploration and evaluation costs
\nSignificant accounting judgement
\nJudgment was required in determining how to treat costs incurred during the Year for the Group\u2019s development projects in South Africa and Burundi.
\nFor the Phalaborwa asset, management note that the project is based on a JORC compliant mineral resource estimate contained within gypsum
\nstacks at the Phalaborwa site. The Group has an 85% economic interest in the project. Accordingly, all costs associated with defining the technical
\nfeasibility and commercial viability of the project are being capitalised under IFRS 6.
\n
\nFor the Gakara asset, management note that the project has been on care and maintenance throughout the Year. Accordingly, none of the costs
\nincurred have been focused on improving the understanding of the ore body, and as such all costs have been recognised in the income statement
\nin the Year.
\n
\nImpairment indicator assessment for exploration and evaluation assets and associated assets (notes 12, 13, 14 and 15)
\nSignificant accounting judgement
\nJudgment was required in determining whether indicators of impairment existed at 30 June 2024 for the Group\u2019s exploration and evaluation assets.
\nThe Board assessed factors including the remaining licence term, the plans for future exploration and the results of activities to date, together with
\nthe strategic plans for the asset against the criteria set out in IFRS 6.
\n
\nPhalaborwa Project
\nFor the Phalaborwa asset management note the PEA released in October 2022 confirmed a processing flow sheet expected to economically extract
\nthe magnet rare earth metals from the gypsum stacks in a low capital and low operating cost environment with strong economic returns. The pilot
\ntest work undertaken in the Year, together with subsequent test work, has confirmed that the rare earth elements are capable of being extracted from
\nthe phosphogypsum and upgraded to produce a saleable mixed rare earth carbonate. Test work is ongoing focused on producing separated rare
\nearth oxides. An updated economic assessment of the project is planned for H2 2024, and it is expected that the definitive feasibility study for
\nPhalaborwa will be completed in 2025. Accordingly, management do not consider there to be any indicators of impairment for the Phalaborwa asset.
\n
\nGakara Project
\nThe assets associated with the Gakara project include both intangible and tangible fixed assets together with cash, mineral concentrate, royalty and
\nVAT receivables and consumables held in stock. The liabilities associated with the Gakara project include a loan, decommissioning, site rehabilitation
\nand environmental costs, tax liabilities and trade payables.
\n
\nThe Gakara project has been suspended from operations by the Government of Burundi since June 2021. An impairment review was undertaken
\nin the year ended 30 June 2023 for the assets associated with the Gakara project following the re-focus of Rainbow\u2019s business on the Phalaborwa
\nasset and growth opportunities from the associated processing technology. The Directors assessed that whilst the re-start of the project was likely
\nthrough ongoing dialogue with the Government of Burundi, they were unable to accurately predict when the operations would be able to re-start and,
\naccordingly, the Gakara cash generating unit was written down to a net asset value of nil in the year ended 30 June 2023. A further impairment review
\nwas carried out in the Year due to management\u2019s assessment of the deteriorating political environment in Burundi. Based on the updated assessment
\nof both the legal and political position in Burundi, the Directors can no longer reasonably assume that the operations at the project will be able to
\nrestart and accordingly all assets associated with the Gakara cash generating unit have been written down to nil with the exception of cash and VAT
\nrecoverable. The VAT recoverable is not considered to be impaired as it is directly related to a recognised liability for VAT payable and, whilst there is
\nno legal right to net settlement, it is expected that the liability will only be settled in a negotiated off-set against the recoverable asset. In making this
\njudgement, the Directors have made the key judgements and estimates detailed below.
\n
\nCarrying value of Gakara tangible and intangible assets (notes 12 and 13)
\nSignificant accounting judgement
\nThe impairment review of the intangible and tangible fixed assets associated with the Gakara project required an estimate of the value in use and fair
\nvalue less costs to sell for the assets. In making this decision, the Directors were unable to assign any value for the potential sale of the project or the
\nseparate sale of the tangible fixed assets associated with the project given the nature of the situation, which is subject to political constraints not in
\naccordance with Burundi law. Accordingly, the intangible and tangible fixed assets were fully impaired at 30 June 2023 in accordance with IAS 36.
\nA change in the situation in Burundi could allow the operations to restart in the future or permit the sale of the project to a third party, which could
\nallow the impairment to be fully or partially reversed.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n3. ACCOUNTING JUDGMENTS AND ESTIMATIONS CONTINUED
\n
\n\nValuation of available for sale mineral concentrate (note 14)
\nSignificant accounting estimate
\nGakara has 421 tonnes of available for sale mineral concentrate which has remained at the processing facility since the suspension of activities
\nin June 2021. This concentrate cannot be sold due to an export ban imposed by the Government of Burundi. Management notes that negotiations
\nwith the Government of Burundi since the export ban was imposed, including substantive talks in 2024, have not resolved the situation. Due to the
\nactions of the Government of Burundi, which have not been in accordance with the legally binding mining convention in place, management are
\nno longer able to assess that it can be reasonably assumed that the current export ban will be lifted in due course. Accordingly, at 30 June 2024
\nthe value of the available for sale mineral concentrate has been fully impaired. A change in the situation in Burundi could allow the concentrate
\nto be sold in the future or permit the sale of the project to a third party, which could allow the impairment to be fully or partially reversed.
\n
\nRecoverability of royalty receivable (note 15)
\nSignificant accounting estimate
\nRainbow Mining Burundi SM (\u201cRMB\u201d) has historically overpaid royalties arising from the sale of rare earth concentrate. Whilst the Government has
\naccepted in writing that the overpaid royalties are recoverable, no repayment has been received to date. The Directors have made a judgement that
\nthe royalty receivable is unlikely to be recovered in the near term due to the political situation in Burundi. Given the significant uncertainty of the timing
\nand quantum of any future recovery the asset was fully impaired at 30 June 2023. Future recovery may differ from management\u2019s best estimate.
\n
\nDecommissioning, site rehabilitation and environmental costs (note 20)
\nSignificant accounting estimate
\nThe Group\u2019s mining and exploration activities are subject to various laws and regulations governing the protection of the environment. Estimation
\nand experience are used in determining the expected timing, closure, and decommissioning methods, which can vary in response to changes
\nin the relevant legal requirements or decommissioning technologies.
\n
\nNo provision was recorded for the Group\u2019s Phalaborwa project as the Group has not yet acquired a beneficial interest in the land associated
\nwith the site and on-site activities have not yet commenced. At 30 June 2024 the obligation for restoration of historical environmental liabilities
\nassociated with the site legally and contractually remain with the previous owners of the site.
\n
\nThe discounted provision recognised for the Group\u2019s Gakara project represents management\u2019s best estimate of the rehabilitation costs that
\nwill be incurred, discounted from the period in which they are judged to be incurred. Actual costs incurred in future periods could differ materially
\nfrom the estimates. Additionally, future changes to environmental laws and regulations, life of mine estimates and discount rates could affect
\nthe carrying amount of this provision.
\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag266": {
"value": "\nThe estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period
\nin which the estimate is revised if the revision affects both current and future periods. Key sources of judgment and estimation uncertainty are:
\n
\nAccounting treatment of exploration and evaluation costs
\nSignificant accounting judgement
\nJudgment was required in determining how to treat costs incurred during the Year for the Group\u2019s development projects in South Africa and Burundi.
\nFor the Phalaborwa asset, management note that the project is based on a JORC compliant mineral resource estimate contained within gypsum
\nstacks at the Phalaborwa site. The Group has an 85% economic interest in the project. Accordingly, all costs associated with defining the technical
\nfeasibility and commercial viability of the project are being capitalised under IFRS 6.
\n
\nFor the Gakara asset, management note that the project has been on care and maintenance throughout the Year. Accordingly, none of the costs
\nincurred have been focused on improving the understanding of the ore body, and as such all costs have been recognised in the income statement
\nin the Year.
\n
\nImpairment indicator assessment for exploration and evaluation assets and associated assets (notes 12, 13, 14 and 15)
\nSignificant accounting judgement
\nJudgment was required in determining whether indicators of impairment existed at 30 June 2024 for the Group\u2019s exploration and evaluation assets.
\nThe Board assessed factors including the remaining licence term, the plans for future exploration and the results of activities to date, together with
\nthe strategic plans for the asset against the criteria set out in IFRS 6.
\n
\nPhalaborwa Project
\nFor the Phalaborwa asset management note the PEA released in October 2022 confirmed a processing flow sheet expected to economically extract
\nthe magnet rare earth metals from the gypsum stacks in a low capital and low operating cost environment with strong economic returns. The pilot
\ntest work undertaken in the Year, together with subsequent test work, has confirmed that the rare earth elements are capable of being extracted from
\nthe phosphogypsum and upgraded to produce a saleable mixed rare earth carbonate. Test work is ongoing focused on producing separated rare
\nearth oxides. An updated economic assessment of the project is planned for H2 2024, and it is expected that the definitive feasibility study for
\nPhalaborwa will be completed in 2025. Accordingly, management do not consider there to be any indicators of impairment for the Phalaborwa asset.
\n
\nGakara Project
\nThe assets associated with the Gakara project include both intangible and tangible fixed assets together with cash, mineral concentrate, royalty and
\nVAT receivables and consumables held in stock. The liabilities associated with the Gakara project include a loan, decommissioning, site rehabilitation
\nand environmental costs, tax liabilities and trade payables.
\n
\nThe Gakara project has been suspended from operations by the Government of Burundi since June 2021. An impairment review was undertaken
\nin the year ended 30 June 2023 for the assets associated with the Gakara project following the re-focus of Rainbow\u2019s business on the Phalaborwa
\nasset and growth opportunities from the associated processing technology. The Directors assessed that whilst the re-start of the project was likely
\nthrough ongoing dialogue with the Government of Burundi, they were unable to accurately predict when the operations would be able to re-start and,
\naccordingly, the Gakara cash generating unit was written down to a net asset value of nil in the year ended 30 June 2023. A further impairment review
\nwas carried out in the Year due to management\u2019s assessment of the deteriorating political environment in Burundi. Based on the updated assessment
\nof both the legal and political position in Burundi, the Directors can no longer reasonably assume that the operations at the project will be able to
\nrestart and accordingly all assets associated with the Gakara cash generating unit have been written down to nil with the exception of cash and VAT
\nrecoverable. The VAT recoverable is not considered to be impaired as it is directly related to a recognised liability for VAT payable and, whilst there is
\nno legal right to net settlement, it is expected that the liability will only be settled in a negotiated off-set against the recoverable asset. In making this
\njudgement, the Directors have made the key judgements and estimates detailed below.
\n
\nCarrying value of Gakara tangible and intangible assets (notes 12 and 13)
\nSignificant accounting judgement
\nThe impairment review of the intangible and tangible fixed assets associated with the Gakara project required an estimate of the value in use and fair
\nvalue less costs to sell for the assets. In making this decision, the Directors were unable to assign any value for the potential sale of the project or the
\nseparate sale of the tangible fixed assets associated with the project given the nature of the situation, which is subject to political constraints not in
\naccordance with Burundi law. Accordingly, the intangible and tangible fixed assets were fully impaired at 30 June 2023 in accordance with IAS 36.
\nA change in the situation in Burundi could allow the operations to restart in the future or permit the sale of the project to a third party, which could
\nallow the impairment to be fully or partially reversed.
\n
\n\n\n\n\n\nValuation of available for sale mineral concentrate (note 14)
\nSignificant accounting estimate
\nGakara has 421 tonnes of available for sale mineral concentrate which has remained at the processing facility since the suspension of activities
\nin June 2021. This concentrate cannot be sold due to an export ban imposed by the Government of Burundi. Management notes that negotiations
\nwith the Government of Burundi since the export ban was imposed, including substantive talks in 2024, have not resolved the situation. Due to the
\nactions of the Government of Burundi, which have not been in accordance with the legally binding mining convention in place, management are
\nno longer able to assess that it can be reasonably assumed that the current export ban will be lifted in due course. Accordingly, at 30 June 2024
\nthe value of the available for sale mineral concentrate has been fully impaired. A change in the situation in Burundi could allow the concentrate
\nto be sold in the future or permit the sale of the project to a third party, which could allow the impairment to be fully or partially reversed.
\n
\nRecoverability of royalty receivable (note 15)
\nSignificant accounting estimate
\nRainbow Mining Burundi SM (\u201cRMB\u201d) has historically overpaid royalties arising from the sale of rare earth concentrate. Whilst the Government has
\naccepted in writing that the overpaid royalties are recoverable, no repayment has been received to date. The Directors have made a judgement that
\nthe royalty receivable is unlikely to be recovered in the near term due to the political situation in Burundi. Given the significant uncertainty of the timing
\nand quantum of any future recovery the asset was fully impaired at 30 June 2023. Future recovery may differ from management\u2019s best estimate.
\n
\nDecommissioning, site rehabilitation and environmental costs (note 20)
\nSignificant accounting estimate
\nThe Group\u2019s mining and exploration activities are subject to various laws and regulations governing the protection of the environment. Estimation
\nand experience are used in determining the expected timing, closure, and decommissioning methods, which can vary in response to changes
\nin the relevant legal requirements or decommissioning technologies.
\n
\nNo provision was recorded for the Group\u2019s Phalaborwa project as the Group has not yet acquired a beneficial interest in the land associated
\nwith the site and on-site activities have not yet commenced. At 30 June 2024 the obligation for restoration of historical environmental liabilities
\nassociated with the site legally and contractually remain with the previous owners of the site.
\n
\nThe discounted provision recognised for the Group\u2019s Gakara project represents management\u2019s best estimate of the rehabilitation costs that
\nwill be incurred, discounted from the period in which they are judged to be incurred. Actual costs incurred in future periods could differ materially
\nfrom the estimates. Additionally, future changes to environmental laws and regulations, life of mine estimates and discount rates could affect
\nthe carrying amount of this provision.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag244": {
"value": "\n4. LOSS FROM OPERATING ACTIVITIES
\n
\nOperating loss includes:
\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n
\n\n | \n30 June 2024 | \n30 June 2023 | \n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \n\n
\n\n| Employee remuneration (excluding share options) | \n(1,713) | \n(1,517) | \n\n
\n\n| Share-based payment charge | \n(427) | \n(325) | \n\n
\n\n| Audit of the Group financial statements1 | \n(174) | \n(173) | \n\n
\n\n| Depreciation | \n(52) | \n(382) | \n\n
\n\n| Impairment of Gakara assets | \n(717) | \n(9,575) | \n\n
\n\n\n\n
\n\n
\n1. Audit fees include US$180k for the current year and US$6k foreign exchange differences from the prior year.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag288": {
"value": "\n5. SEGMENTAL INFORMATION
\n
\nOperating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker.
\nThe chief operating decision maker has been identified as the Chief Executive Officer. It is considered that the Group has two reportable segments:
\n\u2022 Phalaborwa \u2013 a gypsum stack re-treatment project for the recovery of rare earths in South Africa.
\n\u2022 Gakara \u2013 a rare-earth project in Burundi.
\n
\nUnallocated costs include corporate costs, which are not reported by entity to the Board.
\n
\nYear ended 30 June 2024:
\n\n
\n\n\n | \nPhalaborwa | \nGakara | \nUnallocated | \nTotal | \n\n\n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n\n\n
\n\n| Revenue | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Production and sales costs | \n- | \n- | \n- | \n- | \n\n\n\n\n\n\n
\n\n| Impairment | \n- | \n(717) | \n- | \n(717) | \n\n\n\n\n\n\n
\n\n| Administration expenses | \n- | \n(413) | \n(3,102) | \n(3,515) | \n\n\n\n\n\n\n
\n\n| Depreciation | \n- | \n(21) | \n(31) | \n(52) | \n\n\n\n\n\n\n
\n\n| Loss from operating activities | \n- | \n(1,151) | \n(3,133) | \n(4,284) | \n\n\n\n\n\n\n
\n\n| Finance income | \n- | \n32 | \n109 | \n141 | \n\n\n\n\n\n\n
\n\n| Finance costs | \n- | \n(70) | \n(49) | \n(119) | \n\n\n\n\n\n\n
\n\n| Loss before tax | \n- | \n(1,189) | \n(3,073) | \n(4,262) | \n\n\n\n\n\n\n
\n\n| Income tax expense | \n- | \n- | \n- | \n- | \n\n\n\n\n\n\n
\n\n| Loss after tax | \n- | \n(1,189) | \n(3,073) | \n(4,262) | \n\n\n\n\n\n\n
\n\n| Segmental assets | \n15,716 | \n233 | \n326 | \n16,275 | \n\n\n\n\n\n\n
\n\n| Exploration and evaluation assets | \n15,716 | \n- | \n- | \n15,716 | \n\n\n\n\n\n\n
\n\n| Property, plant and equipment | \n- | \n- | \n21 | \n21 | \n\n\n\n\n\n\n
\n\n| Right of use assets | \n- | \n24 | \n60 | \n84 | \n\n\n\n\n\n\n
\n\n| Current assets | \n- | \n209 | \n245 | \n454 | \n\n\n\n\n\n\n
\n\n| Segmental liabilities | \n(616) | \n(897) | \n(921) | \n(2,434) | \n\n\n\n\n\n\n
\n\n| Capital expenditure | \n10,886 | \n- | \n- | \n10,886 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\nYear ended 30 June 2023:
\n\n
\n\n\n | \nPhalaborwa | \nGakara | \nUnallocated | \nTotal | \n\n\n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n\n\n
\n\n| Revenue | \n- | \n- | \n- | \n- | \n\n\n\n\n\n\n
\n\n| Production and sales costs | \n- | \n- | \n- | \n- | \n\n\n\n\n\n\n
\n\n| Impairment | \n- | \n(9,575) | \n- | \n(9,575) | \n\n\n\n\n\n\n
\n\n| Administration expenses | \n- | \n(562) | \n(2,565) | \n(3,127) | \n\n\n\n\n\n\n
\n\n| Depreciation | \n- | \n(368) | \n(14) | \n(382) | \n\n\n\n\n\n\n
\n\n| Loss from operating activities | \n- | \n(10,505) | \n(2,579) | \n(13,084) | \n\n\n\n\n\n\n
\n\n| Finance income | \n- | \n191 | \n186 | \n377 | \n\n\n\n\n\n\n
\n\n| Finance costs | \n- | \n(115) | \n(43) | \n(158) | \n\n\n\n\n\n\n
\n\n| Loss before tax | \n- | \n(10,429) | \n(2,436) | \n(12,865) | \n\n\n\n\n\n\n
\n\n| Income tax expense | \n- | \n- | \n- | \n- | \n\n\n\n\n\n\n
\n\n| Loss after tax | \n- | \n(10,429) | \n(2,436) | \n(12,865) | \n\n\n\n\n\n\n
\n\n| Segmental assets | \n4,868 | \n916 | \n8,302 | \n14,086 | \n\n\n\n\n\n\n
\n\n| Exploration and evaluation assets | \n4,830 | \n- | \n- | \n4,830 | \n\n\n\n\n\n\n
\n\n| Property, plant and equipment | \n- | \n- | \n27 | \n27 | \n\n\n\n\n\n\n
\n\n| Other assets | \n- | \n37 | \n2 | \n39 | \n\n\n\n\n\n\n
\n\n| Current assets | \n38 | \n879 | \n8,273 | \n9,190 | \n\n\n\n\n\n\n
\n\n| Segmental liabilities | \n(202) | \n(916) | \n(717) | \n(1,835) | \n\n\n\n\n\n\n
\n\n| Capital expenditure | \n2,877 | \n- | \n28 | \n2,905 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag281": {
"value": "\n
\n\n
\n
\n\n
\n\n6. FINANCE INCOME
\n
\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n\n\n\n\n\n
\n\n | \n30 June 2024 | \n30 June 2023 | \n\n\n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n\n\n
\n\n| Change in fair value of warrant liability (notes 18 and 22) | \n- | \n73 | \n\n\n\n\n\n\n
\n\n| Foreign exchange gains | \n141 | \n304 | \n\n\n\n\n\n\n
\n\n| Total | \n141 | \n377 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\nForeign exchange gains in the current and prior periods mainly relate to gains on translation of funds from US Dollars to Burundian Francs (\u201cBIF\u201d)
\nplus the settlement of liabilities in Burundi denominated in BIF.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n
\n\n7. FINANCE COSTS
\n
\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n\n\n\n\n\n
\n\n | \n30 June 2024 | \n30 June 2023 | \n\n\n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n\n\n
\n\n| Change in fair value of warrant liability (notes 18 and 22) | \n(32) | \n- | \n\n\n\n\n\n\n
\n\n| Interest on bank borrowing (note 18) | \n(49) | \n(78) | \n\n\n\n\n\n\n
\n\n| Interest on lease liabilities | \n(10) | \n(11) | \n\n\n\n\n\n\n
\n\n| Interest on outstanding taxes | \n(17) | \n(30) | \n\n\n\n\n\n\n
\n\n| Foreign exchange losses | \n(11) | \n(39) | \n\n\n\n\n\n\n
\n\n| Total | \n(119) | \n(158) | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\nForeign exchange losses in the current period arise principally from GBP and ZAR bank accounts, which the Group holds to match future expected
\ncash outflows, which depreciated in value against the US Dollar during the Year.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag275": {
"value": "\n
\n
\n\n
\n\n6. FINANCE INCOME
\n
\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n\n\n\n\n\n
\n\n | \n30 June 2024 | \n30 June 2023 | \n\n\n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n\n\n
\n\n| Change in fair value of warrant liability (notes 18 and 22) | \n- | \n73 | \n\n\n\n\n\n\n
\n\n| Foreign exchange gains | \n141 | \n304 | \n\n\n\n\n\n\n
\n\n| Total | \n141 | \n377 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\nForeign exchange gains in the current and prior periods mainly relate to gains on translation of funds from US Dollars to Burundian Francs (\u201cBIF\u201d)
\nplus the settlement of liabilities in Burundi denominated in BIF.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n
\n\n7. FINANCE COSTS
\n
\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n\n\n\n\n\n
\n\n | \n30 June 2024 | \n30 June 2023 | \n\n\n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n\n\n
\n\n| Change in fair value of warrant liability (notes 18 and 22) | \n(32) | \n- | \n\n\n\n\n\n\n
\n\n| Interest on bank borrowing (note 18) | \n(49) | \n(78) | \n\n\n\n\n\n\n
\n\n| Interest on lease liabilities | \n(10) | \n(11) | \n\n\n\n\n\n\n
\n\n| Interest on outstanding taxes | \n(17) | \n(30) | \n\n\n\n\n\n\n
\n\n| Foreign exchange losses | \n(11) | \n(39) | \n\n\n\n\n\n\n
\n\n| Total | \n(119) | \n(158) | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\nForeign exchange losses in the current period arise principally from GBP and ZAR bank accounts, which the Group holds to match future expected
\ncash outflows, which depreciated in value against the US Dollar during the Year.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag287": {
"value": "\n
\n\n6. FINANCE INCOME
\n
\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n\n\n\n\n\n
\n\n | \n30 June 2024 | \n30 June 2023 | \n\n\n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n\n\n
\n\n| Change in fair value of warrant liability (notes 18 and 22) | \n- | \n73 | \n\n\n\n\n\n\n
\n\n| Foreign exchange gains | \n141 | \n304 | \n\n\n\n\n\n\n
\n\n| Total | \n141 | \n377 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\nForeign exchange gains in the current and prior periods mainly relate to gains on translation of funds from US Dollars to Burundian Francs (\u201cBIF\u201d)
\nplus the settlement of liabilities in Burundi denominated in BIF.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag296": {
"value": "\n6. FINANCE INCOME
\n
\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n\n\n\n\n\n
\n\n | \n30 June 2024 | \n30 June 2023 | \n\n\n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n\n\n
\n\n| Change in fair value of warrant liability (notes 18 and 22) | \n- | \n73 | \n\n\n\n\n\n\n
\n\n| Foreign exchange gains | \n141 | \n304 | \n\n\n\n\n\n\n
\n\n| Total | \n141 | \n377 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\nForeign exchange gains in the current and prior periods mainly relate to gains on translation of funds from US Dollars to Burundian Francs (\u201cBIF\u201d)
\nplus the settlement of liabilities in Burundi denominated in BIF.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag294": {
"value": "\n
\n\n7. FINANCE COSTS
\n
\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n\n\n\n\n\n
\n\n | \n30 June 2024 | \n30 June 2023 | \n\n\n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n\n\n
\n\n| Change in fair value of warrant liability (notes 18 and 22) | \n(32) | \n- | \n\n\n\n\n\n\n
\n\n| Interest on bank borrowing (note 18) | \n(49) | \n(78) | \n\n\n\n\n\n\n
\n\n| Interest on lease liabilities | \n(10) | \n(11) | \n\n\n\n\n\n\n
\n\n| Interest on outstanding taxes | \n(17) | \n(30) | \n\n\n\n\n\n\n
\n\n| Foreign exchange losses | \n(11) | \n(39) | \n\n\n\n\n\n\n
\n\n| Total | \n(119) | \n(158) | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\nForeign exchange losses in the current period arise principally from GBP and ZAR bank accounts, which the Group holds to match future expected
\ncash outflows, which depreciated in value against the US Dollar during the Year.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag280": {
"value": "\n7. FINANCE COSTS
\n
\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n\n\n\n\n\n
\n\n | \n30 June 2024 | \n30 June 2023 | \n\n\n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n\n\n
\n\n| Change in fair value of warrant liability (notes 18 and 22) | \n(32) | \n- | \n\n\n\n\n\n\n
\n\n| Interest on bank borrowing (note 18) | \n(49) | \n(78) | \n\n\n\n\n\n\n
\n\n| Interest on lease liabilities | \n(10) | \n(11) | \n\n\n\n\n\n\n
\n\n| Interest on outstanding taxes | \n(17) | \n(30) | \n\n\n\n\n\n\n
\n\n| Foreign exchange losses | \n(11) | \n(39) | \n\n\n\n\n\n\n
\n\n| Total | \n(119) | \n(158) | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\nForeign exchange losses in the current period arise principally from GBP and ZAR bank accounts, which the Group holds to match future expected
\ncash outflows, which depreciated in value against the US Dollar during the Year.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag290": {
"value": "\n8. REMUNERATION OF KEY MANAGEMENT PERSONNEL
\n
\nKey management personnel are defined as being Executive and Non-Executive Directors and Persons Discharging Managerial Responsibility
\n(\u201cPDMRs\u201d), who are set out on pages 36 to 37. Directors\u2019 emoluments are set out on page 48.
\n
\nTheir remuneration for the 12 months ended 30 June 2024 and 30 June 2023 is summarised as follows:
\n
\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n\n\n\n\n
\n\n | \n30 June 2024 | \n30 June 2023 | \n\n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n\n
\n\n| Wages and salaries | \n1,082 | \n1,070 | \n\n\n\n\n\n
\n\n| Bonus | \n345 | \n248 | \n\n\n\n\n\n
\n\n| Benefits | \n16 | \n14 | \n\n\n\n\n\n
\n\n| Share- based payments | \n339 | \n291 | \n\n\n\n\n\n
\n\n| Total remuneration of key management personnel | \n1,782 | \n1,623 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\nBonuses for the Year were settled by the issue of 2,595,735 shares on 3 September 2024. The cost was accrued based on the share price
\nat 30 June 2024 of 10.5 pence per share.
\n
\nBenefits paid to key management personnel include pension contributions. In addition to salary and benefits, payments to companies associated
\nwith key management personnel are set out in note 26.
\n
\n\n\n\n\n\n\n\n\n\n
\n\nThe average number of employees during the period were made up as follows
\n
\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n\n\n\n\n
\n\n | \n30 June 2024 | \n30 June 2023 | \n\n\n\n\n\n
\n\n| Directors | \n7 | \n6 | \n\n\n\n\n\n
\n\n| Management and administration | \n33 | \n32 | \n\n\n\n\n\n
\n\n| Total | \n40 | \n38 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag286": {
"value": "\n
\n9. TOTAL EMPLOYEE REMUNERATION (INCLUDING KEY MANAGEMENT PERSONNEL)
\n
\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n\n\n\n\n
\n\n | \n30 June 2024 | \n30 June 2023 | \n\n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n\n
\n\n| Wages and salaries | \n1,826 | \n1,596 | \n\n\n\n\n\n
\n\n| Bonus | \n345 | \n248 | \n\n\n\n\n\n
\n\n| Benefits | \n25 | \n26 | \n\n\n\n\n\n
\n\n| Share-based payments | \n427 | \n325 | \n\n\n\n\n\n
\n\n| Total employee remuneration | \n2,623 | \n2,195 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\nBenefits paid to employees include healthcare and pension contributions.
\n
\nStaff costs include US$484k capitalised within Exploration and Evaluation assets in the Year (2023: US$352k) relating to the Phalaborwa project.
\n
\n\n
\n\nThe average number of employees during the period were made up as follows
\n
\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n\n\n\n\n
\n\n | \n30 June 2024 | \n30 June 2023 | \n\n\n\n\n\n
\n\n| Directors | \n7 | \n6 | \n\n\n\n\n\n
\n\n| Management and administration | \n33 | \n32 | \n\n\n\n\n\n
\n\n| Total | \n40 | \n38 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag278": {
"value": "\nThe average number of employees during the period were made up as follows
\n
\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n\n\n\n\n
\n\n | \n30 June 2024 | \n30 June 2023 | \n\n\n\n\n\n
\n\n| Directors | \n7 | \n6 | \n\n\n\n\n\n
\n\n| Management and administration | \n33 | \n32 | \n\n\n\n\n\n
\n\n| Total | \n40 | \n38 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag302": {
"value": "\n
\n10. INCOME TAX EXPENSE
\n
\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n\n\n\n\n
\n\n | \n30 June 2024 | \n30 June 2023 | \n\n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n\n
\n\n| Current tax expense | \n- | \n- | \n\n\n\n\n\n
\n\n| Prior year tax adjustment | \n- | \n- | \n\n\n\n\n\n
\n\n| Total tax expense for the year | \n- | \n- | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\nThe difference between the total tax expense shown above and the amount calculated by applying the standard rate of corporation
\ntax to the loss before tax is as follows:
\n
\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n\n\n\n\n
\n\n | \n30 June 2024 | \n30 June 2023 | \n\n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n\n
\n\n| Loss for the year before tax | \n(4,262) | \n(12,865) | \n\n\n\n\n\n
\n\n| Income tax using the Guernsey rate of 0%: | \n- | \n- | \n\n\n\n\n\n
\n\n| Effects of: | \n | \n | \n\n\n\n\n\n
\n\n| Differences in tax rates | \n(296) | \n(2,669) | \n\n\n\n\n\n
\n\n| Differences in capital allowances | \n- | \n32 | \n\n\n\n\n\n
\n\n| Impact of Burundi impairment | \n215 | \n2,472 | \n\n\n\n\n\n
\n\n| Other adjustments | \n(37) | \n- | \n\n\n\n\n\n
\n\n| Tax losses carried forwards | \n118 | \n165 | \n\n\n\n\n\n
\n\n| Total | \n- | \n- | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\nRainbow Rare Earths Limited and Rainbow International Resources Limited are subject to 0% income tax in Guernsey. Rainbow Rare Earths
\n(Proprietary) Limited is subject to income tax rate in South Africa at 27%. Rainbow Burundi SPRL and Rainbow Mining Burundi SM are subject
\nto corporation tax in Burundi at 30%.
\n
\n\nNo deferred tax asset has been recognised in respect of the tax losses carried forward as the recoverability of this benefit is dependent on the future
\nprofitability of the individual entities within the Group, the timing of which is considered insufficiently certain. The total unrecognised potential deferred
\ntax assets in respect of losses carried forward in Rainbow Rare Earths (Proprietary) Limited are US$91k (30 June 2023: US$43k).
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag300": {
"value": "\nNo deferred tax asset has been recognised in respect of the tax losses carried forward as the recoverability of this benefit is dependent on the future
\nprofitability of the individual entities within the Group, the timing of which is considered insufficiently certain. The total unrecognised potential deferred
\ntax assets in respect of losses carried forward in Rainbow Rare Earths (Proprietary) Limited are US$91k (30 June 2023: US$43k).
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag276": {
"value": "\n11. LOSS PER SHARE
\n
\nThe earnings per share calculations for 30 June 2024 reflect the changes to the number of ordinary shares during the Year.
\n
\nAt the start of the Year, 598,858,656 shares were in issue. During the Year, a total of 31,458,000 new shares were allotted (see note 21 Share Capital)
\nand on 30 June 2024, 630,316,656 shares were in issue. The weighted average of shares in issue in the Year was 621,094,938.
\n
\nThe loss per share has been calculated using the weighted average number of ordinary shares in issue. The Group was loss making for all periods
\npresented, therefore the dilutive effect of share options has not been accounted for in the calculation of diluted earnings per share, since this would
\ndecrease the loss per share for each reporting period.
\n
\n\n
\n\n\n| Basic and diluted | \n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n
\n\n| Loss for the year (US$\u2019000) attributable to ordinary equity holders | \n(4,175) | \n(11,984) | \n\n\n\n\n
\n\n| Weighted average number of ordinary shares in issue during the Year | \n621,094,938 | \n536,805,149 | \n\n\n\n\n
\n\n| Loss per share (cents) | \n(0.67) | \n(2.23) | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag284": {
"value": "\n12. EXPLORATION AND EVALUATION ASSETS
\n
\n\n
\n\n\n | \nGakara | \nPhalaborwa | \nTotal | \n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n
\n\n| At 1 July 2022 | \n8,635 | \n1,953 | \n10,588 | \n\n\n\n\n
\n\n| Additions | \n- | \n2,877 | \n2,877 | \n\n\n\n\n
\n\n| Impairment | \n(8,635) | \n- | \n(8,635) | \n\n\n\n\n
\n\n| At 30 June 2023 | \n- | \n4,830 | \n4,830 | \n\n\n\n\n
\n\n| Additions | \n- | \n10,886 | \n10,886 | \n\n\n\n\n
\n\n| At 30 June 2024 | \n- | \n15,716 | \n15,716 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
\n
\nOnly costs relating to the Phalaborwa Project were capitalised during the Year. The Gakara Project has been under care and maintenance throughout
\nthe Year and, accordingly, none of the costs meet the requirements under the Group\u2019s accounting policy for capitalisation.
\n
\nOn 12 April 2021, RMB received notification from the Ministry of Hydraulics, Energy and Mines of the Republic of Burundi of a temporary suspension
\non the export of concentrate produced from the trial mining and processing operations at the Gakara Project. On 29 June 2021, a further notification
\nwas received temporarily suspending all trial mining and processing operations pending negotiations on the terms of the Gakara mining convention
\nsigned in 2015.
\n
\nThe Directors have confirmed from independent legal advisors that the mining convention in place between RMB and the Government of Burundi
\nremains legally binding on both parties, and that the actions of the Government of Burundi have not been in accordance with that legally binding
\nagreement. However, due to the actions of the Government of Burundi, which have not been in accordance with the legally binding mining convention
\nin place, management assess that it cannot be reasonably assumed that the current suspension of activities will be lifted in due course.
\n
\nSince acquiring the Phalaborwa project in December 2020 and the subsequent development of processing technology to recover rare earth elements
\nfrom phosphogypsum as a by-product of phosphoric acid production, the Directors have re-focused the business on secondary sources of rare earth
\nelements where they consider higher returns are available. As such, as set out in note 3, the Directors no longer intend to invest significant amounts at
\nGakara to convert the existing resource target to a reserve capable of supporting long-term commercial production, resulting in an impairment review
\nbeing carried out for the Gakara exploration and evaluation assets in the prior year. In accordance with IAS 36, the Gakara exploration and evaluation
\nassets were impaired to a value of US$nil as per note 3.
\n
\nFinBank SA hold security over the fixed and floating assets of RMB which include the impaired exploration and evaluation assets associated
\nwith the Gakara mining permit in Burundi.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag282": {
"value": "\n
\n13. PROPERTY, PLANT AND EQUIPMENT
\n
\n\n\n
\n\n\n | \nMine | \n | \n | \n | \n | \n\n\n\n\n
\n\n | \ndevelopment | \nPlant and | \n | \nOffice | \n | \n\n\n\n\n
\n\n| US$\u2019000 | \ncosts | \nmachinery | \nVehicles | \nequipment | \nTotal | \n\n\n\n\n
\n\n| Cost | \n | \n | \n | \n | \n | \n\n\n\n\n
\n\n| At 1 July 2022 | \n183 | \n2,889 | \n1,582 | \n45 | \n4,699 | \n\n\n\n\n
\n\n| Additions | \n- | \n- | \n24 | \n4 | \n28 | \n\n\n\n\n
\n\n| At 30 June 2023 | \n183 | \n2,889 | \n1,606 | \n49 | \n4,727 | \n\n\n\n\n
\n\n| Additions | \n- | \n- | \n- | \n- | \n- | \n\n\n\n\n
\n\n| At 30 June 2024 | \n183 | \n2,889 | \n1,606 | \n49 | \n4,727 | \n\n\n\n\n
\n\n| Depreciation | \n | \n | \n | \n | \n | \n\n\n\n\n
\n\n| At 1 July 2022 | \n99 | \n2,668 | \n855 | \n34 | \n3,656 | \n\n\n\n\n
\n\n| Charge for year | \n25 | \n5 | \n317 | \n2 | \n349 | \n\n\n\n\n
\n\n| Impairment | \n59 | \n216 | \n410 | \n10 | \n695 | \n\n\n\n\n
\n\n| At 30 June 2023 | \n183 | \n2,889 | \n1,582 | \n46 | \n4,700 | \n\n\n\n\n
\n\n| Charge for the year | \n- | \n- | \n5 | \n1 | \n6 | \n\n\n\n\n
\n\n| At 30 June 2024 | \n183 | \n2,889 | \n1,587 | \n47 | \n4,706 | \n\n\n\n\n
\n\n| Net Book Value at 30 June 2024 | \n- | \n- | \n19 | \n2 | \n21 | \n\n\n\n\n
\n\n| Net Book Value at 30 June 2023 | \n- | \n- | \n24 | \n3 | \n27 | \n\n\n\n\n
\n\n| Net Book Value at 30 June 2022 | \n84 | \n221 | \n727 | \n11 | \n1,043 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n
\nAs set out in notes 3 and 12, the Directors recognise that the ongoing suspension of all activities of RMB in Burundi and the subsequent decision
\nnot to commit investment for the conversion of the Gakara resource target to reserves requires an impairment review for the tangible fixed assets
\nrelating to the project in accordance with IAS 36. Based on an assessment of both the legal and political position in Burundi, the Directors consider
\nthat the fair value of the property, plant and equipment associated with the Gakara project calculated in accordance with IAS 36 is nil and an
\nimpairment loss was recognised in the prior year.
\n
\nFinBank SA hold security over the fixed and floating assets of RMB which include the impaired property, plant, and equipment in Burundi.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag299": {
"value": "\n\n
\n\n\n | \nMine | \n | \n | \n | \n | \n\n\n\n\n
\n\n | \ndevelopment | \nPlant and | \n | \nOffice | \n | \n\n\n\n\n
\n\n| US$\u2019000 | \ncosts | \nmachinery | \nVehicles | \nequipment | \nTotal | \n\n\n\n\n
\n\n| Cost | \n | \n | \n | \n | \n | \n\n\n\n\n
\n\n| At 1 July 2022 | \n183 | \n2,889 | \n1,582 | \n45 | \n4,699 | \n\n\n\n\n
\n\n| Additions | \n- | \n- | \n24 | \n4 | \n28 | \n\n\n\n\n
\n\n| At 30 June 2023 | \n183 | \n2,889 | \n1,606 | \n49 | \n4,727 | \n\n\n\n\n
\n\n| Additions | \n- | \n- | \n- | \n- | \n- | \n\n\n\n\n
\n\n| At 30 June 2024 | \n183 | \n2,889 | \n1,606 | \n49 | \n4,727 | \n\n\n\n\n
\n\n| Depreciation | \n | \n | \n | \n | \n | \n\n\n\n\n
\n\n| At 1 July 2022 | \n99 | \n2,668 | \n855 | \n34 | \n3,656 | \n\n\n\n\n
\n\n| Charge for year | \n25 | \n5 | \n317 | \n2 | \n349 | \n\n\n\n\n
\n\n| Impairment | \n59 | \n216 | \n410 | \n10 | \n695 | \n\n\n\n\n
\n\n| At 30 June 2023 | \n183 | \n2,889 | \n1,582 | \n46 | \n4,700 | \n\n\n\n\n
\n\n| Charge for the year | \n- | \n- | \n5 | \n1 | \n6 | \n\n\n\n\n
\n\n| At 30 June 2024 | \n183 | \n2,889 | \n1,587 | \n47 | \n4,706 | \n\n\n\n\n
\n\n| Net Book Value at 30 June 2024 | \n- | \n- | \n19 | \n2 | \n21 | \n\n\n\n\n
\n\n| Net Book Value at 30 June 2023 | \n- | \n- | \n24 | \n3 | \n27 | \n\n\n\n\n
\n\n| Net Book Value at 30 June 2022 | \n84 | \n221 | \n727 | \n11 | \n1,043 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n | \nLand and buildings | \n\n\n\n\n
\n\n | \nUS$\u2019000 | \n\n\n\n\n
\n\n| Balance as at 1 July 2022 | \n108 | \n\n\n\n\n
\n\n| Right of use asset recognised in the year | \n- | \n\n\n\n\n
\n\n| Amendment to expected life | \n(36) | \n\n\n\n\n
\n\n| Depreciation in year | \n(33) | \n\n\n\n\n
\n\n| Balance as at 30 June 2023 | \n39 | \n\n\n\n\n
\n\n| Right of use asset recognised in the year | \n91 | \n\n\n\n\n
\n\n| Depreciation in year | \n(46) | \n\n\n\n\n
\n\n| Balance as at 30 June 2024 | \n84 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag277": {
"value": "\n14. INVENTORY
\n
\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n\n\n\n
\n\n | \n30 June 2024 | \n 30 June 2023 | \n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n
\n\n| Finished goods | \n- | \n717 | \n\n\n\n\n
\n\n| Consumables | \n1 | \n1 | \n\n\n\n\n
\n\n| Total inventory | \n1 | \n718 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\nFinished goods represent 421 tonnes (2023: 421 tonnes) of mixed rare earth concentrate available for export at the Gakara processing plant which,
\ndue to the current export ban in Burundi, cannot be sold. As set out in note 3 the Directors assess that due to the deterioration of the political situation
\nin Burundi they can no longer reasonably assume that the export ban will be lifted. Accordingly, at 30 June 2024 the value of the available for sale
\nmineral concentrate has been fully impaired.
\n
\nAs set out in notes 3, 12 and 13, due to the suspension of all activities of RMB in Burundi and the re-focus of the Rainbow business to secondary
\nsources of rare earths, the value of goods in transit held in the port of Bujumbura was written down to nil during the prior year in line with the fixed
\nassets associated with the Gakara project.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag297": {
"value": "\n
\n
\n15. TRADE AND OTHER RECEIVABLES
\n
\n\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n\n\n\n
\n\n | \n30 June 2024 | \n30 June 2023 | \n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n
\n\n| Accounts receivable | \n29 | \n- | \n\n\n\n\n
\n\n| VAT recoverable | \n235 | \n263 | \n\n\n\n\n
\n\n| Prepayments | \n104 | \n97 | \n\n\n\n\n
\n\n| Deposits paid | \n5 | \n3 | \n\n\n\n\n
\n\n| Sundry debtors | \n1 | \n2 | \n\n\n\n\n
\n\n| Total trade and other receivables | \n374 | \n365 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\nVAT recoverable relates to the input VAT recoverable in Burundi (US$140k, 2023: US$137k) and South Africa (US$95k, 2023: US$126k). During the year
\nended 30 June 2021 a tax audit was undertaken in Burundi over the local operating subsidiary, RMB, covering the period from 2017 to 2019. The audit
\nconcluded that reverse VAT totalling BIF302 million (US$106k) had not been correctly accounted for on several invoices received for services supplied
\nto RMB from international suppliers. The reverse VAT is recoverable under Burundi legislation and, whilst there is no legal right to net settlement, it is
\nexpected that the liability will only be settled in a negotiated off-set against the recoverable asset. Accordingly, both the asset and liability are
\nrecognised at 30 June 2024.
\n
\nDuring the Prior Year the royalty receivable was fully impaired as per note 3.
\n
\n\nExpected credit losses were assessed at 30 June 2024 considering various potential scenarios, information regarding the counterparty credit risk,
\nthe historical payment profiles, and forward-looking factors. On the basis that the primary credit risk relates to the reverse VAT recoverable in Burundi,
\nwhich is expected to be paid only on resolution of all matters relating to the suspension of activity in Burundi, no expected credit loss provision
\nwas considered necessary in the Year (2023: US$nil).
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag283": {
"value": "\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n\n\n\n
\n\n | \n30 June 2024 | \n30 June 2023 | \n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n
\n\n| Accounts receivable | \n29 | \n- | \n\n\n\n\n
\n\n| VAT recoverable | \n235 | \n263 | \n\n\n\n\n
\n\n| Prepayments | \n104 | \n97 | \n\n\n\n\n
\n\n| Deposits paid | \n5 | \n3 | \n\n\n\n\n
\n\n| Sundry debtors | \n1 | \n2 | \n\n\n\n\n
\n\n| Total trade and other receivables | \n374 | \n365 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag289": {
"value": "\nExpected credit losses were assessed at 30 June 2024 considering various potential scenarios, information regarding the counterparty credit risk,
\nthe historical payment profiles, and forward-looking factors. On the basis that the primary credit risk relates to the reverse VAT recoverable in Burundi,
\nwhich is expected to be paid only on resolution of all matters relating to the suspension of activity in Burundi, no expected credit loss provision
\nwas considered necessary in the Year (2023: US$nil).
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag301": {
"value": "\n
\n16. CASH AND CASH EQUIVALENTS
\n
\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n\n\n\n
\n\n | \n30 June 2024 | \n 30 June 2023 | \n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n
\n\n| Cash at bank and in hand | \n79 | \n8,107 | \n\n\n\n\n
\n\n| Total cash at bank and in hand | \n79 | \n8,107 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n\nNo cash amounts were restricted at 30 June 2024 (30 June 2023: nil).
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag292": {
"value": "\nNo cash amounts were restricted at 30 June 2024 (30 June 2023: nil).
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag293": {
"value": "\n
\n17. TRADE AND OTHER PAYABLES
\n
\n\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n\n\n\n
\n\n | \n30 June 2024 | \n 30 June 2023 | \n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n
\n\n| Trade payables | \n361 | \n124 | \n\n\n\n\n
\n\n| Accrued expenses | \n930 | \n646 | \n\n\n\n\n
\n\n| Taxes and social security | \n319 | \n290 | \n\n\n\n\n
\n\n| Burundi land taxes and community contributions payable | \n240 | \n190 | \n\n\n\n\n
\n\n| Total trade and other payables | \n1,850 | \n1,250 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\nAmounts payable under the Gakara mining convention to local communities, which have not settled during the period of suspension, have been
\nreclassified from accrued expenses to better reflect the nature of liabilities disclosed.
\n
\nTax and social security payables include BIF737 million (US$260k) for taxes provided as a result of a tax audit undertaken in Burundi over the local
\noperating subsidiary, RMB, covering the period from 2017 to 2019. Reverse VAT totalling BIF302 million and withholding tax totalling BIF148 million had
\nnot been correctly accounted for on a number of invoices received for services supplied to RMB from international suppliers. A further BIF20 million of
\npayroll taxes were found not to have been paid on salaries for casual staff. Penalties totalling BIF182 million on the unpaid taxes have also been
\nprovided for in accordance with Burundi legislation together with interest up to the balance sheet date totalling BIF133 million (2023: BIF85 million).
\n
\nThe Directors consider the carrying value of trade and other payables approximate to their fair value.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag279": {
"value": "\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n\n\n\n
\n\n | \n30 June 2024 | \n 30 June 2023 | \n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n
\n\n| Trade payables | \n361 | \n124 | \n\n\n\n\n
\n\n| Accrued expenses | \n930 | \n646 | \n\n\n\n\n
\n\n| Taxes and social security | \n319 | \n290 | \n\n\n\n\n
\n\n| Burundi land taxes and community contributions payable | \n240 | \n190 | \n\n\n\n\n
\n\n| Total trade and other payables | \n1,850 | \n1,250 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag291": {
"value": "\n18. BORROWINGS
\n
\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n\n\n\n
\n\n | \n30 June 2024 | \n 30 June 2023 | \n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n
\n\n| FinBank Loan | \n282 | \n363 | \n\n\n\n\n
\n\n| Warrant liability | \n155 | \n123 | \n\n\n\n\n
\n\n| Total borrowings | \n437 | \n486 | \n\n\n\n\n
\n\n| Borrowings fall due: | \n | \n | \n\n\n\n\n
\n\n| Due within one year | \n245 | \n201 | \n\n\n\n\n
\n\n| Due between two to five years | \n192 | \n285 | \n\n\n\n\n
\n\n| Total | \n437 | \n486 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
\nThe following table analyses the movement in borrowings:
\n
\n\n
\n\n\n | \nYear ended 30 June 2024 | \nYear ended 30 June 2023 | \n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n
\n\n| Borrowings brought forward | \n | \n486 | \n | \n753 | \n\n\n\n\n
\n\n| Cash flows from borrowings | \n | \n | \n | \n | \n\n\n\n\n
\n\n| Repayment of borrowings | \n(77) | \n | \n(61) | \n | \n\n\n\n\n
\n\n| Interest paid | \n(49) | \n | \n(78) | \n | \n\n\n\n\n
\n\n | \n | \n(126) | \n | \n(139) | \n\n\n\n\n
\n\n| Non-cash movement in borrowings | \n | \n | \n | \n | \n\n\n\n\n
\n\n| Interest charge on borrowings | \n49 | \n | \n78 | \n | \n\n\n\n\n
\n\n| Valuation of warrant liability | \n32 | \n | \n(73) | \n | \n\n\n\n\n
\n\n| Foreign exchange gain on BIF loan | \n(4) | \n | \n(133) | \n | \n\n\n\n\n
\n\n | \n77 | \n | \n(128) | \n | \n\n\n\n\n
\n\n| Borrowings carried forward | \n | \n437 | \n | \n486 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\nFinBank Loan
\nThe FinBank loan facility in Burundi is expressed in BIF and carries an interest rate of 15%. Interest on the loan was paid throughout the Year.
\nUpdated repayment terms were agreed from February 2023, with BIF30 million per month paid until April 2027, covering both principal and
\ninterest on a reducing balance basis.
\n
\nUnder the terms of this loan, FinBank has security over the fixed and floating assets of RMB, the shares of RMB, and the cash held in RMB\u2019s FinBank
\nbank accounts. Interest on the loan amounted to US$49k (2023: US$78k).
\n
\nWarrant liability
\nOn 15 February 2024, the period of Warrants issued to Pipestone Capital Inc. was extended to 20 February 2026 giving rise to a revaluation in the Year.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag295": {
"value": "\n
\n19. LEASES
\n
\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n\n\n\n
\n\n | \n30 June 2024 | \n 30 June 2023 | \n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n
\n\n| Lease liabilities fall due: | \n | \n | \n\n\n\n\n
\n\n| Due within one year | \n48 | \n23 | \n\n\n\n\n
\n\n| Due between two to five years | \n44 | \n21 | \n\n\n\n\n
\n\n| After five years | \n- | \n- | \n\n\n\n\n
\n\n| Total | \n92 | \n44 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\nThe following table analyses the movement in lease liabilities:
\n
\n\n
\n\n\n | \nYear ended 30 June 2024 | \nYear ended 30 June 2023 | \n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n
\n\n| Lease liabilities brought forward | \n | \n44 | \n | \n113 | \n\n\n\n\n
\n\n| Cash flows from leases | \n | \n | \n | \n | \n\n\n\n\n
\n\n| Payment of lease liabilities | \n(43) | \n | \n(31) | \n | \n\n\n\n\n
\n\n| Interest paid | \n(10) | \n | \n(10) | \n | \n\n\n\n\n
\n\n | \n | \n(53) | \n | \n(41) | \n\n\n\n\n
\n\n| Non-cash movement in leases | \n | \n | \n | \n | \n\n\n\n\n
\n\n| Recognition of lease liabilities | \n91 | \n | \n- | \n | \n\n\n\n\n
\n\n| Interest charge on leases | \n10 | \n | \n10 | \n | \n\n\n\n\n
\n\n| Revaluation on termination | \n- | \n | \n(38) | \n | \n\n\n\n\n
\n\n | \n101 | \n | \n(28) | \n | \n\n\n\n\n
\n\n| Lease liabilities carried forward | \n | \n92 | \n | \n44 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\nRight of use assets
\n
\n\n\n
\n\n\n | \nLand and buildings | \n\n\n\n\n
\n\n | \nUS$\u2019000 | \n\n\n\n\n
\n\n| Balance as at 1 July 2022 | \n108 | \n\n\n\n\n
\n\n| Right of use asset recognised in the year | \n- | \n\n\n\n\n
\n\n| Amendment to expected life | \n(36) | \n\n\n\n\n
\n\n| Depreciation in year | \n(33) | \n\n\n\n\n
\n\n| Balance as at 30 June 2023 | \n39 | \n\n\n\n\n
\n\n| Right of use asset recognised in the year | \n91 | \n\n\n\n\n
\n\n| Depreciation in year | \n(46) | \n\n\n\n\n
\n\n| Balance as at 30 June 2024 | \n84 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\nIn the prior year notice of termination was given on the South African office lease and the applicable amendments to the Lease Liability and Right of
\nUse Asset were recorded in the Year to reflect the new termination date. The new office lease started during the current year, on 1 September 2023.
\n
\nThe leasehold properties in Burundi are subject to an annual agreement, with right of use assets and lease liabilities calculated by reference to the
\nGroup\u2019s anticipated long-term intentions to renew the lease agreements.
\n
\nThere are no other lease commitments.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag305": {
"value": "\n20. PROVISIONS
\n
\n\n
\n\n\n | \nRehabilitation provision | \n\n\n\n\n\n\n\n\n\n
\n\n | \nUS$\u2019000 | \n\n\n\n\n\n\n\n\n\n
\n\n| At 1 July 2022 | \n61 | \n\n\n\n\n\n\n\n\n\n
\n\n| Discount | \n(6) | \n\n\n\n\n\n\n\n\n\n
\n\n| At 30 June 2023 | \n55 | \n\n\n\n\n\n\n\n\n\n
\n\n| Discount | \n- | \n\n\n\n\n\n\n\n\n\n
\n\n| At 30 June 2024 | \n55 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\nThe rehabilitation provision relates to the anticipated cost of restoring the operating sites at the Gakara project in Burundi, discounted to reflect
\nmanagement\u2019s best estimates of the timing of future estimated cash flows. During the Year the impact of inflation, the revaluation of the BIF
\nand the expected timing of rehabilitation activities resulted in no change to the recognised liability.
\n
\nNo provision was recorded for the Group\u2019s Phalaborwa project as on-site activities have not yet commenced and there is no legal obligation
\nfor restoration by the Group with historical environmental liabilities associated with the site contractually remaining with the previous owners.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag306": {
"value": "\n
\n\n21. SHARE CAPITAL
\n
\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n\n\n\n\n\n\n\n\n
\n\n | \n30 June 2024 | \n30 June 2023 | \n\n\n\n\n\n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n\n\n\n\n\n
\n\n| Share Capital | \n56,362 | \n50,937 | \n\n\n\n\n\n\n\n\n\n
\n\n| Issued Share Capital | \n56,362 | \n50,937 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\nThe table below shows a reconciliation of share capital movements:
\n
\n\n
\n\n\n | \nNumber of shares | \n US$\u2019000 | \n\n\n\n\n\n\n\n\n\n
\n\n| At 30 June 2022 | \n524,405,810 | \n41,442 | \n\n\n\n\n\n\n\n\n\n
\n\n| November 2022 - Exercise of share options (cash receipts) | \n2,000,000 | \n125 | \n\n\n\n\n\n\n\n\n\n
\n\n| May 2023 - Share placing (cash receipts) | \n72,452,846 | \n9,485 | \n\n\n\n\n\n\n\n\n\n
\n\n| Costs associated with exercise of share options and share placing | \n- | \n(115) | \n\n\n\n\n\n\n\n\n\n
\n\n| At 30 June 2023 | \n598,858,656 | \n50,937 | \n\n\n\n\n\n\n\n\n\n
\n\n| October 2023 - Share placing (cash receipts) | \n25,786,541 | \n4,699 | \n\n\n\n\n\n\n\n\n\n
\n\n| December 2023 - Share placing (cash receipts) | \n4,213,459 | \n802 | \n\n\n\n\n\n\n\n\n\n
\n\n| December 2023 \u2013 Exercise of share options (nil value) | \n1,458,000 | \n- | \n\n\n\n\n\n\n\n\n\n
\n\n| Costs associated with exercise of share options and share placing | \n- | \n(76) | \n\n\n\n\n\n\n\n\n\n
\n\n| At 30 June 2024 | \n630,316,656 | \n56,362 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\nOn 5 October 2023 25,786,541 shares were issued at a price of 15 pence per share as a private placement, raising US$4.7 million
\n(before costs of US$57k).
\n
\nThe issue of additional shares without pre-emption rights was authorised by the shareholders at the annual general meeting in November 2024.
\nSubsequently, a further 5,671,459 shares were issued on 5 December 2023 of which:
\n\u2022 4,213,459 shares were issued for cash proceeds of US$802k at a price of 15p per share.
\n\u2022 1,458,000 shares were issued for no value, representing the exercise of nil value share options.
\nCosts relating to these share issues were US$19k.
\n
\nDuring the prior year:
\n\u2022 On 10 November 2022, the Australian Special Opportunity Fund, LP exercised options over 2,000,000 shares at an exercise price
\nof 5.28p per share, raising gross cash proceeds of US$125k.
\n\u2022 On 9 May 2023, the Company issued 72,452,846 shares at a price of 10.377 pence per share, raising gross cash proceeds of US$9.5 million
\n(before costs of US$1k).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n23. RESERVES
\n
\n\n
\n\n\n| Reserve | \nPurpose | \n\n\n\n\n\n
\n\n| Share capital | \nValue of shares issued less costs of issuance | \n\n\n\n\n\n
\n\n| Share-based payment reserve | \nFair value of share options issued | \n\n\n\n\n\n
\n\n| Other reserves | \nFair value adjustments for interest free loans | \n\n\n\n\n\n
\n\n| Accumulated losses | \nCumulative net losses recognised in the statement of comprehensive income | \n\n\n\n\n\n
\n\n| Non-controlling interest | \nAmounts attributable to the 10% interest the State of Burundi has in RMB, and 3% interest Gilbert | \n\n\n\n\n\n
\n\n | \nMidende has in Rainbow Burundi SPRL at 30 June 2023. Refer to note 24 for further details and | \n\n\n\n\n\n
\n\n | \nnon-controlling interests for earlier periods | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\nDetails in the movements of these reserves are set out in the Statement of Changes in Equity.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag322": {
"value": "\n21. SHARE CAPITAL
\n
\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n\n\n\n\n\n\n\n\n
\n\n | \n30 June 2024 | \n30 June 2023 | \n\n\n\n\n\n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n\n\n\n\n\n
\n\n| Share Capital | \n56,362 | \n50,937 | \n\n\n\n\n\n\n\n\n\n
\n\n| Issued Share Capital | \n56,362 | \n50,937 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\nThe table below shows a reconciliation of share capital movements:
\n
\n\n
\n\n\n | \nNumber of shares | \n US$\u2019000 | \n\n\n\n\n\n\n\n\n\n
\n\n| At 30 June 2022 | \n524,405,810 | \n41,442 | \n\n\n\n\n\n\n\n\n\n
\n\n| November 2022 - Exercise of share options (cash receipts) | \n2,000,000 | \n125 | \n\n\n\n\n\n\n\n\n\n
\n\n| May 2023 - Share placing (cash receipts) | \n72,452,846 | \n9,485 | \n\n\n\n\n\n\n\n\n\n
\n\n| Costs associated with exercise of share options and share placing | \n- | \n(115) | \n\n\n\n\n\n\n\n\n\n
\n\n| At 30 June 2023 | \n598,858,656 | \n50,937 | \n\n\n\n\n\n\n\n\n\n
\n\n| October 2023 - Share placing (cash receipts) | \n25,786,541 | \n4,699 | \n\n\n\n\n\n\n\n\n\n
\n\n| December 2023 - Share placing (cash receipts) | \n4,213,459 | \n802 | \n\n\n\n\n\n\n\n\n\n
\n\n| December 2023 \u2013 Exercise of share options (nil value) | \n1,458,000 | \n- | \n\n\n\n\n\n\n\n\n\n
\n\n| Costs associated with exercise of share options and share placing | \n- | \n(76) | \n\n\n\n\n\n\n\n\n\n
\n\n| At 30 June 2024 | \n630,316,656 | \n56,362 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\nOn 5 October 2023 25,786,541 shares were issued at a price of 15 pence per share as a private placement, raising US$4.7 million
\n(before costs of US$57k).
\n
\nThe issue of additional shares without pre-emption rights was authorised by the shareholders at the annual general meeting in November 2024.
\nSubsequently, a further 5,671,459 shares were issued on 5 December 2023 of which:
\n\u2022 4,213,459 shares were issued for cash proceeds of US$802k at a price of 15p per share.
\n\u2022 1,458,000 shares were issued for no value, representing the exercise of nil value share options.
\nCosts relating to these share issues were US$19k.
\n
\nDuring the prior year:
\n\u2022 On 10 November 2022, the Australian Special Opportunity Fund, LP exercised options over 2,000,000 shares at an exercise price
\nof 5.28p per share, raising gross cash proceeds of US$125k.
\n\u2022 On 9 May 2023, the Company issued 72,452,846 shares at a price of 10.377 pence per share, raising gross cash proceeds of US$9.5 million
\n(before costs of US$1k).
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag310": {
"value": "\n22. SHARE OPTIONS AND WARRANTS
\n
\nEmployee share options
\nThe total share-based payment charge for the Year was US$427k (2023: US$325k).
\n
\nAt 30 June 2024, the following employee share options were exercisable and outstanding:
\n
\n\n
\n\n\n | \n30 June 2024 | \n30 June 2023 | \n\n\n\n\n\n\n\n\n\n
\n\n | \n | \nAverage | \n | \nAverage | \n\n\n\n\n\n\n\n\n\n
\n\n | \n | \nweighted | \n | \nweighted | \n\n\n\n\n\n\n\n\n\n
\n\n | \n | \nexercise | \n | \nexercise | \n\n\n\n\n\n\n\n\n\n
\n\n | \nNumber | \nprice (pence) | \nNumber | \nprice (pence) | \n\n\n\n\n\n\n\n\n\n
\n\n| Share option plan | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Outstanding as at 1 July | \n11,541,400 | \n13.33 | \n11,791,400 | \n13.43 | \n\n\n\n\n\n\n\n\n\n
\n\n| Lapsed in the year | \n(944,700) | \n10.00 | \n(250,000) | \n18.00 | \n\n\n\n\n\n\n\n\n\n
\n\n| Outstanding as at 30 June | \n10,596,700 | \n13.62 | \n11,541,400 | \n13.33 | \n\n\n\n\n\n\n\n\n\n
\n\n| Exercisable as at 30 June | \n9,580,034 | \n13.30 | \n9,508,068 | \n12.07 | \n\n\n\n\n\n\n\n\n\n
\n\n| Long Term Incentive Plan | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Outstanding as at 1 July | \n8,258,000 | \n- | \n3,708,000 | \n- | \n\n\n\n\n\n\n\n\n\n
\n\n| Exercised during the year | \n(1,458,000) | \n- | \n- | \n- | \n\n\n\n\n\n\n\n\n\n
\n\n| Granted in the year | \n- | \n- | \n4,550,000 | \n- | \n\n\n\n\n\n\n\n\n\n
\n\n| Outstanding as at 30 June | \n6,800,000 | \n- | \n8,258,000 | \n- | \n\n\n\n\n\n\n\n\n\n
\n\n| Exercisable as at 30 June | \n3,766,661 | \n- | \n3,708,000 | \n- | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\nDuring the Year:
\n\u2022 On 31 July 2023 944,700 options with an exercise price of 10p per share expired.
\n\u2022 On 4 December 2023 1,458,000 nil value share options were exercised by George Bennett.
\n
\nIn addition, on 30 April 2024 1,000,000 nil priced share options previously issued to US citizens under the Long Term Incentive Plan were cancelled
\nprior to vesting to ensure compliance with s.409A of the United States Internal Revenue Code. The Directors replaced these options with 333,332
\nshares representing options that would have vested in the Year and 666,668 Restricted Share Units, issued on 3 September 2024. The Restricted
\nShare Units mirror the terms of the cancelled options but require the shares to be issued immediately on vesting (50% on 30 June 2025 and 50%
\non 30 June 2026). This was treated as a modification of the share options with no additional value accruing to the option holders. The analysis above
\nincludes these cancelled nil priced options at 30 June 2024 despite the replacement instruments not being issued until after the balance sheet date.
\n
\nDuring the prior year:
\n\u2022 250,000 options lapsed due to an employee leaving the Group.
\n\u2022 The market based vesting conditions attached to 1,236,000 nil priced options issued in 2021 were judged at 30 June 2023, with the calculated
\nshareholder return for the Company (-23%) being below the median for the basket of investments specified (-22%). The Directors considered the
\nstrong post Year-end share price performance and waived the market based vesting conditions allowing the options to vest as set out in the table
\nabove. The modification did not result in an increase in the fair value of the share options.
\n\u2022 4,550,000 options were issued as follows:
\n- 3,150,000 issued to the Directors and PDMR\u2019s on 19 May 2023, pursuant to its Long Term Incentive Plan (LTIP approved in January 2021).
\nThe options are nil priced share options and will vest in equal tranches over three years: one third after 12 months, one third after 24 months
\nand one third after 36 months.
\n- 1,400,000 issued to staff and PDMR on 6 June 2023, pursuant to its Long Term Incentive Plan (LTIP approved in January 202). The options
\nare nil priced share options and will vest in equal tranches over three years: one third after 12 months, one third after 24 months and one third
\nafter 36 months.
\n- The fair value of the options was judged to be the share price on the date of grant (19 May 2023: \u00a30.086/share; 6 June 2023: \u00a30.09/share).
\n
\nThe rules of the Long Term Incentive Plan have been amended further to accommodate Restricted Share Units.
\n
\nThe options outstanding at 30 June 2024 across both the share option plan and Long Term Incentive Plan had a weighted average remaining
\ncontractual life of 5.7 years (2023: 6.9 years).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n22. SHARE OPTIONS AND WARRANTS CONTINUED
\n
\nWarrants
\n\n
\n\n\n | \nNumber | \nExercise price | \n\n\n\n\n\n\n\n\n\n
\n\n| Outstanding and exercisable at 30 June 2023 and 2024 | \n2,000,000 | \n\u00a30.0455 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\nWeighted average exercise price calculated for US$ based warrants on US$:GBP exchange rate ruling on 30 June 2020.
\n
\nOn 21 February 2020, 2,000,000 warrants were issued to Pipestone Capital Inc (\u201cPipestone\u201d), in which George Bennett, the Company\u2019s CEO,
\nhas a beneficial interest. The warrants were issued in lieu of interest on a US$1 million bridging loan provided to the Company as set out in note 18.
\nThe warrants initially had a contractual life of four years at an exercise price of 4.55 pence per warrant. During the year the expiry date was extended
\nto 20 February 2026 as set out in note 18. The Pipestone warrants are recognised as a financial liability at fair value through profit and loss with
\nchanges in value in the Year included under Finance Income as set out in note 6.
\n
\nAs noted above, the Pipestone warrants are classified as a financial liability and are revalued at each period end using a Black-Scholes model,
\nwhich is categorised as a level 3 fair value measurement in accordance with IFRS 13. The inputs into the model were:
\n
\n\n
\n\n\n | \nAt 30 June | \nAt 30 June | \n\n\n\n\n\n\n\n\n\n
\n\n | \n2024 | \n2023 | \n\n\n\n\n\n\n\n\n\n
\n\n| Share price (GBP pence) | \n10.25 | \n9.50 | \n\n\n\n\n\n\n\n\n\n
\n\n| Exercise price (GBP pence) | \n4.55 | \n4.55 | \n\n\n\n\n\n\n\n\n\n
\n\n| Expected volatility | \n54.47% | \n44.44% | \n\n\n\n\n\n\n\n\n\n
\n\n| Risk free rate | \n4.12% | \n4.35% | \n\n\n\n\n\n\n\n\n\n
\n\n| Rate of Exchange | \n1.27 | \n1.22 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time to exercise (years) | \n1.50 | \n0.58 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\nExpected volatility was determined by reference to the annual volatility of the Company\u2019s closing mid-market share price on the London Stock Exchange.
\n
\nThe expected life used in the model has been on management\u2019s best estimate for the effects of exercise restrictions and behaviour.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
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"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag326": {
"value": "\n23. RESERVES
\n
\n\n
\n\n\n| Reserve | \nPurpose | \n\n\n\n\n\n
\n\n| Share capital | \nValue of shares issued less costs of issuance | \n\n\n\n\n\n
\n\n| Share-based payment reserve | \nFair value of share options issued | \n\n\n\n\n\n
\n\n| Other reserves | \nFair value adjustments for interest free loans | \n\n\n\n\n\n
\n\n| Accumulated losses | \nCumulative net losses recognised in the statement of comprehensive income | \n\n\n\n\n\n
\n\n| Non-controlling interest | \nAmounts attributable to the 10% interest the State of Burundi has in RMB, and 3% interest Gilbert | \n\n\n\n\n\n
\n\n | \nMidende has in Rainbow Burundi SPRL at 30 June 2023. Refer to note 24 for further details and | \n\n\n\n\n\n
\n\n | \nnon-controlling interests for earlier periods | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\nDetails in the movements of these reserves are set out in the Statement of Changes in Equity.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag303": {
"value": "\n24. NON-CONTROLLING INTEREST
\n
\nThe Group has subsidiaries with non-controlling interests (\u201cNCI\u201d) as follows:
\n\u2022 The State of Burundi has a non-dilutable 10% interest in RMB
\n\u2022 Gilbert Midende has a 3% interest in Rainbow Burundi SPRL
\n
\nSummarised financial information in relation to these subsidiaries, before intra-group eliminations, is presented below together with the attributable NCI.
\n
\n\n
\n\n\n| Name of subsidiary | \nRainbow Burundi SPRL | \nRainbow Mining Burundi SM | \n | \n\n\n\n
\n\n| Country | \nBurundi | \nBurundi | \nTotal Group | \n\n\n\n
\n\n| Effective non-controlling interest | \n3% | \n10% | \n | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n\n
\n\n\n| Year ended | \nYear ended | \nYear ended | \nYear ended | \nYear ended | \nYear ended | \n\n\n\n
\n\n| 30 June 2024 | \n30 June 2023 | \n30 June 2024 | \n30 June 2023 | \n30 June 2024 | \n30 June 2023 | \n\n\n\n
\n\n| US$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n
\n\n| Income statement | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Administrative expenses | \n- | \n- | \n(179) | \n(276) | \n(179) | \n(276) | \n\n\n\n
\n\n| Impairment | \n- | \n- | \n(717) | \n(8,242) | \n(717) | \n(8,242) | \n\n\n\n
\n\n| Depreciation | \n- | \n- | \n(20) | \n(368) | \n(20) | \n(368) | \n\n\n\n
\n\n| Net finance income / (costs) | \n294 | \n- | \n(38) | \n76 | \n256 | \n76 | \n\n\n\n
\n\n| Ta x | \n- | \n- | \n(1) | \n- | \n(1) | \n- | \n\n\n\n
\n\n| Income / (loss) and total comprehensive | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| income / (loss) for period | \n294 | \n- | \n(955) | \n(8,810) | \n(661) | \n(8,810) | \n\n\n\n
\n\n| Total comprehensive income / (loss) attributed to NCI | \n9 | \n- | \n(96) | \n(881) | \n(87) | \n(881) | \n\n\n\n
\n\n| Dividends paid to NCI | \n- | \n- | \n- | \n- | \n- | \n- | \n\n\n\n
\n\n| Cash flows | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Cash flow from operating activities | \n- | \n- | \n(568) | \n(357) | \n(568) | \n(357) | \n\n\n\n
\n\n| Cash flow from investing activities | \n- | \n- | \n- | \n- | \n- | \n- | \n\n\n\n
\n\n| Cash flow from financing activities | \n(1) | \n- | \n(130) | \n(78) | \n(131) | \n(78) | \n\n\n\n
\n\n| Net cash flows | \n(1) | \n- | \n(698) | \n(435) | \n(699) | \n(435) | \n\n\n\n
\n\n| Balance Sheet | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Non-current assets | \n- | \n- | \n24 | \n37 | \n24 | \n37 | \n\n\n\n
\n\n| Current assets | \n- | \n1 | \n151 | \n878 | \n151 | \n879 | \n\n\n\n
\n\n| Non-current liabilities | \n- | \n- | \n(252) | \n(361) | \n(252) | \n(361) | \n\n\n\n
\n\n| Current liabilities | \n- | \n- | \n(645) | \n(572) | \n(645) | \n(572) | \n\n\n\n
\n\n| Intra-group loans | \n- | \n(295) | \n(19,377) | \n(19,117) | \n(19,377) | \n(19,412) | \n\n\n\n
\n\n| Net assets | \n- | \n(294) | \n(20,099) | \n(19,135) | \n(20,099) | \n(19,429) | \n\n\n\n
\n\n| Accumulated non-controlling interest | \n- | \n(9) | \n(2,009) | \n(1,913) | \n(2,009) | \n(1,922) | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n
\n
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
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"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
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},
"Tag316": {
"value": "\n
\n\n25. CAPITAL COMMITMENTS
\n
\nThere were no capital commitments on 30 June 2024 (2023: nil). Under the terms of the Gakara Mining Convention there are no minimum
\nexpenditure commitments in respect of exploration and evaluation activities.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n28. CONTINGENT LIABILITIES
\n
\nThere were no contingent liabilities at 30 June 2024 (30 June 20232: nil).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
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"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag309": {
"value": "\n25. CAPITAL COMMITMENTS
\n
\nThere were no capital commitments on 30 June 2024 (2023: nil). Under the terms of the Gakara Mining Convention there are no minimum
\nexpenditure commitments in respect of exploration and evaluation activities.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
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"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
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},
"Tag304": {
"value": "\n26. RELATED PARTY TRANSACTIONS
\n
\n\n
\n\n\n | \nYear to 30 June 2023 | \nYear to 30 June 2022 | \n\n\n\n\n\n\n\n\n
\n\n | \n | \n | \nBalance as at | \n | \n | \nBalance as at | \n\n\n\n\n\n\n\n\n
\n\n | \nCharged in year | \nSettled in year | \n30 June 2024 | \nCharged in year | \nSettled in year | \n30 June 2023 | \n\n\n\n\n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n\n\n\n\n
\n\n| Benzu Minerals (Proprietary) Limited 1 | \n- | \n- | \n- | \n1 | \n(1) | \n- | \n\n\n\n\n\n\n\n\n
\n\n| MPD Consulting Limited 2 | \n5 | \n(4) | \n2 | \n5 | \n(4) | \n1 | \n\n\n\n\n\n\n\n\n
\n\n| Magna Capital (Guernsey) Limited 3 | \n647 | \n(647) | \n- | \n73 | \n(73) | \n- | \n\n\n\n\n\n\n\n\n
\n\n| Total | \n652 | \n(651) | \n2 | \n79 | \n(78) | \n1 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n1. Benzu Minerals (Proprietary) Limited is connected to Cesare Morelli who is currently engaged as the acting General Manager of Rainbow Mining Burundi. In addition to the amounts disclosed, which relate to costs associated
\nwith the drilling programme at Phalaborwa, salary was paid to Cesare Morelli via Benzu Minerals (Proprietary) Limited and is included in remuneration disclosures in note 9.
\n2. MPD Consulting Limited, in which Pete Gardner, the Company\u2019s CFO, has a beneficial interest, has recharged certain costs relating to third party UK administrative costs incurred on behalf of the Group.
\n3. Magna Capital (Guernsey) Limited (\u201cMagna\u201d), in which Adonis Pouroulis, the non-executive Chairman of the Board of Directors, has a beneficial interest, was engaged in December 2022 to assist the Company with its strategy
\nto consolidate ownership of the Phalaborwa project and lift the notarial bonds in South Africa issued in favour of third parties which may have impacted the ability of Bosveld Phosphates (Pty) Limited to transfer the rights
\nto the Phalaborwa project to a new entity as envisaged. The transaction was concluded in current year and a success fee of \u00a3500k was paid to Magna.
\n
\nAs set out in notes 18 and 22, the term of the warrants issued to Pipestone Capital, in which George Bennett, the Company\u2019s CEO, has a beneficial
\ninterest, was extended by two years to 20 February 2026. This led to a revaluation of the warrant liability, which is recognised at fair value through
\nprofit and loss.
\n
\nRelated party transactions were made on terms equivalent to those that prevail in arm\u2019s length transactions.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n31. ULTIMATE CONTROLLING PARTY
\n
\nThe Company does not have a single controlling party.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag311": {
"value": "\n
\n\n27. INVESTMENT IN SUBSIDIARIES
\n
\nThe shareholdings in the Group\u2019s subsidiaries for each year are set out below:
\n
\n\n
\n\n\n | \n | \n | \n% Share Capital Held | \n\n\n
\n\n| Name of Company | \nPrincipal Activity | \nCountry of Incorporation | \n2024 | \n2023 | \n\n\n
\n\n| Rainbow International Resources Limited | \nRare earth exploration | \nGuernsey | \n100% | \n100% | \n\n\n
\n\n| Rainbow Burundi SPRL | \nRare earth exploration | \nRepublic of Burundi | \n97% | \n97% | \n\n\n
\n\n| Rainbow Mining Burundi SM | \nRare earth mining | \nRepublic of Burundi | \n90% | \n90% | \n\n\n
\n\n| Rainbow Rare Earths Zimbabwe (Private) Limited | \nRare earth exploration | \nZimbabwe | \n100% | \n100% | \n\n\n
\n\n| Rainbow Rare Earths (Proprietary) Limited | \nGroup support services | \nSouth Africa | \n100% | \n100% | \n\n\n
\n\n\n\n\n\n\n
\n\n\n\n
\na. Rainbow International Resources Limited is 100% owned by Rainbow Rare Earths Limited.
\nb. Rainbow Burundi SPRL is in the process of being deregistered.
\nc. Gilbert Midende holds a 3% interest in Rainbow Burundi SPRL.
\nd. 97% of shares in Rainbow Burundi SPRL and 90% of shares in Rainbow Mining Burundi SM are held by Rainbow International Resources Limited.
\ne. The Government of Burundi has a 10% interest in Rainbow Mining Burundi SM granted in accordance with the Mining Code of Burundi.
\nf. Rainbow Rare Earths Zimbabwe (Private) Limited is dormant and not trading and in the process of being deregistered.
\ng. Rainbow Rare Earths (Proprietary) Ltd is 100% owned by Rainbow Rare Earths Limited.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag308": {
"value": "\n27. INVESTMENT IN SUBSIDIARIES
\n
\nThe shareholdings in the Group\u2019s subsidiaries for each year are set out below:
\n
\n\n
\n\n\n | \n | \n | \n% Share Capital Held | \n\n\n
\n\n| Name of Company | \nPrincipal Activity | \nCountry of Incorporation | \n2024 | \n2023 | \n\n\n
\n\n| Rainbow International Resources Limited | \nRare earth exploration | \nGuernsey | \n100% | \n100% | \n\n\n
\n\n| Rainbow Burundi SPRL | \nRare earth exploration | \nRepublic of Burundi | \n97% | \n97% | \n\n\n
\n\n| Rainbow Mining Burundi SM | \nRare earth mining | \nRepublic of Burundi | \n90% | \n90% | \n\n\n
\n\n| Rainbow Rare Earths Zimbabwe (Private) Limited | \nRare earth exploration | \nZimbabwe | \n100% | \n100% | \n\n\n
\n\n| Rainbow Rare Earths (Proprietary) Limited | \nGroup support services | \nSouth Africa | \n100% | \n100% | \n\n\n
\n\n\n\n\n\n\n
\n\n\n\n
\na. Rainbow International Resources Limited is 100% owned by Rainbow Rare Earths Limited.
\nb. Rainbow Burundi SPRL is in the process of being deregistered.
\nc. Gilbert Midende holds a 3% interest in Rainbow Burundi SPRL.
\nd. 97% of shares in Rainbow Burundi SPRL and 90% of shares in Rainbow Mining Burundi SM are held by Rainbow International Resources Limited.
\ne. The Government of Burundi has a 10% interest in Rainbow Mining Burundi SM granted in accordance with the Mining Code of Burundi.
\nf. Rainbow Rare Earths Zimbabwe (Private) Limited is dormant and not trading and in the process of being deregistered.
\ng. Rainbow Rare Earths (Proprietary) Ltd is 100% owned by Rainbow Rare Earths Limited.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag325": {
"value": "\n28. CONTINGENT LIABILITIES
\n
\nThere were no contingent liabilities at 30 June 2024 (30 June 20232: nil).
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag319": {
"value": "\n29. POST BALANCE SHEET EVENTS
\n
\nOn 1 July 2024, the Company entered into a binding agreement with Ecora Resources PLC to raise US$10 million by:
\n\u2022 The issue of 10,442,427 new ordinary shares in the Company at a price of 11.3652p for cash consideration of US$1.5 million.
\n\u2022 The sale of a 0.85% Gross Revenue Royalty over future rare earths sales from the Group\u2019s Phalaborwa project in South Africa,
\nplus any other saleable products, for a cash consideration of US$8.5 million, which was completed and settled net of US$0.2 million
\ntransaction costs in September 2024.
\n
\nAs set out in note 8, on 3 September 2024 the Company issued 2,595,735 shares as settlement of bonuses to key management personnel.
\n
\nAs set out in note 22, on 3 September 2024 the Company issued 333,332 shares as replacement of options cancelled on 30 April 2024 that
\nhad been issued to US residents that were due to vest on 19 May 2024.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag323": {
"value": "\n
\n\n
\n
\n30. FINANCIAL RISK MANAGEMENT
\n
\nThe Group\u2019s financial liabilities at each period end consist of bank borrowings, leases, unsecured loans and trade and other payables (including
\naccrued expenses). The warrants issued in lieu of interest for the Pipestone Loan, as set out in note 18, are measured at fair value through profit
\nor loss. All other liabilities are measured at amortised cost. These are detailed in notes 17, 18 and 19.
\n
\nThe Group has various financial assets, being trade and other receivables and cash, which arise directly from its operations. To the extent that these
\nrepresent financial assets they are classified as assets held at amortised cost. These are detailed in notes 15 and 16.
\n
\nThe fair values of the Group\u2019s cash, trade and other receivables, borrowings, unsecured loans, leases, trade and other payables and financial liabilities
\nat fair value through profit and loss are considered to approximate book value.
\n
\nThe risks arising from the Group\u2019s financial instruments are credit risk, liquidity risk and market risk (including interest risk and currency risk).
\nThe risk management policies employed by the Group to manage these risks are discussed below.
\n
\n\nCredit risk
\nCredit risk refers to the risk that the Group\u2019s financial assets will be impaired by the default of a third party. The Group is exposed to credit risk
\non its cash and cash equivalents as set out in note 16. Credit risk is managed by ensuring that surplus funds are held in the UK with well-established
\nfinancial institutions of high-quality credit standing. At 30 June 2024, 99% of funds were held with a bank with a long-term A- credit rating (2023: 99%).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\nMarket risk
\nMarket risk arises from the Group\u2019s use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value
\nor future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates
\n(currency risk) or other market factors (other price risk).
\n
\nCurrency risk
\nCurrency risk refers to the risk that fluctuations in foreign currencies cause losses to the Group.
\n
\nThe Group is exposed to foreign exchange risk arising from various currency exposures primarily with respect to Sterling and the Burundian Franc.
\nManagement monitors the exchange rate fluctuations on a continuous basis and acts accordingly. The financial assets and liabilities that include
\nsignificant foreign currency denominated balances are shown below.
\n
\nForeign exchange risk is managed by matching the currency profile of cash holdings to expected future cash outflows.
\nMinimal cash is held in Burundian Francs. The table below shows the currency profiles of cash and cash equivalents:
\n
\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n\n\n\n\n\n\n\n
\n\n | \n30 June 2024 | \n30 June 2023 | \n\n\n\n\n\n\n\n\n
\n\n| Cash and cash equivalents | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n\n\n\n\n
\n\n| US Dollars | \n21 | \n7,212 | \n\n\n\n\n\n\n\n\n
\n\n| GB Pounds | \n4 | \n670 | \n\n\n\n\n\n\n\n\n
\n\n| SA Rands | \n51 | \n224 | \n\n\n\n\n\n\n\n\n
\n\n| Burundi Francs | \n3 | \n1 | \n\n\n\n\n\n\n\n\n
\n\n| Total | \n79 | \n8,107 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\nThe table below shows an analysis of the currency of the monetary liabilities in the functional currency of the Group (US dollars):
\n
\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n\n\n\n\n\n\n\n
\n\n | \n30 June 2024 | \n30 June 2023 | \n\n\n\n\n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n\n\n\n\n
\n\n| US Dollars | \n988 | \n503 | \n\n\n\n\n\n\n\n\n
\n\n| GB Pounds | \n332 | \n260 | \n\n\n\n\n\n\n\n\n
\n\n| Burundi Francs | \n600 | \n679 | \n\n\n\n\n\n\n\n\n
\n\n| South African Rand | \n303 | \n215 | \n\n\n\n\n\n\n\n\n
\n\n| Total | \n2,223 | \n1,657 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\nThe largest foreign currency monetary liability exposure and the least stable currency is the Burundi Franc. A 10% movement in the US$:BIF rate would
\nhave resulted in a gain or loss of approximately US$0.1 million (2023: approximately US$0.1 million) in the income statement in relation to the cash and
\ncash equivalents and trade payables as at 30 June 2024.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n
\n30. FINANCIAL RISK MANAGEMENT CONTINUED
\n
\n\nInterest rate risk
\nInterest rate risk refers to the risk that fluctuations in interest rates cause losses to the Group.
\n
\nThe Group and Company have no exposure to interest rate risk except on cash and cash equivalents which carry variable interest rates.
\nThe Group has no material sensitivity to reasonable changes in variable interest rates. The group monitors the variable interest risk accordingly.
\n
\nThe Group\u2019s borrowings bear fixed rates of interest.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\nLiquidity risk
\nLiquidity risk refers to the risk that the Group has insufficient cash resources to meet working capital requirements. The Group manages
\nits liquidity requirements by using both short and long-term cash flow projections. The following table sets out the contractual maturities
\n(representing undiscounted contractual cash flows) of financial liabilities:
\n
\n\n
\n\n\n | \nAs at 30 June 2024 | \nAs at 30 June 2023 | \n\n\n\n\n\n\n\n\n
\n\n | \nDue | \nDue in | \nDue in | \nDue in | \nDue | \nDue in | \nDue in | \nDue in | \n\n\n\n\n\n\n\n\n
\n\n | \nwithin 1 | \n1 to 2 | \n2 to 5 | \n5 to 10 | \nwithin 1 | \n1 to 2 | \n2 to 5 | \n5 to 10 | \n\n\n\n\n\n\n\n\n
\n\n | \nyears | \nyears | \nyears | \nyears | \nyears | \nyears | \nyears | \nyears | \n\n\n\n\n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n\n\n\n\n
\n\n| Trade and other payables | \n1,850 | \n- | \n- | \n- | \n1,250 | \n- | \n- | \n- | \n\n\n\n\n\n\n\n\n
\n\n| Loans and borrowings (excluding warrants) | \n125 | \n125 | \n126 | \n- | \n127 | \n127 | \n223 | \n- | \n\n\n\n\n\n\n\n\n
\n\n| Lease liabilities | \n33 | \n5 | \n- | \n- | \n28 | \n18 | \n5 | \n- | \n\n\n\n\n\n\n\n\n
\n\n| Total | \n2,008 | \n130 | \n126 | \n- | \n1,405 | \n145 | \n228 | \n- | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\nUltimate responsibility for liquidity risk management rests with the Directors, who have built an appropriate liquidity risk management framework
\nfor the management of the Group\u2019s short, medium, and long-term funding and liquidity management requirements. The Group closely monitors and
\nmanages its liquidity risk. For further details on the Group\u2019s liquidity position, please refer to the going concern paragraph in note 2 of these accounts.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\nCapital management
\nIn managing capital, the Group\u2019s primary objective is to maintain a sufficient funding base, through debt and equity, to enable the Group to meet
\nits working capital and strategic investment needs. This includes ensuring sufficient funds are available to service the Group\u2019s borrowings as they fall
\ndue. No funds are held in restricted or designated accounts for future debt servicing requirements. In making decisions to adjust its capital structure
\nto achieve these aims the Group considers not only its short-term position but also its long-term operational and strategic objectives.
\n
\nThe Group\u2019s primary capital management measure is net debt (borrowings less cash) to total equity, measured as follows:
\n
\n\n
\n\n\n| Net debt / (cash) to equity | \nYear ended | \nYear ended | \n\n\n\n\n\n\n\n\n
\n\n | \n30 June 2024 | \n30 June 2023 | \n\n\n\n\n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n\n\n\n\n
\n\n| Total borrowings (note 18) | \n437 | \n486 | \n\n\n\n\n\n\n\n\n
\n\n| Less: Cash and cash equivalents | \n(79) | \n(8,107) | \n\n\n\n\n\n\n\n\n
\n\n| Net debt / (cash) | \n358 | \n(7,621) | \n\n\n\n\n\n\n\n\n
\n\n| Total equity | \n13,841 | \n12,251 | \n\n\n\n\n\n\n\n\n
\n\n| Ratio | \n2.59% | \n(62.21%) | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag315": {
"value": "\n
\n
\n30. FINANCIAL RISK MANAGEMENT
\n
\nThe Group\u2019s financial liabilities at each period end consist of bank borrowings, leases, unsecured loans and trade and other payables (including
\naccrued expenses). The warrants issued in lieu of interest for the Pipestone Loan, as set out in note 18, are measured at fair value through profit
\nor loss. All other liabilities are measured at amortised cost. These are detailed in notes 17, 18 and 19.
\n
\nThe Group has various financial assets, being trade and other receivables and cash, which arise directly from its operations. To the extent that these
\nrepresent financial assets they are classified as assets held at amortised cost. These are detailed in notes 15 and 16.
\n
\nThe fair values of the Group\u2019s cash, trade and other receivables, borrowings, unsecured loans, leases, trade and other payables and financial liabilities
\nat fair value through profit and loss are considered to approximate book value.
\n
\nThe risks arising from the Group\u2019s financial instruments are credit risk, liquidity risk and market risk (including interest risk and currency risk).
\nThe risk management policies employed by the Group to manage these risks are discussed below.
\n
\n\nCredit risk
\nCredit risk refers to the risk that the Group\u2019s financial assets will be impaired by the default of a third party. The Group is exposed to credit risk
\non its cash and cash equivalents as set out in note 16. Credit risk is managed by ensuring that surplus funds are held in the UK with well-established
\nfinancial institutions of high-quality credit standing. At 30 June 2024, 99% of funds were held with a bank with a long-term A- credit rating (2023: 99%).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\nMarket risk
\nMarket risk arises from the Group\u2019s use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value
\nor future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates
\n(currency risk) or other market factors (other price risk).
\n
\nCurrency risk
\nCurrency risk refers to the risk that fluctuations in foreign currencies cause losses to the Group.
\n
\nThe Group is exposed to foreign exchange risk arising from various currency exposures primarily with respect to Sterling and the Burundian Franc.
\nManagement monitors the exchange rate fluctuations on a continuous basis and acts accordingly. The financial assets and liabilities that include
\nsignificant foreign currency denominated balances are shown below.
\n
\nForeign exchange risk is managed by matching the currency profile of cash holdings to expected future cash outflows.
\nMinimal cash is held in Burundian Francs. The table below shows the currency profiles of cash and cash equivalents:
\n
\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n\n\n\n\n\n\n\n
\n\n | \n30 June 2024 | \n30 June 2023 | \n\n\n\n\n\n\n\n\n
\n\n| Cash and cash equivalents | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n\n\n\n\n
\n\n| US Dollars | \n21 | \n7,212 | \n\n\n\n\n\n\n\n\n
\n\n| GB Pounds | \n4 | \n670 | \n\n\n\n\n\n\n\n\n
\n\n| SA Rands | \n51 | \n224 | \n\n\n\n\n\n\n\n\n
\n\n| Burundi Francs | \n3 | \n1 | \n\n\n\n\n\n\n\n\n
\n\n| Total | \n79 | \n8,107 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\nThe table below shows an analysis of the currency of the monetary liabilities in the functional currency of the Group (US dollars):
\n
\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n\n\n\n\n\n\n\n
\n\n | \n30 June 2024 | \n30 June 2023 | \n\n\n\n\n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n\n\n\n\n
\n\n| US Dollars | \n988 | \n503 | \n\n\n\n\n\n\n\n\n
\n\n| GB Pounds | \n332 | \n260 | \n\n\n\n\n\n\n\n\n
\n\n| Burundi Francs | \n600 | \n679 | \n\n\n\n\n\n\n\n\n
\n\n| South African Rand | \n303 | \n215 | \n\n\n\n\n\n\n\n\n
\n\n| Total | \n2,223 | \n1,657 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\nThe largest foreign currency monetary liability exposure and the least stable currency is the Burundi Franc. A 10% movement in the US$:BIF rate would
\nhave resulted in a gain or loss of approximately US$0.1 million (2023: approximately US$0.1 million) in the income statement in relation to the cash and
\ncash equivalents and trade payables as at 30 June 2024.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n30. FINANCIAL RISK MANAGEMENT CONTINUED
\n
\n\nInterest rate risk
\nInterest rate risk refers to the risk that fluctuations in interest rates cause losses to the Group.
\n
\nThe Group and Company have no exposure to interest rate risk except on cash and cash equivalents which carry variable interest rates.
\nThe Group has no material sensitivity to reasonable changes in variable interest rates. The group monitors the variable interest risk accordingly.
\n
\nThe Group\u2019s borrowings bear fixed rates of interest.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\nLiquidity risk
\nLiquidity risk refers to the risk that the Group has insufficient cash resources to meet working capital requirements. The Group manages
\nits liquidity requirements by using both short and long-term cash flow projections. The following table sets out the contractual maturities
\n(representing undiscounted contractual cash flows) of financial liabilities:
\n
\n\n
\n\n\n | \nAs at 30 June 2024 | \nAs at 30 June 2023 | \n\n\n\n\n\n\n\n\n
\n\n | \nDue | \nDue in | \nDue in | \nDue in | \nDue | \nDue in | \nDue in | \nDue in | \n\n\n\n\n\n\n\n\n
\n\n | \nwithin 1 | \n1 to 2 | \n2 to 5 | \n5 to 10 | \nwithin 1 | \n1 to 2 | \n2 to 5 | \n5 to 10 | \n\n\n\n\n\n\n\n\n
\n\n | \nyears | \nyears | \nyears | \nyears | \nyears | \nyears | \nyears | \nyears | \n\n\n\n\n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n\n\n\n\n
\n\n| Trade and other payables | \n1,850 | \n- | \n- | \n- | \n1,250 | \n- | \n- | \n- | \n\n\n\n\n\n\n\n\n
\n\n| Loans and borrowings (excluding warrants) | \n125 | \n125 | \n126 | \n- | \n127 | \n127 | \n223 | \n- | \n\n\n\n\n\n\n\n\n
\n\n| Lease liabilities | \n33 | \n5 | \n- | \n- | \n28 | \n18 | \n5 | \n- | \n\n\n\n\n\n\n\n\n
\n\n| Total | \n2,008 | \n130 | \n126 | \n- | \n1,405 | \n145 | \n228 | \n- | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\nUltimate responsibility for liquidity risk management rests with the Directors, who have built an appropriate liquidity risk management framework
\nfor the management of the Group\u2019s short, medium, and long-term funding and liquidity management requirements. The Group closely monitors and
\nmanages its liquidity risk. For further details on the Group\u2019s liquidity position, please refer to the going concern paragraph in note 2 of these accounts.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\nCapital management
\nIn managing capital, the Group\u2019s primary objective is to maintain a sufficient funding base, through debt and equity, to enable the Group to meet
\nits working capital and strategic investment needs. This includes ensuring sufficient funds are available to service the Group\u2019s borrowings as they fall
\ndue. No funds are held in restricted or designated accounts for future debt servicing requirements. In making decisions to adjust its capital structure
\nto achieve these aims the Group considers not only its short-term position but also its long-term operational and strategic objectives.
\n
\nThe Group\u2019s primary capital management measure is net debt (borrowings less cash) to total equity, measured as follows:
\n
\n\n
\n\n\n| Net debt / (cash) to equity | \nYear ended | \nYear ended | \n\n\n\n\n\n\n\n\n
\n\n | \n30 June 2024 | \n30 June 2023 | \n\n\n\n\n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n\n\n\n\n
\n\n| Total borrowings (note 18) | \n437 | \n486 | \n\n\n\n\n\n\n\n\n
\n\n| Less: Cash and cash equivalents | \n(79) | \n(8,107) | \n\n\n\n\n\n\n\n\n
\n\n| Net debt / (cash) | \n358 | \n(7,621) | \n\n\n\n\n\n\n\n\n
\n\n| Total equity | \n13,841 | \n12,251 | \n\n\n\n\n\n\n\n\n
\n\n| Ratio | \n2.59% | \n(62.21%) | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag327": {
"value": "\nCredit risk
\nCredit risk refers to the risk that the Group\u2019s financial assets will be impaired by the default of a third party. The Group is exposed to credit risk
\non its cash and cash equivalents as set out in note 16. Credit risk is managed by ensuring that surplus funds are held in the UK with well-established
\nfinancial institutions of high-quality credit standing. At 30 June 2024, 99% of funds were held with a bank with a long-term A- credit rating (2023: 99%).
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag307": {
"value": "\nMarket risk
\nMarket risk arises from the Group\u2019s use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value
\nor future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates
\n(currency risk) or other market factors (other price risk).
\n
\nCurrency risk
\nCurrency risk refers to the risk that fluctuations in foreign currencies cause losses to the Group.
\n
\nThe Group is exposed to foreign exchange risk arising from various currency exposures primarily with respect to Sterling and the Burundian Franc.
\nManagement monitors the exchange rate fluctuations on a continuous basis and acts accordingly. The financial assets and liabilities that include
\nsignificant foreign currency denominated balances are shown below.
\n
\nForeign exchange risk is managed by matching the currency profile of cash holdings to expected future cash outflows.
\nMinimal cash is held in Burundian Francs. The table below shows the currency profiles of cash and cash equivalents:
\n
\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n\n\n\n\n\n\n\n
\n\n | \n30 June 2024 | \n30 June 2023 | \n\n\n\n\n\n\n\n\n
\n\n| Cash and cash equivalents | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n\n\n\n\n
\n\n| US Dollars | \n21 | \n7,212 | \n\n\n\n\n\n\n\n\n
\n\n| GB Pounds | \n4 | \n670 | \n\n\n\n\n\n\n\n\n
\n\n| SA Rands | \n51 | \n224 | \n\n\n\n\n\n\n\n\n
\n\n| Burundi Francs | \n3 | \n1 | \n\n\n\n\n\n\n\n\n
\n\n| Total | \n79 | \n8,107 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\nThe table below shows an analysis of the currency of the monetary liabilities in the functional currency of the Group (US dollars):
\n
\n\n
\n\n\n | \nYear ended | \nYear ended | \n\n\n\n\n\n\n\n\n
\n\n | \n30 June 2024 | \n30 June 2023 | \n\n\n\n\n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n\n\n\n\n
\n\n| US Dollars | \n988 | \n503 | \n\n\n\n\n\n\n\n\n
\n\n| GB Pounds | \n332 | \n260 | \n\n\n\n\n\n\n\n\n
\n\n| Burundi Francs | \n600 | \n679 | \n\n\n\n\n\n\n\n\n
\n\n| South African Rand | \n303 | \n215 | \n\n\n\n\n\n\n\n\n
\n\n| Total | \n2,223 | \n1,657 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\nThe largest foreign currency monetary liability exposure and the least stable currency is the Burundi Franc. A 10% movement in the US$:BIF rate would
\nhave resulted in a gain or loss of approximately US$0.1 million (2023: approximately US$0.1 million) in the income statement in relation to the cash and
\ncash equivalents and trade payables as at 30 June 2024.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\nInterest rate risk
\nInterest rate risk refers to the risk that fluctuations in interest rates cause losses to the Group.
\n
\nThe Group and Company have no exposure to interest rate risk except on cash and cash equivalents which carry variable interest rates.
\nThe Group has no material sensitivity to reasonable changes in variable interest rates. The group monitors the variable interest risk accordingly.
\n
\nThe Group\u2019s borrowings bear fixed rates of interest.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag317": {
"value": "\nLiquidity risk
\nLiquidity risk refers to the risk that the Group has insufficient cash resources to meet working capital requirements. The Group manages
\nits liquidity requirements by using both short and long-term cash flow projections. The following table sets out the contractual maturities
\n(representing undiscounted contractual cash flows) of financial liabilities:
\n
\n\n
\n\n\n | \nAs at 30 June 2024 | \nAs at 30 June 2023 | \n\n\n\n\n\n\n\n\n
\n\n | \nDue | \nDue in | \nDue in | \nDue in | \nDue | \nDue in | \nDue in | \nDue in | \n\n\n\n\n\n\n\n\n
\n\n | \nwithin 1 | \n1 to 2 | \n2 to 5 | \n5 to 10 | \nwithin 1 | \n1 to 2 | \n2 to 5 | \n5 to 10 | \n\n\n\n\n\n\n\n\n
\n\n | \nyears | \nyears | \nyears | \nyears | \nyears | \nyears | \nyears | \nyears | \n\n\n\n\n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n\n\n\n\n
\n\n| Trade and other payables | \n1,850 | \n- | \n- | \n- | \n1,250 | \n- | \n- | \n- | \n\n\n\n\n\n\n\n\n
\n\n| Loans and borrowings (excluding warrants) | \n125 | \n125 | \n126 | \n- | \n127 | \n127 | \n223 | \n- | \n\n\n\n\n\n\n\n\n
\n\n| Lease liabilities | \n33 | \n5 | \n- | \n- | \n28 | \n18 | \n5 | \n- | \n\n\n\n\n\n\n\n\n
\n\n| Total | \n2,008 | \n130 | \n126 | \n- | \n1,405 | \n145 | \n228 | \n- | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\nUltimate responsibility for liquidity risk management rests with the Directors, who have built an appropriate liquidity risk management framework
\nfor the management of the Group\u2019s short, medium, and long-term funding and liquidity management requirements. The Group closely monitors and
\nmanages its liquidity risk. For further details on the Group\u2019s liquidity position, please refer to the going concern paragraph in note 2 of these accounts.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"Tag324": {
"value": "\nCapital management
\nIn managing capital, the Group\u2019s primary objective is to maintain a sufficient funding base, through debt and equity, to enable the Group to meet
\nits working capital and strategic investment needs. This includes ensuring sufficient funds are available to service the Group\u2019s borrowings as they fall
\ndue. No funds are held in restricted or designated accounts for future debt servicing requirements. In making decisions to adjust its capital structure
\nto achieve these aims the Group considers not only its short-term position but also its long-term operational and strategic objectives.
\n
\nThe Group\u2019s primary capital management measure is net debt (borrowings less cash) to total equity, measured as follows:
\n
\n\n
\n\n\n| Net debt / (cash) to equity | \nYear ended | \nYear ended | \n\n\n\n\n\n\n\n\n
\n\n | \n30 June 2024 | \n30 June 2023 | \n\n\n\n\n\n\n\n\n
\n\n | \nUS$\u2019000 | \nUS$\u2019000 | \n\n\n\n\n\n\n\n\n
\n\n| Total borrowings (note 18) | \n437 | \n486 | \n\n\n\n\n\n\n\n\n
\n\n| Less: Cash and cash equivalents | \n(79) | \n(8,107) | \n\n\n\n\n\n\n\n\n
\n\n| Net debt / (cash) | \n358 | \n(7,621) | \n\n\n\n\n\n\n\n\n
\n\n| Total equity | \n13,841 | \n12,251 | \n\n\n\n\n\n\n\n\n
\n\n| Ratio | \n2.59% | \n(62.21%) | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800HONYSAXTG6KS11",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
}
}
}