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"Tag131": {
"value": "\n
\n\n
\n
\n
\n1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
\nThe significant accounting policies adopted in preparing the financial report of Berkeley Energia Limited (\u201cBerkeley\u201d
\nor \u201cCompany\u201d or \u201cParent\u201d) and its consolidated entities (\u201cConsolidated Entity\u201d or \u201cGroup\u201d) for the year ended 30
\nJune 2023 are stated to assist in a general understanding of the financial report.
\nBerkeley is a company limited by shares incorporated in Australia whose shares are publicly traded on the
\nAustralian Securities Exchange (\u201cASX\u201d), the Main Board of the London Stock Exchange (\u201cLSE\u201d) and the Madrid,
\nBarcelona, Bilboa and Valencia Stock Exchanges (together the \u201cSpanish Stock Exchanges\u201d).
\n\nThe financial report of the Company for the year ended 30 June 2023 was authorised for issue in accordance with
\na resolution of the Directors.
\n
\n\n\n
\n(a) Basis of Preparation
\nThe financial report is a general purpose financial report, which has been prepared in accordance with Australian
\nAccounting Standards (\u201cAASBs\u201d) adopted by the Australian Accounting Standards Board (\u201cAASB\u201d) and the
\nCorporations Act 2001. The financial statements comprise the consolidated financial statements of the Group. For
\nthe purposes of preparing the consolidated financial statements, the Company is a for-profit entity.
\nThe financial report has been prepared on a historical cost basis, except for certain financial liabilities which have
\nbeen measured at fair value. The financial report is presented in Australian dollars.
\n\nThe consolidated financial statements have been prepared on a going concern basis which assumes the continuity
\nof normal business activity and the realisation of assets and the settlement of liabilities in the ordinary course of
\nbusiness.
\n
\n\n
\n\n\n
\n(b) Statement of Compliance
\nThe financial report complies with International Financial Reporting Standards (\u201cIFRS\u201d) as issued by the
\nInternational Accounting Standards Board.
\n\n
\n\nIn the current period, the Group has adopted all of the new and revised Accounting Standards and Interpretations
\nissued by the Australian Accounting Standards Board (the AASB) that are relevant to its operations and effective
\nfor the current annual reporting period. The adoption of these new and revised Standards or Interpretations has
\nhad an immaterial impact (if any) on the Group. Any new or amended Accounting Standards or Interpretations that
\nare not yet mandatory have not been early adopted.
\nAustralian Accounting Standards and Interpretations that have recently been issued or amended but are not yet
\neffective have not been adopted by the Group for the annual reporting period ended 30 June 2023. Those which
\nmay be relevant to the Group are set out in the table below, but these are not expected to have any significant
\nimpact on the Group's financial statements as detailed below.
\nStandard/Interpretation
\nApplication
\ndate of
\nstandard
\nApplication
\ndate for Group
\nAASB 2020-6 Amendments to Australian Accounting Standards \u2013 Classification of
\nLiabilities as Current or Non-Current \u2013 Deferral of Effective Date
\n1 January 2022 1 July 2023
\nAASB 2021-2 Amendments to Australian Accounting Standards \u2013
\nDisclosure of
\nAccounting Policies and Definition of Accounting Estimates
\n1 January 2023 1 July 2023
\nAASB 2021-5 Amendments to Australian Accounting Standards \u2013 Deferred Tax related
\nto Assets and Liabilities arising from a Single Transaction
\n1 January 2023 1 July 2023
\nAASB 2023-2 Amendments to AASs \u2013 International Tax Reform Pillar Two Model Rules
\n29
\n23 May 2023 1 July 2023
\nAASB 2020-1 Amendments to Australian Accounting Standards \u2013 Classification of
\nLiabilities as Current or Non-Current
\n1 January 2024 1 July 2024
\nAASB 2021-7(a-c) Amendments to Australian Accounting Standards \u2013 Effective Date of
\nAmendments to AASB 10 and AASB 128 and Editorial Corrections
\n1 January 2025 1 July 2025
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n\n(c) Principles of Consolidation
\nThe consolidated financial statements incorporate the assets, liabilities and results of entities controlled by Berkeley
\nEnergia Limited at reporting date. Control is achieved when the Company has power over the investee, is exposed,
\nor has rights, to variable returns from its involvement with the investee and has the ability to use its power to affect
\nits returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that
\nthere are changes to one or more of the three elements of control listed above. When the Company has less than
\na majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to
\ngive it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all
\nrelevant facts and circumstances in assessing whether or not the Company's voting rights in an investee are
\nsufficient to give it power.
\nWhere controlled entities have entered or left the group during the year, the financial performance of those entities
\nare included only for the period of the year that they were controlled. A list of controlled entities is contained in Note
\n16 to the financial statements.
\nIn preparing the consolidated financial statements, all inter-group balances and transactions between entities in the
\nconsolidated group have been eliminated on consolidation. Accounting policies of subsidiaries have been changed
\nwhere necessary to ensure consistency with those adopted by the parent entity.
\n
\n\n\n
\n\n(d) Business Combinations
\nThe acquisition method of accounting is used to account for business combinations regardless of whether equity
\ninstruments or other assets are acquired. The cost of a business combination is measured as the fair value of the
\nassets given, shares issued or liabilities incurred or assumed at the date of exchange and the amount of any non-
\ncontrolling interest in the acquiree. For each business combination, the acquirer measures the non-controlling
\ninterest in the acquiree either at fair value or at the proportionate share of the acquiree's identifiable net assets.
\nAcquisition-related costs are expensed as incurred.
\nWhere equity instruments are issued in a business combination, the fair value of the instruments is their published
\nmarket price as at the date of exchange unless, in rare circumstances, it can be demonstrated that the published
\nprice at the date of exchange is an unreliable indicator of fair value and that other evidence and valuation methods
\nprovide a more reliable measure of fair value.
\nIdentifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are
\nmeasured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest.
\nThe excess of the cost of the business combination over the fair value of the Group\u2019s share of the identifiable net
\nassets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets acquired,
\nthe difference is recognised directly in the income statement, but only after a reassessment of the identification and
\nmeasurement of the net assets acquired.
\nIf the business combination is achieved in stages, the acquisition date fair value of the acquirer's previously held
\nequity interest in the acquiree is remeasured at fair value as at the acquisition date through profit or loss.
\nWhere settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted
\nto their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate,
\nbeing the rate at which a similar borrowing could be obtained from an independent financier under comparable
\nterms and conditions.
\n
\n\n
\n\n\n
\n\n
\n\n(e) Revenue Recognition
\nInterest revenue is recognised as it accrues, taking into account the effective yield on the financial asset.
\n
\n\n
\n\n
\n\n\n
\n(f) Foreign Currency Translation
\n\nBoth the functional and presentation currency of Berkeley at 30 June 2023 was Australian Dollars.
\nThe following table sets out the functional currency of the subsidiaries (unless dormant) of the Group:
\nCompany Name Functional Currency
\nBerkeley Exploration Limited A$
\nBerkeley Minera Espana, S.L.U Euro
\nExploraci\u00f3n De Recursos Minerales, S.L.U
\n(previously Berkeley Exploration Espa\u00f1a)
\nEuro
\nEach entity in the Group determines its own functional currency and items included in the financial statements of
\neach entity are measured using that functional currency.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
\n\n
\n(f) Foreign Currency Translation (Continued)
\n\nTransactions in foreign currencies are initially recorded in the functional currency at the exchange rates ruling at
\nthe date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the
\nrate of exchange ruling at the balance sheet date.
\n
\n\nAll exchange differences in the consolidated financial report are taken to the income statement with the exception
\nof exchange differences on intercompany loans which are not expected or planned to be repaid. These are taken
\ndirectly to equity until the disposal of the net investment, at which time they are recognised in the income statement.
\nNon-monetary items that are measured in terms of historical cost in a foreign currency are translated using the
\nexchange rate as at the date of the initial transaction.
\nWhere the functional currency of a subsidiary of Berkeley Energia Limited is not Australian Dollars the assets and
\nliabilities of the subsidiary at reporting date are translated into the presentation currency of Berkeley at the rate of
\nexchange ruling at the balance sheet date and the income statements are translated by applying the average
\nexchange rate for the year.
\nAny exchange differences arising on this retranslation are taken directly to the foreign currency translation reserve
\nin equity. On disposal of a foreign entity, the deferred cumulative amount recognised in equity and relating to that
\nparticular foreign operation is recognised in the Statement of Profit or Loss and Other Comprehensive Income.
\n
\n\n\n
\n(g) Income Tax
\nThe income tax expense for the year is the tax payable on the current period's taxable income based on the
\nnational income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable
\nto temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial
\nstatements, and to unused tax losses.
\n\nDeferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when
\nthe assets are recovered or liabilities are settled, based on those tax rates which are enacted or substantively
\nenacted for each jurisdiction. The relevant tax rates are applied to the cumulative amounts of deductible and taxable
\ntemporary differences to measure the deferred tax asset or liability. An exception is made for certain temporary
\ndifferences arising from the initial recognition of an asset or a liability. No deferred tax asset or liability is recognised
\nin relation to these temporary differences if they arose on goodwill or in a transaction, other than a business
\ncombination, that at the time of the transaction did not affect either accounting profit or taxable profit or loss.
\nDeferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and
\ntax bases of investments in controlled entities where the Parent Entity is able to control the timing of the reversal of
\nthe temporary differences and it is probable that the differences will not reverse in the foreseeable future.
\nDeferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable
\nthat future taxable amounts will be available to utilise those temporary differences and losses.
\nThe carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the
\nextent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred
\nincome tax asset to be utilised.
\nUnrecognised deferred income tax assets are reassessed at each balance date and are recognised to the extent
\nthat it has become probable that future taxable profit will allow the deferred tax asset to be recovered.
\nCurrent and deferred tax balances attributable to amounts recognised directly in equity are also recognised directly
\nin equity.
\nDeferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current
\ntax assets against tax liabilities and the deferred tax liabilities relate to the same taxable entity and the same taxation
\nauthority.
\n
\n\n
\n\n\n(h) Cash and Cash Equivalents
\nCash and cash equivalents\u2019 includes cash on hand, deposits held at call with financial institutions, and other short-
\nterm highly liquid investments that are readily convertible to known amounts of cash and which are subject to an
\ninsignificant risk of changes in value. For the purposes of the Statement of Cash Flows, cash and cash equivalents
\nconsist of cash and cash equivalents as defined above.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\n
\n\n
\n(i) Impairment of Non-Current Assets
\nThe Group assesses at each reporting date whether there is an indication that a non-current asset may be impaired.
\nIf any such indication exists, or when annual impairment testing for an asset is required, the Group makes an
\nestimate of the asset's recoverable amount. An asset's recoverable amount is the higher of its fair value less costs
\nto dispose and its value in use and is determined for an individual asset, unless the asset does not generate cash
\ninflows that are largely independent of those from other assets of groups of assets and the asset's value in use
\ncannot be estimated to be close to its fair value. In such cases the asset is tested for impairment as part of the
\ncash-generating unit to which it belongs. When the carrying amount of an asset or cash-generating unit exceeds
\nits recoverable amount, the asset or cash-generating unit is considered impaired and is written down to its
\nrecoverable amount.
\nIn assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax
\ndiscount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
\nImpairment losses relating to continuing operations are recognised in those expense categories consistent with the
\nfunction of the impaired asset unless the asset is carried at a revalued amount (in which case the impairment loss
\nis treated as a revaluation decrease).
\nAn assessment is also made at each reporting date as to whether there is any indication that previously recognised
\nimpairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is
\nestimated. A previously recognised impairment loss is reversed only if there has been a change in the estimates
\nused to determine the asset's recoverable amount since the last impairment loss was recognised. If that is the case
\nthe carrying amount of the asset is increased to its recoverable amount.
\nThe increased amount cannot exceed the carrying amount that would have been determined, net of depreciation,
\nhad no impairment loss been recognised for the asset in prior years. Such reversal is recognised in profit or loss
\nunless the asset is carried at a revalued amount, in which case the reversal is treated as a revaluation increase.
\nAfter such a reversal the depreciation charge is adjusted in future periods to allocate the asset's revised carrying
\namount, less any residual value, on a systematic basis over its remaining useful life.
\n
\n\n
\n\n\n
\n(j) Trade and Other Receivables
\nTrade receivables are recognised and carried at original invoice amount less any Expected Credit Loss (\u201cECL\u201d).
\n\nReceivables from related parties are initially recognised at fair value and subsequently measured at amortised cost
\nusing the effective interest method, less an allowance for expected credit losses and are interest free.
\n
\n\n
\n\n\n
\n\n(k) Financial Assets
\n(i) Initial recognition and measurement
\nFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through
\nother comprehensive income (\u201cOCI\u201d), and fair value through profit or loss.
\nThe classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow
\ncharacteristics and the Group\u2019s business model for managing them. The Group initially measures a financial asset
\nat its fair value plus, in the case of a financial asset not at fair value through profit or loss, less transaction costs.
\n(ii) Subsequent measurement
\nFor purposes of subsequent measurement, financial assets are classified in four categories:
\n\u2022 Financial assets at amortised cost (relevant to the Group);
\n\u2022 Financial assets at fair value through OCI with recycling of cumulative gains and losses (not relevant to the
\nGroup);
\n\u2022 Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon
\n\u2022 derecognition (equity instruments \u2013 not relevant to the Group); and
\n\u2022 Financial assets at fair value through profit or loss (relevant to the Group).
\nFinancial assets at amortised cost (debt instruments)
\nThe Group measures financial assets at amortised cost if both of the following conditions are met:
\n\u2022 The financial asset is held within a business model with the objective to hold financial assets in order to
\ncollect contractual cash flows; and
\n\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely
\npayments of principal and interest on the principal amount outstanding.
\nFinancial assets at amortised cost are subsequently measured using the effective interest rate (\u201cEIR\u201d) method and
\nare subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised,
\nmodified or impaired.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
\n\n
\n\n
\n(k) Financial Assets (Continued)
\nThe Group\u2019s financial assets at amortised cost includes GST and other taxes receivables, interest receivable and
\nsecurity deposits.
\n\n
\n\nImpairment
\nThe Group recognises an allowance for ECLs for all debt instruments not held at fair value through profit or loss.
\nECLs are based on the difference between the contractual cash flows due in accordance with the contract and all
\nthe cash flows that the Group expects to receive, discounted at an approximation of the original EIR. ECLs are
\nrecognised in two stages. For credit exposures for which there has not been a significant increase in credit risk
\nsince initial recognition, ECLs are provided for credit losses that result from default events that are possible within
\nthe next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase
\nin credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life
\nof the exposure, irrespective of the timing of the default (a lifetime ECL).
\nFor receivables due in less than 12 months, the Group recognises a loss allowance based on the financial asset\u2019s
\nlifetime ECL at each reporting date.
\nGiven the nature of financial assets held by the Group, it considers a financial asset to be in default when internal
\nor external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full
\nbefore taking into account any credit enhancements held by the Group. A financial asset is written off when there
\nis no reasonable expectation of recovering the contractual cash flows.
\nAt each reporting date, the Group assesses whether financial assets carried at amortised cost are credit impaired.
\nA financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future
\ncash flows of the financial asset have occurred.
\n
\n\n
\n\n
\n\n
\n\n\n
\n
\n(l) Property, Plant and Equipment
\nProperty, plant and equipment is stated at historical cost less accumulated depreciation and any accumulated
\nimpairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items.
\n\nSubsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate,
\nonly when it is probable that future economic benefits associated with the item will flow to the Group and the cost
\nof the item can be measured reliably. All other repairs and maintenance are charged to the income statement during
\nthe financial period in which they are incurred.
\n
\n\n\nProperty, plant and equipment is depreciated on a reducing balance or straight line basis at rates based upon the
\nindividual assets effective useful life as follows:
\nLife
\nPlant and equipment 2 - 13 years
\nProperty (buildings) 50 years
\nThe assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each balance date.
\n
\n\nAn asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is
\ngreater than its estimated recoverable amount.
\nAn item of plant and equipment is derecognised upon disposal or when no further economic benefits are expected
\nfrom its use or disposal. Gains and losses on disposals are determined by comparing the net disposal proceeds
\nwith carrying amount of the asset. These are included in the profit or loss in the period the asset is derecognised.
\n
\n\n\n(m) Trade and Other Payables
\nTrade payables and other payables are carried at amortised cost and represent liabilities for the goods and services
\nprovided to the Group prior to the end of the financial year that are unpaid and arise when the Group becomes
\nobliged to make future payments in respect of the purchase of these goods and services. The amounts are
\nunsecured and are usually paid within 30 days. Payables are carried at amortised cost.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n\n
\n
\n\n
\n
\n
\n(n) Financial liabilities
\n(i) Initial recognition and measurement
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans
\nand borrowings or payables.
\nAll financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables,
\nnet of directly attributable transaction costs.
\nThe Group\u2019s financial liabilities include trade and other payables and financial instruments.
\n(ii) Subsequent measurement
\nThe measurement of financial liabilities depends on their classification, as described below:
\n\nFinancial liabilities at fair value through profit or loss
\nFinancial liabilities at fair value through profit or loss include financial liabilities held for trading, derivative liabilities
\nand financial liabilities designated upon initial recognition as at fair value through profit or loss.
\nFinancial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near
\nterm.
\nGains or losses on liabilities held for trading are recognised in the statement of profit or loss.
\nFinancial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial
\ndate of recognition, and only if the criteria in AASB 9 are satisfied. The Group has designated the unlisted options
\n(and in prior years the convertible note) as a financial liability at fair value through profit or loss.
\n
\n\n\nFinancial liabilities at amortised cost (loans and borrowings)
\nAfter initial recognition, loans and borrowings are subsequently measured at amortised cost using the EIR method.
\nGains and losses are then recognised in profit or loss when the liabilities are derecognised as well as through the
\nEIR amortisation process.
\nAmortised cost is calculated by taking into account any discount or premium on initial recognition and fees or costs
\nthat are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or
\nloss.
\n
\n\n\n(iii) Derecognition
\nA financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
\nWhen an existing financial liability is replaced by another liability on substantially different terms, or the terms of an
\nexisting liability are substantially modified, such an exchange or modification is treated as the derecognition of the
\noriginal liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised
\nin the statement of profit or loss.
\n
\n\n
\n\n
\n\n\n(o) Employee Benefits
\nLiabilities for wages and salaries, including non-monetary benefits and annual leave expected to be settled within
\ntwelve months of the reporting date are recognised in provisions in respect of employees' services up to the
\nreporting date, and are measured at the amounts expected to be paid when the liabilities are settled. Liabilities for
\npersonal leave are recognised when the leave is taken and measured at the rates paid or payable. Employee
\nbenefits payable later than 12 months have been measured using the projected unit credit valuation method.
\n
\n\n\n(p) Issued Capital
\nOrdinary shares are classified as equity. Issued and paid up capital is recognised at the fair value of the
\nconsideration received by the Company.
\nIncremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net
\nof tax, from the proceeds.
\n
\n\n\n(q) Dividends
\nProvision is made for the amount of any dividend declared on or before the end of the year but not distributed at
\nbalance date.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
\n\n(r) Earnings per Share (EPS)
\nBasic earnings per share is calculated by dividing the profit or loss attributable to equity holders of the Company,
\nexcluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary
\nshares outstanding during the year, adjusted for bonus elements in ordinary shares issued during the year. Diluted
\nearnings per share adjusts the figures used in the determination of basic earnings per share to take into account
\nthe after tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the
\nweighted average number of shares assumed to have been issued for no consideration in relation to dilutive
\npotential ordinary shares.
\n
\n\n\n
\n(s) Exploration and Evaluation Expenditure
\nExpenditure on exploration and evaluation is accounted for in accordance with the 'area of interest' method.
\nExploration and evaluation expenditure encompasses expenditures incurred by the Group in connection with the
\nexploration for and evaluation of mineral resources before the technical feasibility and commercial viability of
\nextracting a mineral resource are demonstrable.
\nFor each area of interest, expenditure incurred in the acquisition of rights to explore is capitalised, classified as
\ntangible or intangible, and recognised as an exploration and evaluation asset. Exploration and evaluation assets
\nare measured at cost at recognition and are recorded as an asset if:
\n(i) the rights to tenure of the area of interest are current; and
\n(ii) at least one of the following conditions is also met:
\n\u2022 the exploration and evaluation expenditures are expected to be recouped through successful
\ndevelopment and exploitation of the area of interest, or alternatively, by its sale; and
\n\u2022 exploration and evaluation activities in the area of interest have not at the reporting date reached a
\nstage which permits a reasonable assessment of the existence or otherwise of economically
\nrecoverable reserves, and active and significant operations in, or in relation to, the area of interest
\nare continuing.
\nExploration and evaluation expenditure incurred by the group subsequent to the acquisition of the rights to explore
\nis expensed as incurred, up to until a decision to develop or mine is made.
\nA provision for unsuccessful exploration and evaluation is created against each area of interest by means of a
\ncharge to the income statement.
\nThe recoverable amount of each area of interest is determined on a bi-annual basis and impairment recorded in
\nrespect of that area adjusted so that the net carrying amount does not exceed the recoverable amount. For areas
\nof interest that are not considered to have any commercial value, or where exploration rights are no longer current,
\nthe capitalised amounts are derecognised and any remaining balance charged against profit or loss.
\nWhen a decision is made to proceed with development, the accumulated exploration and evaluation asset will be
\ntested for impairment and transferred to development properties, and then amortised over the life of the reserves
\nassociated with the area of interest once mining operations have commenced. Recoverability of the carrying amount
\nof the exploration and evaluation assets is dependent on successful development and commercial exploitation, or
\nalternatively, sale of the respective areas of interest.
\n\n
\n\nImpairment
\nCapitalised exploration costs are reviewed each reporting date to establish whether an indication of impairment
\nexists. If any such indication exists, the recoverable amount of the capitalised exploration costs is estimated to
\ndetermine the extent of the impairment loss (if any).
\nWhere an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised
\nestimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the
\ncarrying amount that would have been determined had no impairment loss been recognised for the asset in previous
\nyears.
\n
\n\n
\n\n
\n\n\n(t) Goods and Services Tax (\u201cGST\u201d)
\nRevenues, expenses and assets are recognised net of the amount of GST except:
\n\u2022 when the GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in
\nwhich case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item
\nas applicable; and
\n\u2022 receivables and payables are stated with the amount of GST included.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\n(t) Goods and Services Tax (\u201cGST\u201d) (Continued)
\nThe net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or
\npayables in the statement of financial position.
\nCash flows are included in the Statement of cash flows on a gross basis and the GST component of cash flows
\narising from investing and financing activities, which are recoverable from, or payable to, the taxation authority, are
\nclassified as operating cash flows.
\nCommitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the
\ntaxation authority.
\n
\n\n\n(u) Share Based Payments
\n(i) Equity settled transactions:
\nThe Group provides benefits to directors, employees, consultants and other advisors of the Group in the form of
\nshare-based payments, whereby the directors, employees, consultants and other advisors render services in
\nexchange for shares or rights over shares (equity-settled transactions).
\nThe cost of these equity-settled transactions is measured by reference to the fair value of the equity instruments at
\nthe date at which they are granted. The fair value is determined by an external valuer using an appropriate method
\n(e.g. binomial model or Black-Scholes option pricing model).
\nIn valuing equity-settled transactions, no account is taken of any performance conditions, other than conditions
\nlinked to the price of the shares of Berkeley (market conditions) if applicable.
\nThe cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the
\nperiod in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant
\nemployees become fully entitled to the award (the vesting period).
\nThe cumulative expense recognised for equity-settled transactions at each reporting date until vesting date reflects
\n(i) the extent to which the vesting period has expired and (ii) the Group's best estimate of the number of equity
\ninstruments that will ultimately vest. No adjustment is made for the likelihood of market performance conditions
\nbeing met as the effect of these conditions is included in the determination of fair value at grant date. The income
\nstatement charge or credit for a period represents the movement in cumulative expense recognised as at the
\nbeginning and end of that period. No expense is recognised for awards that do not ultimately vest, except for awards
\nwhere vesting is only conditional upon a market condition.
\nIf the terms of an equity-settled award are modified, as a minimum an expense is recognised as if the terms had
\nnot been modified. In addition, an expense is recognised for any modification that increases the total fair value of
\nthe share-based payment arrangement, or is otherwise beneficial to the employee, as measured at the date of
\nmodification.
\nIf an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense
\nnot yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled
\naward and designated as a replacement award on the date that it is granted, the cancelled and new award are
\ntreated as if they were a modification of the original award, as described in the previous paragraph.
\nThe dilutive effect, if any, of outstanding options is reflected as additional share dilution in the computation of
\nearnings per share.
\n
\n\n\n(v) Provisions
\nProvisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past
\nevent, it is probable that an outflow of resources embodying economic benefits will be required to settle the
\nobligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or
\nall of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as
\na separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is
\npresented in the statement of profit or loss net of any reimbursement.
\nProvisions are measured at the present value of management\u2019s best estimate of the expenditure required to settle
\nthe present obligation at the reporting date. If the effect of the time value of money is material, provisions are
\ndiscounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When
\ndiscounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
\n
\n\n
\n\n
\n\n
\n\n
\n1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
\n\n
\n(w) Significant Accounting Judgements, Estimates and Assumptions
\nThe preparation of the financial report requires management to make judgements, estimates and assumptions that
\naffect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.
\nActual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an
\nongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if
\nthe revision affects only that period, or in the period of the revision and future periods if the revision affects both
\ncurrent and future periods.
\n\nIn particular, information about significant areas of estimation uncertainty and critical judgements in applying
\naccounting policies that have the most significant effect on the amount recognised in the financial statements are
\ndescribed in the following notes.
\nExploration and Evaluation Assets (Note 7) \u2013 the Group\u2019s accounting policy for exploration and evaluation assets
\nis set out in Note 1(s). The application of this policy requires management to make certain judgements and estimates
\nas to future events and circumstances, in particular, the assessment of whether economic quantities of reserves
\nhave been found and the point at which exploration and evaluation assets should be transferred to mine
\ndevelopment properties. The determination of an area of interest also requires judgement.
\nAccounting for derivative financial liabilities (Note 11) \u2013 Estimating fair value for financial liabilities requires the
\ndetermination of the most appropriate valuation model and the determination of the most appropriate inputs to the
\nvaluation model. The assumptions used for estimating the fair value of the financial liabilities are disclosed in Note
\n11.
\nShare-Based Payments (Note 18) - The Group initially measures the cost of equity-settled transactions with
\nemployees by reference to the fair value of the equity instrument at the date at which they are granted. Estimating
\nfair value for share-based payment transactions requires the determination of the most appropriate valuation model.
\nThis estimate also requires the determination of the most appropriate inputs to the valuation model including the
\nexpected life of the share option, volatility and dividend yield. The assumption and models used for estimating the
\nfair value for share-based payment transactions are disclosed in Note 18.
\nFunctional currency of foreign operations (Note 1(f)) - determination of the functional currency of foreign subsidiaries
\nrequires judgement regarding the primary currency of labour, material and exploration spend in that subsidiary.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n
\nNotes
\n2023
\n$000
\n2022
\n$000
\n\n
\n2. REVENUE
\n\n
\n\nInterest income
\n1,054
\n32
\n1,054
\n32
\n
\n\n
\n\n
\n\n\n
\n3. FAIR VALUE MOVEMENTS
\n\nFair value movement on financial liabilities through profit and loss 11(b) 429 64,720
\n
\n\n
\n\n2023
\n$000
\n2022
\n$000
\n\n
\n
\n4. EXPENSES
\nProfit/(Loss) from ordinary activities before income tax expense
\nincludes the following specific expenses:
\n\n(a) Expenses
\nDepreciation and amortisation
\n- Plant and equipment
\n- Lease amortisation
\n-
\n-
\n(13)
\n(81)
\n- (94)
\n
\n\n\n(b) Employee Benefits Expense
\nSalaries, wages and fees
\n(1,321)
\n(1,723)
\nDefined contribution/Social Security
\n(220)
\n(274)
\nShare-based (payments)/reversal (refer Note 18(a)) (409) 101
\nTotal Employee Benefits Expense (1,950) (1,896)
\n
\n\n
\n\n
\n\n
\n2023
\n$000
\n2022
\n$000
\n\n
\n
\n
\n5. INCOME TAX EXPENSE
\n\n(a) Recognised in the Income Statement
\nCurrent income tax
\nCurrent income tax expense in respect of the year
\n- -
\nDeferred income tax
\nRelating to origination and reversal of temporary differences
\n- -
\nIncome tax reported in the income statement
\n- -
\n
\n\n(b) Reconciliation Between Tax Expense and Accounting
\nProfit/(Loss) Before Income Tax
\nAccounting (loss)/profit before income tax (1,373) 65,038
\nAt the domestic income tax rate of 30% (2022: 30%) (412) 19,511
\nExpenditure not allowable for income tax purposes 88 -
\nIncome not assessable for income tax purposes - (18,216)
\nEffect of increase in tax rate - (3,653)
\nTemporary differences previously not brought to account (947) (2,215)
\nTemporary differences not brought to account 1,271 4,573
\nIncome tax (benefit)/expense reported in the income statement - -
\n\nc) Deferred Income Tax
\nDeferred income tax relates to the following:
\nDeferred Tax Liabilities
\nAccrued interest -
\nUnrealised foreign exchange
\n1,761
\n925
\nDeferred tax assets used to offset deferred tax liabilities
\n(1,761)
\n(925)
\n-
\n-
\nDeferred Tax Assets
\nAccrued expenditure 27 17
\nCapital allowances 18,364 17,344
\nTax losses available to offset against future taxable income
\n12,956
\n11,879
\nDeferred tax assets used to offset deferred tax liabilities (1,761) (925)
\nDeferred tax assets not brought to account
\n(29,586)
\n(28,315)
\n- -
\nThis future income tax benefit will only be obtained if:
\n\u2022 future assessable income is derived of a nature and of an amount sufficient to enable the benefit to be realised;
\n\u2022 the conditions for deductibility imposed by tax legislation continue to be complied with; and
\n\u2022 no changes in tax legislation adversely affect the Company in realising the benefit.
\n
\n\n(c) Tax Consolidations
\nAs Berkeley Energia Limited is the only Australian company in the Group, tax consolidation is not applicable.
\n
\n\n
\n\n
\n
\n2023
\n$000
\n2022
\n$000
\n\n6. CURRENT ASSETS \u2013 OTHER RECEIVABLES
\nGST and other taxes receivable 584 763
\nOther 296 214
\n880 977
\n
\n\n2023
\n$000
\n2022
\n$000
\n\n7. NON-CURRENT ASSETS \u2013 EXPLORATION
\nEXPENDITURE
\nThe Group has mineral exploration costs carried forward in respect
\nof areas of interest
\n(1)(2)
\n:
\nAreas in exploration at cost 8,206 8,206
\nImpairment provision (8,206) (8,206)
\n- -
\nNotes:
\n(1)
\nThe value of the exploration interests is dependent upon the discovery of commercially viable reserves and the successful
\ndevelopment or alternatively sale, of the respective tenements. An amount of \u20ac6m (A$8.994m) was previously capitalised
\nin respect of fees paid to ENUSA under the Co-operation Agreement relating to the tenements within the State Reserves.
\nThe Company reached agreement with ENUSA in July 2012 in the form of an Addendum to the Consortium Agreement
\nsigned in January 2009. The Addendum includes the following terms:
\n\u2022 The Consortium now consists of State Reserves 28 and 29;
\n\u2022 Berkeley\u2019s stake in the Consortium has increased to 100%;
\n\u2022 ENUSA will remain the owner of State Reserves 28 and 29, however the exploitation rights have been assigned to
\nBerkeley, together with authority to submit all applications for the permitting process;
\n\u2022 The Company is now the sole and exclusive operator in the Addendum Reserves, with the right to exploit the contained
\nuranium resources and has full ownership of any uranium produced;
\n\u2022 ENUSA will receive a production fee equivalent to 2.5% of the net sale value (after marketing and transport costs) of
\nany uranium produced within the Addendum Reserves;
\n\u2022 Berkeley has waived its rights to mining in State Reserves 2,25, 30, 31, Hoja 528-1 and the Saelices El Chico
\nExploitation Concession, and has waived any rights to management of the Quercus plant; and
\n\u2022 The Co-operation Agreement with ENUSA, signed on 29 January 2009, has been terminated.
\nThe Group\u2019s accounting policy is to account for contingent consideration on asset acquisitions as contingent liabilities.
\n(2)
\nIn June 2016, the Company completed an upfront royalty sale. The royalty financing comprised the sale of a 0.375% fully
\nsecured net smelter royalty over the project for US$5 million (A$6.7million) which was deducted from exploration
\nexpenditure.
\n
\n\n
\n\n
\n
\n
\n
\n\n8. NON-CURRENT ASSETS \u2013 PROPERTY, PLANT AND EQUIPMENT
\nLand and
\nBuildings
\nPlant and
\nequipment
\nRight-of-
\nuse assets Total
\n$000
\n$000
\n$000
\n$000
\nCarrying amount at 1 July 2022
\n8,872
\n-
\n-
\n8,872
\nForeign exchange differences 722 - - 722
\nCarrying amount at 30 June 2023 9,594 - - 9,594
\n- at cost
\n10,720
\n3,225
\n-
\n13,945
\n- accumulated depreciation, amortisation and
\nimpairment
\n(1,848) (3,225) - (5,073)
\nCarrying amount at 1 July 2021 9,276 13 81 9,370
\nDepreciation and amortisation - (13) (81) (94)
\nForeign exchange differences
\n(404)
\n-
\n-
\n(404)
\nCarrying amount at 30 June 2022 8,872 - - 8,872
\n- at cost 10,720 3,225 407 14,352
\n- accumulated depreciation, amortisation and
\nimpairment
\n(1,848) (3,225) (407) (5,480)
\n
\n\n2023
\n$000
\n2022
\n$000
\n\n9. NON-CURRENT ASSETS \u2013 OTHER FINANCIAL ASSETS
\nSecurity bonds 107 97
\n
\n\n\n10. CURRENT LIABILITIES \u2013 TRADE AND OTHER
\nPAYABLES
\nTrade creditors 1,221 1,005
\nAll trade and other payables are current. There are no overdue amounts. Trade creditors are non-interest bearing and settled on
\n30-day terms. Accrued expenses are non-interest bearing and have an average term of six months.
\n
\n\n2023
\n$000
\n2022
\n$000
\n\n
\n11. FINANCIAL LIABILITIES
\n\n(a) Financial liabilities at fair value through profit and loss
\nUnlisted Options
\n(1)
\n248 669
\n248 669
\n
\n\n
\n\n
\n\n
\n\n
\nConsolidated
\n30 June 2022
\nConsolidated
\n30 June 2023
\nOpening
\nBalance
\n$000
\nFair Value
\nChange
\n$000
\nForeign
\nExchange Loss
\n$000
\nTotal
\n$000
\n(b) Reconciliation
\nUnlisted Options
\n(1)
\n669 (429) 8 248
\nTotal fair value 669
\n(429) 8 248
\nConsolidated
\n30 June 2021
\nRestated
\nConsolidated
\n30 June 2022
\nOpening
\nBalance
\n$000
\nFair Value
\nChange
\n$000
\nForeign
\nExchange
\nLoss/(Gain)
\n$000
\nAutomatic
\nconversion
\nTotal
\n$000
\nConvertible Note 96,393 (60,789) 1,031 (36,635)
\n(1)
\n-
\nUnlisted Options 4,585 (3,931) 15 - 669
\nTotal fair value 100,978
\n(64,720) 1,046 (36,635) 669
\nNote:
\n(1)
\nOn 30 November 2017, the Company issued an unsecured convertible note and the Unlisted Options. Both instruments
\nwere accounted for as financial liabilities at fair value through profit and loss. On 30 November 2021, the Company
\nissued 186,814,815 fully paid ordinary shares in the capital of the Company following the automatic conversion of the
\nconvertible note in accordance with the terms of the convertible note. Refer to note 13(b) for further disclosure.
\n\n(c) Fair Value Estimation
\nThe fair value of the unlisted options was determined using a binomial option pricing model. The fair value
\nmovement of the unlisted options has been recognised in the Statement of Profit and Loss. Fair value
\nmeasurements are Level 2 valuation in the fair value hierarchy.
\nThe reporting date fair values of the unlisted options were estimated using the following assumptions:
\n30 June 2023 Tranche 3
\nExercise price \u00a31.000
\nValuation date share price \u00a30.350
\nDividend yield
\n(1)
\n-
\nVolatility
\n(2)
\n90%
\nRisk-free interest rate 5.30%
\nNumber of Options 25,221,562
\nEstimated Expiry date 30 Nov 2023
\nFair value (\u00a3) 0.005
\nFair value ($) 0.010
\nNotes
\n(1)
\nThe dividend yield reflects the assumption that the current dividend payout will remain unchanged.
\n(2)
\nThe expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may not
\nnecessarily be the actual outcome.
\n
\n\n
\n\n
\n\n
\n
\n
\n\n
\n11. FINANCIAL LIABILITIES (Continued)
\n\n(c) Fair Value Estimation (Continued)
\n30 June 2022 Tranche 1 Tranche 2 Tranche 3
\nExercise price \u00a30.600 \u00a30.750 \u00a31.000
\nValuation date share price \u00a30.201 \u00a30.201 \u00a30.201
\nDividend yield
\n(1)
\n- - -
\nVolatility
\n(2)
\n85% 85% 85%
\nRisk-free interest rate 1.83% 1.83% 1.90%
\nNumber of Options 10,088,625 15,132,973 25,221,562
\nEstimated Expiry date 30 Nov 2022 31 May 2023 30 Nov 2023
\nFair value (\u00a3) 0.002 0.007 0.010
\nFair value ($) 0.003 0.012 0.018
\nNotes
\n(1)
\nThe dividend yield reflects the assumption that the current dividend payout will remain unchanged.
\n(2)
\nThe expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may not
\nnecessarily be the actual outcome.
\nHistorical volatility is deemed to be the only unquoted input used in the fair value measurements of the unlisted
\noptions. The higher the volatility, the higher is the fair value of the option moves due to the increased uncertainty.
\nA 10% (2022: 10%) increase (decrease) in the historical volatility would increase in the fair value of the options by
\n$171,000 (2022: $425,000) while a 10% decrease of the historical volatility increase the fair value of options by
\n$122,000 (2022: increase of $304,000).
\n
\n\n
\n\n2023
\n$000
\n2022
\n$000
\n\n
\n\n12. CURRENT LIABILITIES \u2013 OTHER LIABILITIES
\nProvisions
\n(1)
\n572 582
\n572 582
\nNote:
\n(1)
\nReforestation provision to plant 30,000 young oak trees as part of the environmental licence at the project.
\n
\n\n
\n\n2023
\n$000
\n2022
\n$000
\n\n
\n\n13. ISSUED CAPITAL
\n(a) Issued and Paid up Capital
\n445,797,000 (2022: 445,797,000) fully paid ordinary shares 206,404 206,404
\n(b) Movements in Ordinary Share Capital During the Past Two Years:
\nDate Details
\nNumber of
\nShares
\n\u2018000 $000
\n1 Jul 22 Opening Balance 445,797 206,404
\n30 Jun 23 Closing Balance 445,797 206,404
\n1 Jul 21 Opening Balance 258,982 169,862
\n30 Nov 21 Automatic Conversion of Convertible Note (Note 11(b)) 186,815 36,635
\nJul 21 to Jun 22 Share issue costs - (93)
\n30 Jun 22 Closing Balance 445,797 206,404
\n
\n\n
\n\n
\n\n
\n\n
\n
\n\n(c) Terms and conditions of Ordinary Shares
\n(i) General
\nThe ordinary shares (\u201cShares\u201d) are ordinary shares and rank equally in all respects with all ordinary shares in the
\nCompany.
\nThe rights attaching to the Shares arise from a combination of the Company's Constitution, statute and general law.
\nCopies of the Company's Constitution are available for inspection during business hours at its registered office.
\n(ii) Reports and Notices
\nShareholders are entitled to receive all notices, reports, accounts and other documents required to be furnished to
\nshareholders under the Company's Constitution, the Corporations Act and the Listing Rules.
\n(iii) Voting
\nSubject to any rights or restrictions at the time being attached to any shares or class of shares of the Company,
\neach member of the Company is entitled to receive notice of, attend and vote at a general meeting. Resolutions of
\nmembers will be decided by a poll.
\nOn a poll each eligible member has one vote for each fully paid share held and a fraction of a vote for each partly
\npaid share determined by the amount paid up on that share.
\n(iv) Variation of Shares and Rights Attaching to Shares
\nShares may be converted or cancelled with member approval and the Company's share capital may be reduced in
\naccordance with the requirements of the Corporations Act.
\nClass rights attaching to a particular class of shares may be varied or cancelled with the consent in writing of holders
\nof 75% of the shares in that class or by a special resolution of the holders of shares in that class.
\n(v) Unmarketable Parcels
\nThe Company may procure the disposal of Shares where the member holds less than a marketable parcel of Shares
\nwithin the meaning of the Listing Rules (being a parcel of shares with a market value of less than $500). To invoke
\nthis procedure, the Directors must first give notice to the relevant member holding less than a marketable parcel of
\nShares, who may then elect not to have his or her Shares sold by notifying the Directors.
\n(vi) Changes to the Constitution
\nThe Company's Constitution can only be amended by a special resolution passed by at least three quarters of the
\nmembers present and voting at a general meeting of the Company. At least 28 days' written notice specifying the
\nintention to propose the resolution as a special resolution must be given.
\n(vii) Listing Rules
\nProvided the Company remains admitted to the Official List of the Australian Securities Exchange Ltd, then despite
\nanything in the Constitution, no act may be done that is prohibited by the Listing Rules, and authority is given for
\nacts required to be done by the Listing Rules. The Company's Constitution will be deemed to comply with the Listing
\nRules as amended from time to time.
\n
\n\n\n14. RESERVES
\n2023 2022
\nNote
\n$000
\n$000
\nShare
\n-based payments reserve 14(b)
\n613
\n341
\nForeign currency translation reserve
\n(1,881) (2,528)
\n(1,268) (2,187)
\n(a) Nature and Purpose of Reserves
\nShare-based payments reserve
\nThe share-based payments reserve records the fair value of share-based payments made by the Company.
\nForeign currency translation reserve
\nExchange differences arising on translation of a foreign controlled entity are taken to the foreign currency translation
\nreserve, as described in Note 1(f). The reserve is recognised in profit and loss when the net investment is disposed
\nof.
\n
\n\n
\n\n
\n\n
\n\n
\n\n14. RESERVES (Continued)
\n(b) Movements in Incentive Options and Performance Rights during the Past Two Years:
\nDate Details
\nNumber of
\nIncentive
\nOptions
\n\u2018000
\nNumber of
\nPerformance
\nRights
\n\u2018000 $000
\n1 Jul 22 Opening Balance 6,600 - 341
\n31 Dec 22 Expiry of vested Incentive Options (2,900) - (137)
\nVarious Issue of Incentive Options 7,700 - -
\nJul 22 to Jun 23 Share-based payments expense - - 409
\n30 Jun 23 Closing Balance 11,400 - 613
\n1 Jul 21 Opening Balance 6,600 200 442
\n31 Dec 21 Lapse of unvested Performance Rights - (200) (148)
\nJul 21 to Jun 22 Share-based payments expense - - 47
\n30 Jun 22 Closing Balance 6,600 - 341
\n(c) Terms and conditions of Incentive Options
\nIncentive Options granted as share-based payments have the following terms and conditions:
\n\u2022 Each Incentive Option entitles the holder to the right to subscribe for one Share upon the exercise of each
\nIncentive Option;
\n\u2022 The Incentive Options granted as share-based payments at the end of the financial year have the following
\nexercise prices and expiry dates:
\n\u2022 3,700,000 Incentive Options exercisable at $0.40 each on or before 31 December 2023
\n;
\n\u2022 2,000,000 Incentive Options exercisable at $0.40 each on or before 31 December 2025; and
\n\u2022 5,700,000 Incentive Options exercisable at $0.65 each on or before 30 June 2026 (vesting upon the
\naward of the Construction Authorisation (NSC II) by MITECO at the Salamanca Project).
\n\u2022 The Incentive Options are exercisable at any time prior to the expiry date, subject to vesting conditions being
\nsatisfied (if applicable);
\n\u2022 Shares issued on exercise of the Incentive Options rank equally with the then Shares of the Company;
\n\u2022 Application will be made by the Company to ASX for official quotation of the Shares issued upon the
\nexercise of the Incentive Options;
\n\u2022 If there is any reconstruction of the issued share capital of the Company, the rights of the Incentive Option
\nholders may be varied to comply with the ASX Listing Rules which apply to the reconstruction at the time of
\nthe reconstruction; and
\n\u2022 No application for quotation of the Incentive Options will be made by the Company.
\n
\n\n
\n\n
\n\n
\n
\n\n15. PARENT ENTITY INFORMATION
\n2023
\n$000
\n2022
\n$000
\nCurrent assets 78,546 79,768
\nTotal assets 78,546 79,775
\nCurrent liabilities 529 1,017
\nTotal liabilities 529 1,017
\nNet Assets/(Liabilities) 78,017 78,758
\nIssued Capital 206,404 206,404
\nReserves 613 341
\nAccumulated losses (129,000) (127,987)
\nTotal equity 78,017 78,758
\nProfit/(Loss) of the parent entity (1,145) 61,575
\nTotal comprehensive Profit/(Loss) of the parent entity (1,145) 61,575
\nThe Parent Company had no guarantees, commitments or contingencies at 30 June 2023 other than as disclosed
\nelsewhere in this report (2022: None).
\n
\n\n\n
\n16. RELATED PARTY DISCLOSURES
\n\n(a) Subsidiaries
\nThe consolidated financial statements include the financial statements of the Company and the subsidiaries listed
\nin the following table:
\nName of Controlled Entity
\nPlace of
\nIncorporation Equity Interest
\n2023
\n%
\n2022
\n%
\nBerkeley Exploration Ltd UK 100 100
\nBerkeley Minera Espana S.L.U Spain 100 100
\nExploraci\u00f3n de Recursos Minerales S.L.U (previously
\nBerkeley Exploration Espana S.L.U)
\nSpain 100 100
\n
\n\n(b) Ultimate Parent
\nBerkeley Energia Limited is the ultimate parent of the Group.
\n(c) Key Management Personnel
\nDetails relating to KMP, including remuneration paid, are included at Note 17.
\n(d) Transactions with Related Parties in the Consolidated Group
\nBalances and transactions between the Company and its subsidiaries, which are related parties of the Company,
\nhave been eliminated on consolidation and are not disclosed in this note.
\n
\n\n
\n\n
\n
\n\n17. KEY MANAGEMENT PERSONNEL
\n(a) Details of Key Management Personnel
\nThe KMP of the Group during or since the end of the financial year were as follows:
\nDirectors
\nIan Middlemas Chairman
\nRobert Behets Non-Executive Director (Acting Managing Director)
\nFrancisco Bell\u00f3n Executive Director (appointed 1 July 2022)
\nAdam Parker Non-Executive Director
\nOther KMP
\nDylan Browne Company Secretary
\nThere were no other KMP of the Company or the Group. Unless otherwise disclosed, the KMP held their position
\nfrom 1 July 2022 to 30 June 2023.
\n(b) Key Management Personnel Compensation
\n2023
\n$
\n2022
\n$
\nShort-term benefits (773,675) (713,802)
\nPost-employment benefits (37,952) (34,909)
\nShare-based payments (33,854) (23,671)
\n(845,481) (772,382)
\n
\n\n\n18. SHARE-BASED PAYMENTS
\n(a) Recognised Share-Based Payment Expense
\n2023
\n$000
\n2022
\n$000
\nNet expense arising from equity-settled share-based payment
\ntransactions (incentive securities) (409) (47)
\nLapse of unvested performance rights - 148
\nTotal share-based (payments)/reversal recognised during the
\nyear (409) 101
\n(b) Summary of Incentive Options and Performance Rights Granted as Share-based Payments
\nThe following Incentive Options were granted as share-based payments during the last two years (2022: nil):
\nOptions
\n2023 Number Grant Date Issue Date Expiry Date
\nExercise
\nPrice per
\nOption
\n$
\nFair Value
\n$
\nSeries
\nSeries 1 2,000,000 23 Nov 2022 23 Nov 2022 31 Dec 2025 0.400 0.187
\nSeries 2 1,200,000 14 Jun 2023 14 Jun 2023 30 Jun 2026 0.650 0.290
\nSeries 3 4,500,000 19 Jul 2023
\n(1)
\n14 Jun 2023
\n(1)
\n30 Jun 2026 0.650 0.428
\nNote:
\n(1)
\nIncentive Options issued to Directors following shareholder approval on 19 July 2023, following agreement to issue Incentive
\nOptions on 14 June 2023.
\n
\n\n
\n\n
\n\nThe following table illustrates the number and weighted average exercise prices (\u201cWAEP\u201d) of Incentive Options
\nissued as share-based payments at the beginning and end of the financial year:
\n
\nOptions
\n2023
\n\u2018000
\n2023
\nWAEP
\n2022
\n\u2018000
\n2022
\nWAEP
\nOutstanding at beginning of year 6,600 $0.378 6,600 $0.378
\nGranted during the year 7,700 $0.585 - -
\nExpired during the year (2,900) $0.350 - -
\nOutstanding at end of year 11,400 $0.525 6,600 $0.378
\nThe outstanding balance of Incentive Options as at 30 June 2023 is represented by:
\n\u2022 3,700,000 Incentive Options exercisable at $0.40 each on or before 31 December 2023
\n;
\n\u2022 2,000,000 Incentive Options exercisable at $0.40 each on or before 31 December 2025; and
\n\u2022 5,700,000 Incentive Options exercisable at $0.65 each on or before 30 June 2026 (vesting upon the
\naward of the Construction Authorisation (NSC II) by MITECO at the Salamanca Project).
\nThe following table illustrates the number and WAEP of Performance Rights issued as share-based payments at
\nthe beginning and end of the financial year:
\nPerformance/share Rights
\n2023
\n\u2018000
\n2023
\nWAEP
\n2022
\n\u2018000
\n2022
\nWAEP
\nOutstanding at beginning of year - - 200 -
\nLapsed during the year - - (200) -
\nCancelled during the year - - - -
\nConverted during the year - - - -
\nOutstanding at end of year - - - -
\nNo Performance Rights were granted as share-based payments during the last two years.
\n(c) Weighted Average Remaining Contractual Life
\nAt 30 June 2023, the weighted average remaining contractual life for Incentive Options on issue that had been
\ngranted as share-based payments was 2.10 years (2022: 1.06 years).
\n(d) Range of Exercise Prices
\nAt 30 June 2023 and 2022, the range of exercise prices for Incentive Options on issue that had been granted as
\nshare-based payments was $0.40 and $0.65.
\n(e) Weighted Average Fair Value
\nThere were 7,700,000 Incentive Options granted as share-based payments during the year ended 30 June 2023
\n(30 June 2022: nil). The weighted average fair value of Incentive Options granted as share-based payments during
\nthe year ended 30 June 2023 was $0.4013.
\n(f) Option Pricing Model
\nThe fair value of the equity-settled Incentive Options granted is estimated as at the date of grant using the Black-
\nScholes option valuation model taking into account the terms and conditions upon which the Incentive Options are
\ngranted.
\n7,700,000 Incentive Options were granted as share-based payments in the financial year ended 30 June 2023
\n(2022: nil).
\n
\n\n
\n\n
\n
\n
\n\n18. SHARE-BASED PAYMENTS (Continued)
\n(f) Option Pricing Model (Continued)
\nThe following table lists the inputs to the valuation models used for Incentive Options granted by the Group during
\nthe last two years (2022: nil issued):
\nOptions
\n2023 Inputs
\nSeries 1
\nSeries 2
\nSeries 3
\nExercise price (A$)
\n0.400
\n0.650
\n0.650
\nGrant date share price (A$)
\n0.325
\n0.510
\n0.690
\nDividend yield
\n(1)
\n-
\n-
\n-
\nVolatility
\n(2)
\n95%
\n95%
\n95%
\nRisk-free interest rate
\n3.27%
\n3.92%
\n3.81%
\nGrant date
\n23 Nov 22
\n14 Jun 23
\n19 Jul 23
\nExpiry date
\n31 Dec 25
\n30 Jun 26
\n30 Jun 26
\nExpected life of rights
\n(3)
\n(years)
\n3.11
\n3.05
\n2.95
\nFair value at grant date (A$)
\n0.187
\n0.290
\n0.428
\nNotes:
\n(1)
\nThe dividend yield reflects the assumption that the current dividend payout will remain unchanged.
\n(2)
\nThe expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may not necessarily be the actual
\noutcome.
\n(3)
\nThe expected life of the Incentive Options is based on the exercise date.
\n
\n\n2023
\n$
\n2022
\n$
\n\n19. REMUNERATION OF AUDITORS
\nAmounts received or due and receivable by Ernst & Young
\nAustralia for:
\n- an audit or review of the financial reports of the Company
\nand any other entity in the Consolidated Group
\n56,580
\n51,032
\n- preparation of income tax return
\n24,000
\n23,500
\nAmounts received or due and receivable by related practices
\nof Ernst & Young for:
\n- an audit or review of the financial reports of the Company
\n36,375
\n42,196
\n- tax services in relation to the Company
\n39,346
\n57,247
\nTotal Auditors Remuneration
\n156,301
\n173,975
\n
\n\n\n20. SEGMENT INFORMATION
\nThe Consolidated Entity operates in one operating segment and one geographical segment, being uranium
\nexploration in Spain. This is the basis on which internal reports are provided to the Directors for assessing
\nperformance and determining the allocation of resources within the Consolidated Entity.
\nThe corporate and administrative functions based in Australia are considered incidental to Consolidated Entity\u2019s
\nuranium exploration activities in Spain. The Group\u2019s interest income is all earned in Australia.
\n(a) Reconciliation of Non-Current Assets by geographical location
\n2023
\n$000
\n2022
\n$000
\nSpain
\n9,594
\n8,872
\n
\n\n
\n\n
\n
\n\n21. EARNINGS PER SHARE
\nThe following reflects the income data used in the calculations of basic and diluted earnings per share:
\n2023
\n$000
\n2022
\n$000
\nNet (loss)/profit used in calculating basic and diluted earnings
\nper share (1,373) 65,038
\n(a) Weighted Average Number of Shares
\nThe following reflects the share data used in the calculations of basic and diluted earnings per share:
\nNumber of Shares
\n2023
\n\u2018000
\nNumber of Shares
\n2022
\n\u2018000
\nWeighted average number of ordinary shares 445,797 445,797
\nWeighted average number of ordinary shares to be issued upon
\nconversion of Convertible Note - -
\n(1)
\nEffect of dilutive securities -
\n(2)
\n-
\nW
\neighted average number of ordinary shares and potential
\nordinary shares used in calculating basic and diluted earnings per
\nshare 445,797 445,797
\nNotes:
\n(1)
\nConvertible Note converted to Ordinary Shares on 30 November 2021. Please refer to Note 11 for further disclosure.
\n(2)
\nAt 30 June 2023, there were 36,622,000 Options (which represent 36,622,000 potential ordinary shares) which were not
\ndilutive as they would decrease the loss per share.
\n(b) Conversions, Calls, Subscriptions or Issues after 30 June 2023
\nThere have been no conversions to, calls of, or subscriptions for ordinary shares, since the reporting date and
\nbefore the completion of this financial report.
\n
\n\n\n
\n22. STATEMENT OF CASH FLOWS
\n(a) Reconciliation of Net Profit/ (Loss) Before Income Tax Expense to Net Cash Flows from Operating
\nActivities
\n2023
\n$000
\n2022
\n$000
\nNet (loss)/profit before income tax expense
\n(1,373)
\n65,038
\nAdjustment for income and expense items
\nDepreciation & amortisation
\n-
\n94
\nShare-based payments (expense)/reversal
\n409
\n(101)
\nOther non-cash movements
\n(523)
\n(65,178)
\nForeign exchange movement
\n(2,966)
\n(5,311)
\nChanges in operating assets and liabilities
\n(Increase)/decrease in trade and other receivables
\n97
\n529
\nIncrease/(decrease) in trade and other payables
\n217
\n(862)
\nNet cash outflow from operating activities
\n(4,139)
\n(5,791)
\n\n(b) Reconciliation of Cash and Cash Equivalents
\nCash at bank and on hand
\n78,726
\n79,893
\nBank short term deposits
\n50
\n50
\n78,776
\n79,943
\n
\n\n
\n\n
\n\n
\n
\n\n22. STATEMENT OF CASH FLOWS (Continued)
\n(c) Credit Standby Arrangements with Banks
\nAt balance date, the Company had no used or unused financing facilities (2022: None).
\n(d) Non-cash Financing and Investment Activities
\nIn 2023 and 2022 no amount was recognised as a share-based payment for the issue of shares to a consultant as
\npart of their consulting fee. Please refer to Note 18(a) for further disclosure.
\n
\n\n\n
\n23. FINANCIAL INSTRUMENTS
\n(a) Overview
\nThe Group's principal financial instruments comprise receivables, payables, security deposits, other financial
\nliabilities, cash and short-term deposits. The main risks arising from the Group's financial instruments are interest
\nrate risk, equity price risk, foreign currency risk, credit risk and liquidity risk.
\nThis note presents information about the Group's exposure to each of the above risks, its objectives, policies and
\nprocesses for measuring and managing risk, and the management of capital. Other than as disclosed, there have
\nbeen no significant changes since the previous financial year to the exposure or management of these risks.
\nThe Group manages its exposure to key financial risks in accordance with the Group's financial risk management
\npolicy. Key risks are monitored and reviewed as circumstances change (e.g. acquisition of a new project) and
\npolicies are revised as required. The overall objective of the Group's financial risk management policy is to support
\nthe delivery of the Group's financial targets whilst protecting future financial security.
\nGiven the nature and size of the business and uncertainty as to the timing and amount of cash inflows and outflows,
\nthe Group does not enter into derivative transactions to mitigate the financial risks. In addition, the Group's policy
\nis that no trading in financial instruments shall be undertaken for the purposes of making speculative gains. As the
\nGroup's operations change, the Directors will review this policy periodically going forward.
\nThe Board of Directors has overall responsibility for the establishment and oversight of the risk management
\nframework. The Board reviews and agrees policies for managing the Group's financial risks as summarised below.
\n\n(b) Credit Risk
\nCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to
\nmeet its contractual obligations. This risk arises principally from cash and cash equivalents and trade and other
\nreceivables.
\nThere are no significant concentrations of credit risk within the Group. The carrying amount of the Group's
\nfinancial assets represents the maximum credit risk exposure, as represented below:
\n2023
\n$000
\n2022
\n$000
\nCurrent Assets
\nCash and cash equivalents 78,776 79,943
\nTrade and other receivables 880 977
\n79,656 80,920
\nNon-current Assets
\nOther financial assets 107 97
\n107 97
\nTotal 79,763 81,017
\nThe Group does not have any significant customers and accordingly does not have any significant exposure to
\nECLs. Trade and other receivables are expected to be collected in full and the Group has no history of ECLs.
\nAs at 30 June 2023, other receivables comprise GST/VAT receivable, accrued interest and other miscellaneous
\nreceivables. Where possible the Group trades only with recognised, creditworthy third parties. It is the Group's
\npolicy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition,
\nreceivable balances are monitored on an ongoing basis with the result that the Group's exposure to ECLs is not
\nsignificant.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\nThe Group\u2019s receivables balance consists of GST/VAT refunds from recognised government entities with minimal
\ncredit risk. While and interest receivables and cash and cash equivalents are due and/or held with reputable
\nfinancial institutions that are rated the equivalent of investment grade and above.
\n
\n\n\n(c) Liquidity Risk
\nLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Board's
\napproach to managing liquidity is to ensure, as far as possible, that the Group will always have sufficient liquidity to
\nmeet its liabilities when due. At 30 June 2023 and 2022, the Group has sufficient liquid assets to meet its financial
\nobligations.
\nThe contractual maturities for cash settled financial liabilities, including estimated interest payments, are provided
\nbelow. There are no netting arrangements in respect of financial liabilities.
\n\u2264 6 months
\n$000
\n6 - 12
\nmonths
\n$000
\n1 - 5 years
\n$000
\n\u2265 5 years
\n$000
\nTotal
\n$000
\n2023
\nFinancial Liabilities
\nTrade and other payables 1,221 - - - 1,221
\n1,221 - - - 1,221
\n2022
\nFinancial Liabilities
\nTrade and other payables 1,005 - - - 1,005
\n1,005 - - - 1,005
\n
\n\n\n(d) Interest Rate Risk
\nThe Group's exposure to the risk of changes in market interest rates relates primarily to cash and cash equivalents
\nwith a floating interest rate.
\nThese financial assets with variable rates expose the Group to cash flow interest rate risk. All other financial assets
\nand liabilities, in the form of receivables, security deposits and payables are non-interest bearing.
\nAt balance date, the variable interest rate exposure of the Group's was:
\n2023
\n$000
\n2022
\n$000
\nInterest-bearing Financial Instruments
\nCash at bank and on hand
\n78,726 79,893
\nBank short term deposits
\n50 50
\n78,776 79,943
\nThe Group's cash at bank and on hand and short term deposits had a weighted average variable interest rate at
\nyear end of 3.0% (2022: 0.01%).Subsequent to the year end, the Group's cash at bank and on hand and short term
\ndeposits had the weighted average variable interest rate of 4.58%.
\nThe Group currently does not engage in any hedging or derivative transactions to manage interest rate risk.
\nInterest rate sensitivity
\nA sensitivity of three per cent has been selected as this is considered reasonable given the current level of both
\nshort term and long term interest rates. A 3% movement in interest rates at the reporting date would have increased
\n(decreased) profit and loss by the amounts shown below based on the average amount of interest bearing financial
\ninstruments held. This analysis assumes that all other variables, in particular foreign currency rates, remain
\nconstant. The analysis is performed on the same basis for 2022.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n23. FINANCIAL INSTRUMENTS (Continued)
\n\n
\n(d) Interest Rate Risk (Continued)
\nProfit or Loss Other Comprehensive Income
\n3% Increase
\n$000
\n3% Decrease
\n$000
\n3% Increase
\n$000
\n3% Decrease
\n$000
\n2023
\nGroup
\nCash and cash equivalents 2,363 (2,363) - -
\n2022
\nGroup
\nCash and cash equivalents
\n2,398
\n(2,398)
\n-
\n-
\n(e) Foreign Currency Risk
\nThe Group also has transactional currency exposures. Such exposure arises from transactions denominated in
\ncurrencies other than the functional currency of the entity.
\nThe Group currently does not engage in any hedging or derivative transactions to manage foreign currency risk.
\nThe Group is also exposed to foreign currency risk on the Euro, Sterling and US Dollar cash and cash equivalents
\nthat it holds.
\n\nSensitivity analysis for currency risk
\nA sensitivity of 10 per cent has been selected as this is considered reasonable given historic and potential future
\nchanges in foreign currency rates. This has been applied to the net financial instruments of Berkeley Minera Espana,
\nS.L.U and Berkeley Exploration Espana, S.L.U. and to the Euro and Sterling cash and cash equivalents that the
\nGroup holds. This sensitivity analysis is prepared as at balance date.
\nA 10% strengthening/weakening of the Australian dollar against the Euro at 30 June 2023 of \u20ac2,000 cash held
\n(2022: \u20ac92,000) would have increased/(decreased) the cash and cash equivalents and profit or loss of the Group
\nby A$300/(A$300) (2022: A$14,000/(A$14,000)).
\nA 10% strengthening/weakening of the Australian dollar against the Sterling at 30 June 2023 of \u00a31,000 cash held
\n(2022: \u00a341,000) would have increased/(decreased) the cash and cash equivalents and profit or loss of the Group
\nby A$200/(A$200) (2022: A$7,000/(A$7,000)).
\nA 10% strengthening/weakening of the Australian dollar against the US Dollar at 30 June 2023 of US$51,605,000
\ncash held (2022: US$52,711,000) would have increased/(decreased) the cash and cash equivalents and profit or
\nloss of the Group by A$7,784,000/(A$7,784,000) (2022: A$7,647,000/(A$7,647,000)).
\nThe above analysis assumes that all other variables, in particular interest rates, remain constant. The analysis for
\n2022 has been performed on the same basis.
\n
\n\n(f) Commodity Price Risk
\nThe Group is exposed to uranium commodity price risk. These commodity prices can be volatile and are influenced
\nby factors beyond the Group's control. As the Group is currently engaged in exploration and business development
\nactivities, no sales of commodities are forecast for the next 12 months, and accordingly, no hedging or derivative
\ntransactions have been used to manage commodity price risk.
\n
\n\n\n(g) Capital Management
\nThe Group normally defines its Capital as total equity of the Group, being a net asset at 30 June 2023 of
\n$87,316,000 (2022: net asset $87,633,000). The Group manages its capital to ensure that entities in the Group will
\nbe able to continue as a going concern while financing the development of its project through primarily equity-based
\nfinancing. The Board's policy is to maintain a strong capital base so as to maintain investor, creditor and market
\nconfidence and to sustain future development of the business. Given the stage of development of the Group, the
\nBoard's objective is to minimise debt and to raise funds as required through the issue of new shares. There were
\nno changes in the Group's approach to capital management during the year. The Group is not subject to externally
\nimposed capital requirements.
\n
\n\n
\n\n
\n\n
\n
\n
\n\n
\n
\n\n(h) Fair Value
\nThe fair value of financial assets and financial liabilities approximates their carrying value. The methods for
\nestimating fair value are outlined in the relevant notes to the financial statements. Please refer to Note 11 for further
\ndisclosure.
\n
\n\n\n(i) Equity Price Risk
\nThe Group is exposed to equity securities price risk. This arises from the Options held by the Group and classified
\nin the Statement of Financial Position as financial liabilities through profit and loss, refer to Note 11.
\nEquity price sensitivity
\nA sensitivity of 10% has been selected as this is considered reasonable given the recent trading of the Company\u2019s
\nshares. The sensitivity analyses below have been determined based on the exposure to equity price risks at the
\nreporting date. This analysis assumes that all other variables remain constant.
\nProfit or loss Other Comprehensive
\nIncome
\n10%
\nincrease
\n$000
\n10%
\ndecrease
\n$000
\n20%
\nincrease
\n$000
\n20%
\ndecrease
\n$000
\n2023
\nGroup
\nUnlisted Options
\n(139)
\n100
\n-
\n-
\n2022
\nGroup
\nUnlisted Options
\n(239)
\n182
\n-
\n-
\n
\n\n
\n\n\n
\n\n24. CONTINGENT LIABILITIES
\nOther than the production fee arrangement with ENUSA disclosed in Note 7, the Group had no contingent liabilities
\nat 30 June 2023 (2022: Nil).
\n
\n\n
\n\n\n25. SUBSEQUENT EVENTS
\nAs at the date of this report there are no matters or circumstances, which have arisen since 30 June 2023 that have
\nsignificantly affected or may significantly affect:
\n\u2022 the operations, in financial years subsequent to 30 June 2023, of the Consolidated Entity;
\n\u2022 the results of those operations, in financial years subsequent to 30 June 2023, of the Consolidated Entity; or
\n\u2022 the state of affairs, in financial years subsequent to 30 June 2023, of the Consolidated Entity.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag150": {
"value": "\n
\n
\n
\n1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
\nThe significant accounting policies adopted in preparing the financial report of Berkeley Energia Limited (\u201cBerkeley\u201d
\nor \u201cCompany\u201d or \u201cParent\u201d) and its consolidated entities (\u201cConsolidated Entity\u201d or \u201cGroup\u201d) for the year ended 30
\nJune 2023 are stated to assist in a general understanding of the financial report.
\nBerkeley is a company limited by shares incorporated in Australia whose shares are publicly traded on the
\nAustralian Securities Exchange (\u201cASX\u201d), the Main Board of the London Stock Exchange (\u201cLSE\u201d) and the Madrid,
\nBarcelona, Bilboa and Valencia Stock Exchanges (together the \u201cSpanish Stock Exchanges\u201d).
\n\nThe financial report of the Company for the year ended 30 June 2023 was authorised for issue in accordance with
\na resolution of the Directors.
\n
\n\n\n
\n(a) Basis of Preparation
\nThe financial report is a general purpose financial report, which has been prepared in accordance with Australian
\nAccounting Standards (\u201cAASBs\u201d) adopted by the Australian Accounting Standards Board (\u201cAASB\u201d) and the
\nCorporations Act 2001. The financial statements comprise the consolidated financial statements of the Group. For
\nthe purposes of preparing the consolidated financial statements, the Company is a for-profit entity.
\nThe financial report has been prepared on a historical cost basis, except for certain financial liabilities which have
\nbeen measured at fair value. The financial report is presented in Australian dollars.
\n\nThe consolidated financial statements have been prepared on a going concern basis which assumes the continuity
\nof normal business activity and the realisation of assets and the settlement of liabilities in the ordinary course of
\nbusiness.
\n
\n\n
\n\n\n
\n(b) Statement of Compliance
\nThe financial report complies with International Financial Reporting Standards (\u201cIFRS\u201d) as issued by the
\nInternational Accounting Standards Board.
\n\n
\n\nIn the current period, the Group has adopted all of the new and revised Accounting Standards and Interpretations
\nissued by the Australian Accounting Standards Board (the AASB) that are relevant to its operations and effective
\nfor the current annual reporting period. The adoption of these new and revised Standards or Interpretations has
\nhad an immaterial impact (if any) on the Group. Any new or amended Accounting Standards or Interpretations that
\nare not yet mandatory have not been early adopted.
\nAustralian Accounting Standards and Interpretations that have recently been issued or amended but are not yet
\neffective have not been adopted by the Group for the annual reporting period ended 30 June 2023. Those which
\nmay be relevant to the Group are set out in the table below, but these are not expected to have any significant
\nimpact on the Group's financial statements as detailed below.
\nStandard/Interpretation
\nApplication
\ndate of
\nstandard
\nApplication
\ndate for Group
\nAASB 2020-6 Amendments to Australian Accounting Standards \u2013 Classification of
\nLiabilities as Current or Non-Current \u2013 Deferral of Effective Date
\n1 January 2022 1 July 2023
\nAASB 2021-2 Amendments to Australian Accounting Standards \u2013
\nDisclosure of
\nAccounting Policies and Definition of Accounting Estimates
\n1 January 2023 1 July 2023
\nAASB 2021-5 Amendments to Australian Accounting Standards \u2013 Deferred Tax related
\nto Assets and Liabilities arising from a Single Transaction
\n1 January 2023 1 July 2023
\nAASB 2023-2 Amendments to AASs \u2013 International Tax Reform Pillar Two Model Rules
\n29
\n23 May 2023 1 July 2023
\nAASB 2020-1 Amendments to Australian Accounting Standards \u2013 Classification of
\nLiabilities as Current or Non-Current
\n1 January 2024 1 July 2024
\nAASB 2021-7(a-c) Amendments to Australian Accounting Standards \u2013 Effective Date of
\nAmendments to AASB 10 and AASB 128 and Editorial Corrections
\n1 January 2025 1 July 2025
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n\n(c) Principles of Consolidation
\nThe consolidated financial statements incorporate the assets, liabilities and results of entities controlled by Berkeley
\nEnergia Limited at reporting date. Control is achieved when the Company has power over the investee, is exposed,
\nor has rights, to variable returns from its involvement with the investee and has the ability to use its power to affect
\nits returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that
\nthere are changes to one or more of the three elements of control listed above. When the Company has less than
\na majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to
\ngive it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all
\nrelevant facts and circumstances in assessing whether or not the Company's voting rights in an investee are
\nsufficient to give it power.
\nWhere controlled entities have entered or left the group during the year, the financial performance of those entities
\nare included only for the period of the year that they were controlled. A list of controlled entities is contained in Note
\n16 to the financial statements.
\nIn preparing the consolidated financial statements, all inter-group balances and transactions between entities in the
\nconsolidated group have been eliminated on consolidation. Accounting policies of subsidiaries have been changed
\nwhere necessary to ensure consistency with those adopted by the parent entity.
\n
\n\n\n
\n\n(d) Business Combinations
\nThe acquisition method of accounting is used to account for business combinations regardless of whether equity
\ninstruments or other assets are acquired. The cost of a business combination is measured as the fair value of the
\nassets given, shares issued or liabilities incurred or assumed at the date of exchange and the amount of any non-
\ncontrolling interest in the acquiree. For each business combination, the acquirer measures the non-controlling
\ninterest in the acquiree either at fair value or at the proportionate share of the acquiree's identifiable net assets.
\nAcquisition-related costs are expensed as incurred.
\nWhere equity instruments are issued in a business combination, the fair value of the instruments is their published
\nmarket price as at the date of exchange unless, in rare circumstances, it can be demonstrated that the published
\nprice at the date of exchange is an unreliable indicator of fair value and that other evidence and valuation methods
\nprovide a more reliable measure of fair value.
\nIdentifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are
\nmeasured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest.
\nThe excess of the cost of the business combination over the fair value of the Group\u2019s share of the identifiable net
\nassets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets acquired,
\nthe difference is recognised directly in the income statement, but only after a reassessment of the identification and
\nmeasurement of the net assets acquired.
\nIf the business combination is achieved in stages, the acquisition date fair value of the acquirer's previously held
\nequity interest in the acquiree is remeasured at fair value as at the acquisition date through profit or loss.
\nWhere settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted
\nto their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate,
\nbeing the rate at which a similar borrowing could be obtained from an independent financier under comparable
\nterms and conditions.
\n
\n\n
\n\n\n
\n\n
\n\n(e) Revenue Recognition
\nInterest revenue is recognised as it accrues, taking into account the effective yield on the financial asset.
\n
\n\n
\n\n
\n\n\n
\n(f) Foreign Currency Translation
\n\nBoth the functional and presentation currency of Berkeley at 30 June 2023 was Australian Dollars.
\nThe following table sets out the functional currency of the subsidiaries (unless dormant) of the Group:
\nCompany Name Functional Currency
\nBerkeley Exploration Limited A$
\nBerkeley Minera Espana, S.L.U Euro
\nExploraci\u00f3n De Recursos Minerales, S.L.U
\n(previously Berkeley Exploration Espa\u00f1a)
\nEuro
\nEach entity in the Group determines its own functional currency and items included in the financial statements of
\neach entity are measured using that functional currency.
\n
\n\n
\n\n
\n\n
\n
\n
\n1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
\n\n
\n(f) Foreign Currency Translation (Continued)
\n\nTransactions in foreign currencies are initially recorded in the functional currency at the exchange rates ruling at
\nthe date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the
\nrate of exchange ruling at the balance sheet date.
\n
\n\nAll exchange differences in the consolidated financial report are taken to the income statement with the exception
\nof exchange differences on intercompany loans which are not expected or planned to be repaid. These are taken
\ndirectly to equity until the disposal of the net investment, at which time they are recognised in the income statement.
\nNon-monetary items that are measured in terms of historical cost in a foreign currency are translated using the
\nexchange rate as at the date of the initial transaction.
\nWhere the functional currency of a subsidiary of Berkeley Energia Limited is not Australian Dollars the assets and
\nliabilities of the subsidiary at reporting date are translated into the presentation currency of Berkeley at the rate of
\nexchange ruling at the balance sheet date and the income statements are translated by applying the average
\nexchange rate for the year.
\nAny exchange differences arising on this retranslation are taken directly to the foreign currency translation reserve
\nin equity. On disposal of a foreign entity, the deferred cumulative amount recognised in equity and relating to that
\nparticular foreign operation is recognised in the Statement of Profit or Loss and Other Comprehensive Income.
\n
\n\n\n
\n(g) Income Tax
\nThe income tax expense for the year is the tax payable on the current period's taxable income based on the
\nnational income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable
\nto temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial
\nstatements, and to unused tax losses.
\n\nDeferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when
\nthe assets are recovered or liabilities are settled, based on those tax rates which are enacted or substantively
\nenacted for each jurisdiction. The relevant tax rates are applied to the cumulative amounts of deductible and taxable
\ntemporary differences to measure the deferred tax asset or liability. An exception is made for certain temporary
\ndifferences arising from the initial recognition of an asset or a liability. No deferred tax asset or liability is recognised
\nin relation to these temporary differences if they arose on goodwill or in a transaction, other than a business
\ncombination, that at the time of the transaction did not affect either accounting profit or taxable profit or loss.
\nDeferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and
\ntax bases of investments in controlled entities where the Parent Entity is able to control the timing of the reversal of
\nthe temporary differences and it is probable that the differences will not reverse in the foreseeable future.
\nDeferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable
\nthat future taxable amounts will be available to utilise those temporary differences and losses.
\nThe carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the
\nextent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred
\nincome tax asset to be utilised.
\nUnrecognised deferred income tax assets are reassessed at each balance date and are recognised to the extent
\nthat it has become probable that future taxable profit will allow the deferred tax asset to be recovered.
\nCurrent and deferred tax balances attributable to amounts recognised directly in equity are also recognised directly
\nin equity.
\nDeferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current
\ntax assets against tax liabilities and the deferred tax liabilities relate to the same taxable entity and the same taxation
\nauthority.
\n
\n\n
\n\n\n(h) Cash and Cash Equivalents
\nCash and cash equivalents\u2019 includes cash on hand, deposits held at call with financial institutions, and other short-
\nterm highly liquid investments that are readily convertible to known amounts of cash and which are subject to an
\ninsignificant risk of changes in value. For the purposes of the Statement of Cash Flows, cash and cash equivalents
\nconsist of cash and cash equivalents as defined above.
\n
\n\n
\n\n
\n
\n
\n\n
\n\n
\n(i) Impairment of Non-Current Assets
\nThe Group assesses at each reporting date whether there is an indication that a non-current asset may be impaired.
\nIf any such indication exists, or when annual impairment testing for an asset is required, the Group makes an
\nestimate of the asset's recoverable amount. An asset's recoverable amount is the higher of its fair value less costs
\nto dispose and its value in use and is determined for an individual asset, unless the asset does not generate cash
\ninflows that are largely independent of those from other assets of groups of assets and the asset's value in use
\ncannot be estimated to be close to its fair value. In such cases the asset is tested for impairment as part of the
\ncash-generating unit to which it belongs. When the carrying amount of an asset or cash-generating unit exceeds
\nits recoverable amount, the asset or cash-generating unit is considered impaired and is written down to its
\nrecoverable amount.
\nIn assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax
\ndiscount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
\nImpairment losses relating to continuing operations are recognised in those expense categories consistent with the
\nfunction of the impaired asset unless the asset is carried at a revalued amount (in which case the impairment loss
\nis treated as a revaluation decrease).
\nAn assessment is also made at each reporting date as to whether there is any indication that previously recognised
\nimpairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is
\nestimated. A previously recognised impairment loss is reversed only if there has been a change in the estimates
\nused to determine the asset's recoverable amount since the last impairment loss was recognised. If that is the case
\nthe carrying amount of the asset is increased to its recoverable amount.
\nThe increased amount cannot exceed the carrying amount that would have been determined, net of depreciation,
\nhad no impairment loss been recognised for the asset in prior years. Such reversal is recognised in profit or loss
\nunless the asset is carried at a revalued amount, in which case the reversal is treated as a revaluation increase.
\nAfter such a reversal the depreciation charge is adjusted in future periods to allocate the asset's revised carrying
\namount, less any residual value, on a systematic basis over its remaining useful life.
\n
\n\n
\n\n\n
\n(j) Trade and Other Receivables
\nTrade receivables are recognised and carried at original invoice amount less any Expected Credit Loss (\u201cECL\u201d).
\n\nReceivables from related parties are initially recognised at fair value and subsequently measured at amortised cost
\nusing the effective interest method, less an allowance for expected credit losses and are interest free.
\n
\n\n
\n\n\n
\n\n(k) Financial Assets
\n(i) Initial recognition and measurement
\nFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through
\nother comprehensive income (\u201cOCI\u201d), and fair value through profit or loss.
\nThe classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow
\ncharacteristics and the Group\u2019s business model for managing them. The Group initially measures a financial asset
\nat its fair value plus, in the case of a financial asset not at fair value through profit or loss, less transaction costs.
\n(ii) Subsequent measurement
\nFor purposes of subsequent measurement, financial assets are classified in four categories:
\n\u2022 Financial assets at amortised cost (relevant to the Group);
\n\u2022 Financial assets at fair value through OCI with recycling of cumulative gains and losses (not relevant to the
\nGroup);
\n\u2022 Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon
\n\u2022 derecognition (equity instruments \u2013 not relevant to the Group); and
\n\u2022 Financial assets at fair value through profit or loss (relevant to the Group).
\nFinancial assets at amortised cost (debt instruments)
\nThe Group measures financial assets at amortised cost if both of the following conditions are met:
\n\u2022 The financial asset is held within a business model with the objective to hold financial assets in order to
\ncollect contractual cash flows; and
\n\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely
\npayments of principal and interest on the principal amount outstanding.
\nFinancial assets at amortised cost are subsequently measured using the effective interest rate (\u201cEIR\u201d) method and
\nare subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised,
\nmodified or impaired.
\n
\n\n
\n\n
\n\n
\n
\n
\n1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
\n\n
\n\n
\n(k) Financial Assets (Continued)
\nThe Group\u2019s financial assets at amortised cost includes GST and other taxes receivables, interest receivable and
\nsecurity deposits.
\n\n
\n\nImpairment
\nThe Group recognises an allowance for ECLs for all debt instruments not held at fair value through profit or loss.
\nECLs are based on the difference between the contractual cash flows due in accordance with the contract and all
\nthe cash flows that the Group expects to receive, discounted at an approximation of the original EIR. ECLs are
\nrecognised in two stages. For credit exposures for which there has not been a significant increase in credit risk
\nsince initial recognition, ECLs are provided for credit losses that result from default events that are possible within
\nthe next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase
\nin credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life
\nof the exposure, irrespective of the timing of the default (a lifetime ECL).
\nFor receivables due in less than 12 months, the Group recognises a loss allowance based on the financial asset\u2019s
\nlifetime ECL at each reporting date.
\nGiven the nature of financial assets held by the Group, it considers a financial asset to be in default when internal
\nor external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full
\nbefore taking into account any credit enhancements held by the Group. A financial asset is written off when there
\nis no reasonable expectation of recovering the contractual cash flows.
\nAt each reporting date, the Group assesses whether financial assets carried at amortised cost are credit impaired.
\nA financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future
\ncash flows of the financial asset have occurred.
\n
\n\n
\n\n
\n\n
\n\n\n
\n
\n(l) Property, Plant and Equipment
\nProperty, plant and equipment is stated at historical cost less accumulated depreciation and any accumulated
\nimpairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items.
\n\nSubsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate,
\nonly when it is probable that future economic benefits associated with the item will flow to the Group and the cost
\nof the item can be measured reliably. All other repairs and maintenance are charged to the income statement during
\nthe financial period in which they are incurred.
\n
\n\n\nProperty, plant and equipment is depreciated on a reducing balance or straight line basis at rates based upon the
\nindividual assets effective useful life as follows:
\nLife
\nPlant and equipment 2 - 13 years
\nProperty (buildings) 50 years
\nThe assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each balance date.
\n
\n\nAn asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is
\ngreater than its estimated recoverable amount.
\nAn item of plant and equipment is derecognised upon disposal or when no further economic benefits are expected
\nfrom its use or disposal. Gains and losses on disposals are determined by comparing the net disposal proceeds
\nwith carrying amount of the asset. These are included in the profit or loss in the period the asset is derecognised.
\n
\n\n\n(m) Trade and Other Payables
\nTrade payables and other payables are carried at amortised cost and represent liabilities for the goods and services
\nprovided to the Group prior to the end of the financial year that are unpaid and arise when the Group becomes
\nobliged to make future payments in respect of the purchase of these goods and services. The amounts are
\nunsecured and are usually paid within 30 days. Payables are carried at amortised cost.
\n
\n\n
\n\n
\n
\n
\n
\n\n
\n
\n\n
\n
\n
\n(n) Financial liabilities
\n(i) Initial recognition and measurement
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans
\nand borrowings or payables.
\nAll financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables,
\nnet of directly attributable transaction costs.
\nThe Group\u2019s financial liabilities include trade and other payables and financial instruments.
\n(ii) Subsequent measurement
\nThe measurement of financial liabilities depends on their classification, as described below:
\n\nFinancial liabilities at fair value through profit or loss
\nFinancial liabilities at fair value through profit or loss include financial liabilities held for trading, derivative liabilities
\nand financial liabilities designated upon initial recognition as at fair value through profit or loss.
\nFinancial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near
\nterm.
\nGains or losses on liabilities held for trading are recognised in the statement of profit or loss.
\nFinancial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial
\ndate of recognition, and only if the criteria in AASB 9 are satisfied. The Group has designated the unlisted options
\n(and in prior years the convertible note) as a financial liability at fair value through profit or loss.
\n
\n\n\nFinancial liabilities at amortised cost (loans and borrowings)
\nAfter initial recognition, loans and borrowings are subsequently measured at amortised cost using the EIR method.
\nGains and losses are then recognised in profit or loss when the liabilities are derecognised as well as through the
\nEIR amortisation process.
\nAmortised cost is calculated by taking into account any discount or premium on initial recognition and fees or costs
\nthat are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or
\nloss.
\n
\n\n\n(iii) Derecognition
\nA financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
\nWhen an existing financial liability is replaced by another liability on substantially different terms, or the terms of an
\nexisting liability are substantially modified, such an exchange or modification is treated as the derecognition of the
\noriginal liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised
\nin the statement of profit or loss.
\n
\n\n
\n\n
\n\n\n(o) Employee Benefits
\nLiabilities for wages and salaries, including non-monetary benefits and annual leave expected to be settled within
\ntwelve months of the reporting date are recognised in provisions in respect of employees' services up to the
\nreporting date, and are measured at the amounts expected to be paid when the liabilities are settled. Liabilities for
\npersonal leave are recognised when the leave is taken and measured at the rates paid or payable. Employee
\nbenefits payable later than 12 months have been measured using the projected unit credit valuation method.
\n
\n\n\n(p) Issued Capital
\nOrdinary shares are classified as equity. Issued and paid up capital is recognised at the fair value of the
\nconsideration received by the Company.
\nIncremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net
\nof tax, from the proceeds.
\n
\n\n\n(q) Dividends
\nProvision is made for the amount of any dividend declared on or before the end of the year but not distributed at
\nbalance date.
\n
\n\n
\n\n
\n
\n
\n1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
\n\n(r) Earnings per Share (EPS)
\nBasic earnings per share is calculated by dividing the profit or loss attributable to equity holders of the Company,
\nexcluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary
\nshares outstanding during the year, adjusted for bonus elements in ordinary shares issued during the year. Diluted
\nearnings per share adjusts the figures used in the determination of basic earnings per share to take into account
\nthe after tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the
\nweighted average number of shares assumed to have been issued for no consideration in relation to dilutive
\npotential ordinary shares.
\n
\n\n\n
\n(s) Exploration and Evaluation Expenditure
\nExpenditure on exploration and evaluation is accounted for in accordance with the 'area of interest' method.
\nExploration and evaluation expenditure encompasses expenditures incurred by the Group in connection with the
\nexploration for and evaluation of mineral resources before the technical feasibility and commercial viability of
\nextracting a mineral resource are demonstrable.
\nFor each area of interest, expenditure incurred in the acquisition of rights to explore is capitalised, classified as
\ntangible or intangible, and recognised as an exploration and evaluation asset. Exploration and evaluation assets
\nare measured at cost at recognition and are recorded as an asset if:
\n(i) the rights to tenure of the area of interest are current; and
\n(ii) at least one of the following conditions is also met:
\n\u2022 the exploration and evaluation expenditures are expected to be recouped through successful
\ndevelopment and exploitation of the area of interest, or alternatively, by its sale; and
\n\u2022 exploration and evaluation activities in the area of interest have not at the reporting date reached a
\nstage which permits a reasonable assessment of the existence or otherwise of economically
\nrecoverable reserves, and active and significant operations in, or in relation to, the area of interest
\nare continuing.
\nExploration and evaluation expenditure incurred by the group subsequent to the acquisition of the rights to explore
\nis expensed as incurred, up to until a decision to develop or mine is made.
\nA provision for unsuccessful exploration and evaluation is created against each area of interest by means of a
\ncharge to the income statement.
\nThe recoverable amount of each area of interest is determined on a bi-annual basis and impairment recorded in
\nrespect of that area adjusted so that the net carrying amount does not exceed the recoverable amount. For areas
\nof interest that are not considered to have any commercial value, or where exploration rights are no longer current,
\nthe capitalised amounts are derecognised and any remaining balance charged against profit or loss.
\nWhen a decision is made to proceed with development, the accumulated exploration and evaluation asset will be
\ntested for impairment and transferred to development properties, and then amortised over the life of the reserves
\nassociated with the area of interest once mining operations have commenced. Recoverability of the carrying amount
\nof the exploration and evaluation assets is dependent on successful development and commercial exploitation, or
\nalternatively, sale of the respective areas of interest.
\n\n
\n\nImpairment
\nCapitalised exploration costs are reviewed each reporting date to establish whether an indication of impairment
\nexists. If any such indication exists, the recoverable amount of the capitalised exploration costs is estimated to
\ndetermine the extent of the impairment loss (if any).
\nWhere an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised
\nestimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the
\ncarrying amount that would have been determined had no impairment loss been recognised for the asset in previous
\nyears.
\n
\n\n
\n\n
\n\n\n(t) Goods and Services Tax (\u201cGST\u201d)
\nRevenues, expenses and assets are recognised net of the amount of GST except:
\n\u2022 when the GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in
\nwhich case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item
\nas applicable; and
\n\u2022 receivables and payables are stated with the amount of GST included.
\n
\n\n
\n\n
\n
\n
\n\n(t) Goods and Services Tax (\u201cGST\u201d) (Continued)
\nThe net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or
\npayables in the statement of financial position.
\nCash flows are included in the Statement of cash flows on a gross basis and the GST component of cash flows
\narising from investing and financing activities, which are recoverable from, or payable to, the taxation authority, are
\nclassified as operating cash flows.
\nCommitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the
\ntaxation authority.
\n
\n\n\n(u) Share Based Payments
\n(i) Equity settled transactions:
\nThe Group provides benefits to directors, employees, consultants and other advisors of the Group in the form of
\nshare-based payments, whereby the directors, employees, consultants and other advisors render services in
\nexchange for shares or rights over shares (equity-settled transactions).
\nThe cost of these equity-settled transactions is measured by reference to the fair value of the equity instruments at
\nthe date at which they are granted. The fair value is determined by an external valuer using an appropriate method
\n(e.g. binomial model or Black-Scholes option pricing model).
\nIn valuing equity-settled transactions, no account is taken of any performance conditions, other than conditions
\nlinked to the price of the shares of Berkeley (market conditions) if applicable.
\nThe cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the
\nperiod in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant
\nemployees become fully entitled to the award (the vesting period).
\nThe cumulative expense recognised for equity-settled transactions at each reporting date until vesting date reflects
\n(i) the extent to which the vesting period has expired and (ii) the Group's best estimate of the number of equity
\ninstruments that will ultimately vest. No adjustment is made for the likelihood of market performance conditions
\nbeing met as the effect of these conditions is included in the determination of fair value at grant date. The income
\nstatement charge or credit for a period represents the movement in cumulative expense recognised as at the
\nbeginning and end of that period. No expense is recognised for awards that do not ultimately vest, except for awards
\nwhere vesting is only conditional upon a market condition.
\nIf the terms of an equity-settled award are modified, as a minimum an expense is recognised as if the terms had
\nnot been modified. In addition, an expense is recognised for any modification that increases the total fair value of
\nthe share-based payment arrangement, or is otherwise beneficial to the employee, as measured at the date of
\nmodification.
\nIf an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense
\nnot yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled
\naward and designated as a replacement award on the date that it is granted, the cancelled and new award are
\ntreated as if they were a modification of the original award, as described in the previous paragraph.
\nThe dilutive effect, if any, of outstanding options is reflected as additional share dilution in the computation of
\nearnings per share.
\n
\n\n\n(v) Provisions
\nProvisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past
\nevent, it is probable that an outflow of resources embodying economic benefits will be required to settle the
\nobligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or
\nall of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as
\na separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is
\npresented in the statement of profit or loss net of any reimbursement.
\nProvisions are measured at the present value of management\u2019s best estimate of the expenditure required to settle
\nthe present obligation at the reporting date. If the effect of the time value of money is material, provisions are
\ndiscounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When
\ndiscounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
\n
\n\n
\n\n
\n1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
\n\n
\n(w) Significant Accounting Judgements, Estimates and Assumptions
\nThe preparation of the financial report requires management to make judgements, estimates and assumptions that
\naffect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.
\nActual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an
\nongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if
\nthe revision affects only that period, or in the period of the revision and future periods if the revision affects both
\ncurrent and future periods.
\n\nIn particular, information about significant areas of estimation uncertainty and critical judgements in applying
\naccounting policies that have the most significant effect on the amount recognised in the financial statements are
\ndescribed in the following notes.
\nExploration and Evaluation Assets (Note 7) \u2013 the Group\u2019s accounting policy for exploration and evaluation assets
\nis set out in Note 1(s). The application of this policy requires management to make certain judgements and estimates
\nas to future events and circumstances, in particular, the assessment of whether economic quantities of reserves
\nhave been found and the point at which exploration and evaluation assets should be transferred to mine
\ndevelopment properties. The determination of an area of interest also requires judgement.
\nAccounting for derivative financial liabilities (Note 11) \u2013 Estimating fair value for financial liabilities requires the
\ndetermination of the most appropriate valuation model and the determination of the most appropriate inputs to the
\nvaluation model. The assumptions used for estimating the fair value of the financial liabilities are disclosed in Note
\n11.
\nShare-Based Payments (Note 18) - The Group initially measures the cost of equity-settled transactions with
\nemployees by reference to the fair value of the equity instrument at the date at which they are granted. Estimating
\nfair value for share-based payment transactions requires the determination of the most appropriate valuation model.
\nThis estimate also requires the determination of the most appropriate inputs to the valuation model including the
\nexpected life of the share option, volatility and dividend yield. The assumption and models used for estimating the
\nfair value for share-based payment transactions are disclosed in Note 18.
\nFunctional currency of foreign operations (Note 1(f)) - determination of the functional currency of foreign subsidiaries
\nrequires judgement regarding the primary currency of labour, material and exploration spend in that subsidiary.
\n
\n\n
\n\n
\n",
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"value": "Berkeley Energia Limited",
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"Tag124": {
"value": "limited by shares",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"Tag144": {
"value": "Australia",
"dimensions": {
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"Tag139": {
"value": "\nThe financial report of the Company for the year ended 30 June 2023 was authorised for issue in accordance with
\na resolution of the Directors.
\n
\n",
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"language": "en",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"Tag117": {
"value": "\n
\n(a) Basis of Preparation
\nThe financial report is a general purpose financial report, which has been prepared in accordance with Australian
\nAccounting Standards (\u201cAASBs\u201d) adopted by the Australian Accounting Standards Board (\u201cAASB\u201d) and the
\nCorporations Act 2001. The financial statements comprise the consolidated financial statements of the Group. For
\nthe purposes of preparing the consolidated financial statements, the Company is a for-profit entity.
\nThe financial report has been prepared on a historical cost basis, except for certain financial liabilities which have
\nbeen measured at fair value. The financial report is presented in Australian dollars.
\n\nThe consolidated financial statements have been prepared on a going concern basis which assumes the continuity
\nof normal business activity and the realisation of assets and the settlement of liabilities in the ordinary course of
\nbusiness.
\n
\n\n
\n",
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"Tag155": {
"value": "\nThe consolidated financial statements have been prepared on a going concern basis which assumes the continuity
\nof normal business activity and the realisation of assets and the settlement of liabilities in the ordinary course of
\nbusiness.
\n
\n",
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"Tag107": {
"value": "\n
\n(b) Statement of Compliance
\nThe financial report complies with International Financial Reporting Standards (\u201cIFRS\u201d) as issued by the
\nInternational Accounting Standards Board.
\n\n
\n\nIn the current period, the Group has adopted all of the new and revised Accounting Standards and Interpretations
\nissued by the Australian Accounting Standards Board (the AASB) that are relevant to its operations and effective
\nfor the current annual reporting period. The adoption of these new and revised Standards or Interpretations has
\nhad an immaterial impact (if any) on the Group. Any new or amended Accounting Standards or Interpretations that
\nare not yet mandatory have not been early adopted.
\nAustralian Accounting Standards and Interpretations that have recently been issued or amended but are not yet
\neffective have not been adopted by the Group for the annual reporting period ended 30 June 2023. Those which
\nmay be relevant to the Group are set out in the table below, but these are not expected to have any significant
\nimpact on the Group's financial statements as detailed below.
\nStandard/Interpretation
\nApplication
\ndate of
\nstandard
\nApplication
\ndate for Group
\nAASB 2020-6 Amendments to Australian Accounting Standards \u2013 Classification of
\nLiabilities as Current or Non-Current \u2013 Deferral of Effective Date
\n1 January 2022 1 July 2023
\nAASB 2021-2 Amendments to Australian Accounting Standards \u2013
\nDisclosure of
\nAccounting Policies and Definition of Accounting Estimates
\n1 January 2023 1 July 2023
\nAASB 2021-5 Amendments to Australian Accounting Standards \u2013 Deferred Tax related
\nto Assets and Liabilities arising from a Single Transaction
\n1 January 2023 1 July 2023
\nAASB 2023-2 Amendments to AASs \u2013 International Tax Reform Pillar Two Model Rules
\n29
\n23 May 2023 1 July 2023
\nAASB 2020-1 Amendments to Australian Accounting Standards \u2013 Classification of
\nLiabilities as Current or Non-Current
\n1 January 2024 1 July 2024
\nAASB 2021-7(a-c) Amendments to Australian Accounting Standards \u2013 Effective Date of
\nAmendments to AASB 10 and AASB 128 and Editorial Corrections
\n1 January 2025 1 July 2025
\n
\n\n
\n\n
\n",
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"language": "en",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"Tag135": {
"value": "\n
\n\nIn the current period, the Group has adopted all of the new and revised Accounting Standards and Interpretations
\nissued by the Australian Accounting Standards Board (the AASB) that are relevant to its operations and effective
\nfor the current annual reporting period. The adoption of these new and revised Standards or Interpretations has
\nhad an immaterial impact (if any) on the Group. Any new or amended Accounting Standards or Interpretations that
\nare not yet mandatory have not been early adopted.
\nAustralian Accounting Standards and Interpretations that have recently been issued or amended but are not yet
\neffective have not been adopted by the Group for the annual reporting period ended 30 June 2023. Those which
\nmay be relevant to the Group are set out in the table below, but these are not expected to have any significant
\nimpact on the Group's financial statements as detailed below.
\nStandard/Interpretation
\nApplication
\ndate of
\nstandard
\nApplication
\ndate for Group
\nAASB 2020-6 Amendments to Australian Accounting Standards \u2013 Classification of
\nLiabilities as Current or Non-Current \u2013 Deferral of Effective Date
\n1 January 2022 1 July 2023
\nAASB 2021-2 Amendments to Australian Accounting Standards \u2013
\nDisclosure of
\nAccounting Policies and Definition of Accounting Estimates
\n1 January 2023 1 July 2023
\nAASB 2021-5 Amendments to Australian Accounting Standards \u2013 Deferred Tax related
\nto Assets and Liabilities arising from a Single Transaction
\n1 January 2023 1 July 2023
\nAASB 2023-2 Amendments to AASs \u2013 International Tax Reform Pillar Two Model Rules
\n29
\n23 May 2023 1 July 2023
\nAASB 2020-1 Amendments to Australian Accounting Standards \u2013 Classification of
\nLiabilities as Current or Non-Current
\n1 January 2024 1 July 2024
\nAASB 2021-7(a-c) Amendments to Australian Accounting Standards \u2013 Effective Date of
\nAmendments to AASB 10 and AASB 128 and Editorial Corrections
\n1 January 2025 1 July 2025
\n
\n\n
\n",
"dimensions": {
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"language": "en",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"Tag119": {
"value": "\nIn the current period, the Group has adopted all of the new and revised Accounting Standards and Interpretations
\nissued by the Australian Accounting Standards Board (the AASB) that are relevant to its operations and effective
\nfor the current annual reporting period. The adoption of these new and revised Standards or Interpretations has
\nhad an immaterial impact (if any) on the Group. Any new or amended Accounting Standards or Interpretations that
\nare not yet mandatory have not been early adopted.
\nAustralian Accounting Standards and Interpretations that have recently been issued or amended but are not yet
\neffective have not been adopted by the Group for the annual reporting period ended 30 June 2023. Those which
\nmay be relevant to the Group are set out in the table below, but these are not expected to have any significant
\nimpact on the Group's financial statements as detailed below.
\nStandard/Interpretation
\nApplication
\ndate of
\nstandard
\nApplication
\ndate for Group
\nAASB 2020-6 Amendments to Australian Accounting Standards \u2013 Classification of
\nLiabilities as Current or Non-Current \u2013 Deferral of Effective Date
\n1 January 2022 1 July 2023
\nAASB 2021-2 Amendments to Australian Accounting Standards \u2013
\nDisclosure of
\nAccounting Policies and Definition of Accounting Estimates
\n1 January 2023 1 July 2023
\nAASB 2021-5 Amendments to Australian Accounting Standards \u2013 Deferred Tax related
\nto Assets and Liabilities arising from a Single Transaction
\n1 January 2023 1 July 2023
\nAASB 2023-2 Amendments to AASs \u2013 International Tax Reform Pillar Two Model Rules
\n29
\n23 May 2023 1 July 2023
\nAASB 2020-1 Amendments to Australian Accounting Standards \u2013 Classification of
\nLiabilities as Current or Non-Current
\n1 January 2024 1 July 2024
\nAASB 2021-7(a-c) Amendments to Australian Accounting Standards \u2013 Effective Date of
\nAmendments to AASB 10 and AASB 128 and Editorial Corrections
\n1 January 2025 1 July 2025
\n
\n",
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"language": "en",
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},
"Tag142": {
"value": "\n(c) Principles of Consolidation
\nThe consolidated financial statements incorporate the assets, liabilities and results of entities controlled by Berkeley
\nEnergia Limited at reporting date. Control is achieved when the Company has power over the investee, is exposed,
\nor has rights, to variable returns from its involvement with the investee and has the ability to use its power to affect
\nits returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that
\nthere are changes to one or more of the three elements of control listed above. When the Company has less than
\na majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to
\ngive it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all
\nrelevant facts and circumstances in assessing whether or not the Company's voting rights in an investee are
\nsufficient to give it power.
\nWhere controlled entities have entered or left the group during the year, the financial performance of those entities
\nare included only for the period of the year that they were controlled. A list of controlled entities is contained in Note
\n16 to the financial statements.
\nIn preparing the consolidated financial statements, all inter-group balances and transactions between entities in the
\nconsolidated group have been eliminated on consolidation. Accounting policies of subsidiaries have been changed
\nwhere necessary to ensure consistency with those adopted by the parent entity.
\n
\n",
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"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag106": {
"value": "\n
\n\n(d) Business Combinations
\nThe acquisition method of accounting is used to account for business combinations regardless of whether equity
\ninstruments or other assets are acquired. The cost of a business combination is measured as the fair value of the
\nassets given, shares issued or liabilities incurred or assumed at the date of exchange and the amount of any non-
\ncontrolling interest in the acquiree. For each business combination, the acquirer measures the non-controlling
\ninterest in the acquiree either at fair value or at the proportionate share of the acquiree's identifiable net assets.
\nAcquisition-related costs are expensed as incurred.
\nWhere equity instruments are issued in a business combination, the fair value of the instruments is their published
\nmarket price as at the date of exchange unless, in rare circumstances, it can be demonstrated that the published
\nprice at the date of exchange is an unreliable indicator of fair value and that other evidence and valuation methods
\nprovide a more reliable measure of fair value.
\nIdentifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are
\nmeasured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest.
\nThe excess of the cost of the business combination over the fair value of the Group\u2019s share of the identifiable net
\nassets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets acquired,
\nthe difference is recognised directly in the income statement, but only after a reassessment of the identification and
\nmeasurement of the net assets acquired.
\nIf the business combination is achieved in stages, the acquisition date fair value of the acquirer's previously held
\nequity interest in the acquiree is remeasured at fair value as at the acquisition date through profit or loss.
\nWhere settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted
\nto their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate,
\nbeing the rate at which a similar borrowing could be obtained from an independent financier under comparable
\nterms and conditions.
\n
\n\n
\n",
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"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"Tag159": {
"value": "\n(d) Business Combinations
\nThe acquisition method of accounting is used to account for business combinations regardless of whether equity
\ninstruments or other assets are acquired. The cost of a business combination is measured as the fair value of the
\nassets given, shares issued or liabilities incurred or assumed at the date of exchange and the amount of any non-
\ncontrolling interest in the acquiree. For each business combination, the acquirer measures the non-controlling
\ninterest in the acquiree either at fair value or at the proportionate share of the acquiree's identifiable net assets.
\nAcquisition-related costs are expensed as incurred.
\nWhere equity instruments are issued in a business combination, the fair value of the instruments is their published
\nmarket price as at the date of exchange unless, in rare circumstances, it can be demonstrated that the published
\nprice at the date of exchange is an unreliable indicator of fair value and that other evidence and valuation methods
\nprovide a more reliable measure of fair value.
\nIdentifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are
\nmeasured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest.
\nThe excess of the cost of the business combination over the fair value of the Group\u2019s share of the identifiable net
\nassets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets acquired,
\nthe difference is recognised directly in the income statement, but only after a reassessment of the identification and
\nmeasurement of the net assets acquired.
\nIf the business combination is achieved in stages, the acquisition date fair value of the acquirer's previously held
\nequity interest in the acquiree is remeasured at fair value as at the acquisition date through profit or loss.
\nWhere settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted
\nto their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate,
\nbeing the rate at which a similar borrowing could be obtained from an independent financier under comparable
\nterms and conditions.
\n
\n",
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"language": "en",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"Tag157": {
"value": "\n
\n\n
\n\n(e) Revenue Recognition
\nInterest revenue is recognised as it accrues, taking into account the effective yield on the financial asset.
\n
\n\n
\n\n
\n",
"dimensions": {
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"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"Tag126": {
"value": "\n
\n\n(e) Revenue Recognition
\nInterest revenue is recognised as it accrues, taking into account the effective yield on the financial asset.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag123": {
"value": "\n(e) Revenue Recognition
\nInterest revenue is recognised as it accrues, taking into account the effective yield on the financial asset.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"Tag141": {
"value": "\n
\n(f) Foreign Currency Translation
\n\nBoth the functional and presentation currency of Berkeley at 30 June 2023 was Australian Dollars.
\nThe following table sets out the functional currency of the subsidiaries (unless dormant) of the Group:
\nCompany Name Functional Currency
\nBerkeley Exploration Limited A$
\nBerkeley Minera Espana, S.L.U Euro
\nExploraci\u00f3n De Recursos Minerales, S.L.U
\n(previously Berkeley Exploration Espa\u00f1a)
\nEuro
\nEach entity in the Group determines its own functional currency and items included in the financial statements of
\neach entity are measured using that functional currency.
\n
\n\n
\n\n
\n(f) Foreign Currency Translation (Continued)
\n\nTransactions in foreign currencies are initially recorded in the functional currency at the exchange rates ruling at
\nthe date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the
\nrate of exchange ruling at the balance sheet date.
\n
\n\nAll exchange differences in the consolidated financial report are taken to the income statement with the exception
\nof exchange differences on intercompany loans which are not expected or planned to be repaid. These are taken
\ndirectly to equity until the disposal of the net investment, at which time they are recognised in the income statement.
\nNon-monetary items that are measured in terms of historical cost in a foreign currency are translated using the
\nexchange rate as at the date of the initial transaction.
\nWhere the functional currency of a subsidiary of Berkeley Energia Limited is not Australian Dollars the assets and
\nliabilities of the subsidiary at reporting date are translated into the presentation currency of Berkeley at the rate of
\nexchange ruling at the balance sheet date and the income statements are translated by applying the average
\nexchange rate for the year.
\nAny exchange differences arising on this retranslation are taken directly to the foreign currency translation reserve
\nin equity. On disposal of a foreign entity, the deferred cumulative amount recognised in equity and relating to that
\nparticular foreign operation is recognised in the Statement of Profit or Loss and Other Comprehensive Income.
\n
\n",
"dimensions": {
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"language": "en",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag125": {
"value": "\nBoth the functional and presentation currency of Berkeley at 30 June 2023 was Australian Dollars.
\nThe following table sets out the functional currency of the subsidiaries (unless dormant) of the Group:
\nCompany Name Functional Currency
\nBerkeley Exploration Limited A$
\nBerkeley Minera Espana, S.L.U Euro
\nExploraci\u00f3n De Recursos Minerales, S.L.U
\n(previously Berkeley Exploration Espa\u00f1a)
\nEuro
\nEach entity in the Group determines its own functional currency and items included in the financial statements of
\neach entity are measured using that functional currency.
\n
\n\nTransactions in foreign currencies are initially recorded in the functional currency at the exchange rates ruling at
\nthe date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the
\nrate of exchange ruling at the balance sheet date.
\n
\n",
"dimensions": {
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"language": "en",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag110": {
"value": "\n
\n(g) Income Tax
\nThe income tax expense for the year is the tax payable on the current period's taxable income based on the
\nnational income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable
\nto temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial
\nstatements, and to unused tax losses.
\n\nDeferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when
\nthe assets are recovered or liabilities are settled, based on those tax rates which are enacted or substantively
\nenacted for each jurisdiction. The relevant tax rates are applied to the cumulative amounts of deductible and taxable
\ntemporary differences to measure the deferred tax asset or liability. An exception is made for certain temporary
\ndifferences arising from the initial recognition of an asset or a liability. No deferred tax asset or liability is recognised
\nin relation to these temporary differences if they arose on goodwill or in a transaction, other than a business
\ncombination, that at the time of the transaction did not affect either accounting profit or taxable profit or loss.
\nDeferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and
\ntax bases of investments in controlled entities where the Parent Entity is able to control the timing of the reversal of
\nthe temporary differences and it is probable that the differences will not reverse in the foreseeable future.
\nDeferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable
\nthat future taxable amounts will be available to utilise those temporary differences and losses.
\nThe carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the
\nextent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred
\nincome tax asset to be utilised.
\nUnrecognised deferred income tax assets are reassessed at each balance date and are recognised to the extent
\nthat it has become probable that future taxable profit will allow the deferred tax asset to be recovered.
\nCurrent and deferred tax balances attributable to amounts recognised directly in equity are also recognised directly
\nin equity.
\nDeferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current
\ntax assets against tax liabilities and the deferred tax liabilities relate to the same taxable entity and the same taxation
\nauthority.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag158": {
"value": "\nDeferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when
\nthe assets are recovered or liabilities are settled, based on those tax rates which are enacted or substantively
\nenacted for each jurisdiction. The relevant tax rates are applied to the cumulative amounts of deductible and taxable
\ntemporary differences to measure the deferred tax asset or liability. An exception is made for certain temporary
\ndifferences arising from the initial recognition of an asset or a liability. No deferred tax asset or liability is recognised
\nin relation to these temporary differences if they arose on goodwill or in a transaction, other than a business
\ncombination, that at the time of the transaction did not affect either accounting profit or taxable profit or loss.
\nDeferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and
\ntax bases of investments in controlled entities where the Parent Entity is able to control the timing of the reversal of
\nthe temporary differences and it is probable that the differences will not reverse in the foreseeable future.
\nDeferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable
\nthat future taxable amounts will be available to utilise those temporary differences and losses.
\nThe carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the
\nextent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred
\nincome tax asset to be utilised.
\nUnrecognised deferred income tax assets are reassessed at each balance date and are recognised to the extent
\nthat it has become probable that future taxable profit will allow the deferred tax asset to be recovered.
\nCurrent and deferred tax balances attributable to amounts recognised directly in equity are also recognised directly
\nin equity.
\nDeferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current
\ntax assets against tax liabilities and the deferred tax liabilities relate to the same taxable entity and the same taxation
\nauthority.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag120": {
"value": "\n(h) Cash and Cash Equivalents
\nCash and cash equivalents\u2019 includes cash on hand, deposits held at call with financial institutions, and other short-
\nterm highly liquid investments that are readily convertible to known amounts of cash and which are subject to an
\ninsignificant risk of changes in value. For the purposes of the Statement of Cash Flows, cash and cash equivalents
\nconsist of cash and cash equivalents as defined above.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag143": {
"value": "\n
\n\n
\n(i) Impairment of Non-Current Assets
\nThe Group assesses at each reporting date whether there is an indication that a non-current asset may be impaired.
\nIf any such indication exists, or when annual impairment testing for an asset is required, the Group makes an
\nestimate of the asset's recoverable amount. An asset's recoverable amount is the higher of its fair value less costs
\nto dispose and its value in use and is determined for an individual asset, unless the asset does not generate cash
\ninflows that are largely independent of those from other assets of groups of assets and the asset's value in use
\ncannot be estimated to be close to its fair value. In such cases the asset is tested for impairment as part of the
\ncash-generating unit to which it belongs. When the carrying amount of an asset or cash-generating unit exceeds
\nits recoverable amount, the asset or cash-generating unit is considered impaired and is written down to its
\nrecoverable amount.
\nIn assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax
\ndiscount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
\nImpairment losses relating to continuing operations are recognised in those expense categories consistent with the
\nfunction of the impaired asset unless the asset is carried at a revalued amount (in which case the impairment loss
\nis treated as a revaluation decrease).
\nAn assessment is also made at each reporting date as to whether there is any indication that previously recognised
\nimpairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is
\nestimated. A previously recognised impairment loss is reversed only if there has been a change in the estimates
\nused to determine the asset's recoverable amount since the last impairment loss was recognised. If that is the case
\nthe carrying amount of the asset is increased to its recoverable amount.
\nThe increased amount cannot exceed the carrying amount that would have been determined, net of depreciation,
\nhad no impairment loss been recognised for the asset in prior years. Such reversal is recognised in profit or loss
\nunless the asset is carried at a revalued amount, in which case the reversal is treated as a revaluation increase.
\nAfter such a reversal the depreciation charge is adjusted in future periods to allocate the asset's revised carrying
\namount, less any residual value, on a systematic basis over its remaining useful life.
\n
\n\n
\n\n
\n\nImpairment
\nThe Group recognises an allowance for ECLs for all debt instruments not held at fair value through profit or loss.
\nECLs are based on the difference between the contractual cash flows due in accordance with the contract and all
\nthe cash flows that the Group expects to receive, discounted at an approximation of the original EIR. ECLs are
\nrecognised in two stages. For credit exposures for which there has not been a significant increase in credit risk
\nsince initial recognition, ECLs are provided for credit losses that result from default events that are possible within
\nthe next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase
\nin credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life
\nof the exposure, irrespective of the timing of the default (a lifetime ECL).
\nFor receivables due in less than 12 months, the Group recognises a loss allowance based on the financial asset\u2019s
\nlifetime ECL at each reporting date.
\nGiven the nature of financial assets held by the Group, it considers a financial asset to be in default when internal
\nor external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full
\nbefore taking into account any credit enhancements held by the Group. A financial asset is written off when there
\nis no reasonable expectation of recovering the contractual cash flows.
\nAt each reporting date, the Group assesses whether financial assets carried at amortised cost are credit impaired.
\nA financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future
\ncash flows of the financial asset have occurred.
\n
\n\n
\n\n
\n\nImpairment
\nCapitalised exploration costs are reviewed each reporting date to establish whether an indication of impairment
\nexists. If any such indication exists, the recoverable amount of the capitalised exploration costs is estimated to
\ndetermine the extent of the impairment loss (if any).
\nWhere an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised
\nestimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the
\ncarrying amount that would have been determined had no impairment loss been recognised for the asset in previous
\nyears.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag136": {
"value": "\n
\n(i) Impairment of Non-Current Assets
\nThe Group assesses at each reporting date whether there is an indication that a non-current asset may be impaired.
\nIf any such indication exists, or when annual impairment testing for an asset is required, the Group makes an
\nestimate of the asset's recoverable amount. An asset's recoverable amount is the higher of its fair value less costs
\nto dispose and its value in use and is determined for an individual asset, unless the asset does not generate cash
\ninflows that are largely independent of those from other assets of groups of assets and the asset's value in use
\ncannot be estimated to be close to its fair value. In such cases the asset is tested for impairment as part of the
\ncash-generating unit to which it belongs. When the carrying amount of an asset or cash-generating unit exceeds
\nits recoverable amount, the asset or cash-generating unit is considered impaired and is written down to its
\nrecoverable amount.
\nIn assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax
\ndiscount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
\nImpairment losses relating to continuing operations are recognised in those expense categories consistent with the
\nfunction of the impaired asset unless the asset is carried at a revalued amount (in which case the impairment loss
\nis treated as a revaluation decrease).
\nAn assessment is also made at each reporting date as to whether there is any indication that previously recognised
\nimpairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is
\nestimated. A previously recognised impairment loss is reversed only if there has been a change in the estimates
\nused to determine the asset's recoverable amount since the last impairment loss was recognised. If that is the case
\nthe carrying amount of the asset is increased to its recoverable amount.
\nThe increased amount cannot exceed the carrying amount that would have been determined, net of depreciation,
\nhad no impairment loss been recognised for the asset in prior years. Such reversal is recognised in profit or loss
\nunless the asset is carried at a revalued amount, in which case the reversal is treated as a revaluation increase.
\nAfter such a reversal the depreciation charge is adjusted in future periods to allocate the asset's revised carrying
\namount, less any residual value, on a systematic basis over its remaining useful life.
\n
\n\nImpairment
\nCapitalised exploration costs are reviewed each reporting date to establish whether an indication of impairment
\nexists. If any such indication exists, the recoverable amount of the capitalised exploration costs is estimated to
\ndetermine the extent of the impairment loss (if any).
\nWhere an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised
\nestimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the
\ncarrying amount that would have been determined had no impairment loss been recognised for the asset in previous
\nyears.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag134": {
"value": "\n
\n(j) Trade and Other Receivables
\nTrade receivables are recognised and carried at original invoice amount less any Expected Credit Loss (\u201cECL\u201d).
\n\nReceivables from related parties are initially recognised at fair value and subsequently measured at amortised cost
\nusing the effective interest method, less an allowance for expected credit losses and are interest free.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag154": {
"value": "\nReceivables from related parties are initially recognised at fair value and subsequently measured at amortised cost
\nusing the effective interest method, less an allowance for expected credit losses and are interest free.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag151": {
"value": "\n
\n\n(k) Financial Assets
\n(i) Initial recognition and measurement
\nFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through
\nother comprehensive income (\u201cOCI\u201d), and fair value through profit or loss.
\nThe classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow
\ncharacteristics and the Group\u2019s business model for managing them. The Group initially measures a financial asset
\nat its fair value plus, in the case of a financial asset not at fair value through profit or loss, less transaction costs.
\n(ii) Subsequent measurement
\nFor purposes of subsequent measurement, financial assets are classified in four categories:
\n\u2022 Financial assets at amortised cost (relevant to the Group);
\n\u2022 Financial assets at fair value through OCI with recycling of cumulative gains and losses (not relevant to the
\nGroup);
\n\u2022 Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon
\n\u2022 derecognition (equity instruments \u2013 not relevant to the Group); and
\n\u2022 Financial assets at fair value through profit or loss (relevant to the Group).
\nFinancial assets at amortised cost (debt instruments)
\nThe Group measures financial assets at amortised cost if both of the following conditions are met:
\n\u2022 The financial asset is held within a business model with the objective to hold financial assets in order to
\ncollect contractual cash flows; and
\n\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely
\npayments of principal and interest on the principal amount outstanding.
\nFinancial assets at amortised cost are subsequently measured using the effective interest rate (\u201cEIR\u201d) method and
\nare subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised,
\nmodified or impaired.
\n
\n\n
\n\n
\n\n
\n(k) Financial Assets (Continued)
\nThe Group\u2019s financial assets at amortised cost includes GST and other taxes receivables, interest receivable and
\nsecurity deposits.
\n\n
\n\nImpairment
\nThe Group recognises an allowance for ECLs for all debt instruments not held at fair value through profit or loss.
\nECLs are based on the difference between the contractual cash flows due in accordance with the contract and all
\nthe cash flows that the Group expects to receive, discounted at an approximation of the original EIR. ECLs are
\nrecognised in two stages. For credit exposures for which there has not been a significant increase in credit risk
\nsince initial recognition, ECLs are provided for credit losses that result from default events that are possible within
\nthe next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase
\nin credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life
\nof the exposure, irrespective of the timing of the default (a lifetime ECL).
\nFor receivables due in less than 12 months, the Group recognises a loss allowance based on the financial asset\u2019s
\nlifetime ECL at each reporting date.
\nGiven the nature of financial assets held by the Group, it considers a financial asset to be in default when internal
\nor external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full
\nbefore taking into account any credit enhancements held by the Group. A financial asset is written off when there
\nis no reasonable expectation of recovering the contractual cash flows.
\nAt each reporting date, the Group assesses whether financial assets carried at amortised cost are credit impaired.
\nA financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future
\ncash flows of the financial asset have occurred.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n\n
\n
\n
\n(n) Financial liabilities
\n(i) Initial recognition and measurement
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans
\nand borrowings or payables.
\nAll financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables,
\nnet of directly attributable transaction costs.
\nThe Group\u2019s financial liabilities include trade and other payables and financial instruments.
\n(ii) Subsequent measurement
\nThe measurement of financial liabilities depends on their classification, as described below:
\n\nFinancial liabilities at fair value through profit or loss
\nFinancial liabilities at fair value through profit or loss include financial liabilities held for trading, derivative liabilities
\nand financial liabilities designated upon initial recognition as at fair value through profit or loss.
\nFinancial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near
\nterm.
\nGains or losses on liabilities held for trading are recognised in the statement of profit or loss.
\nFinancial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial
\ndate of recognition, and only if the criteria in AASB 9 are satisfied. The Group has designated the unlisted options
\n(and in prior years the convertible note) as a financial liability at fair value through profit or loss.
\n
\n\n\nFinancial liabilities at amortised cost (loans and borrowings)
\nAfter initial recognition, loans and borrowings are subsequently measured at amortised cost using the EIR method.
\nGains and losses are then recognised in profit or loss when the liabilities are derecognised as well as through the
\nEIR amortisation process.
\nAmortised cost is calculated by taking into account any discount or premium on initial recognition and fees or costs
\nthat are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or
\nloss.
\n
\n\n\n(iii) Derecognition
\nA financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
\nWhen an existing financial liability is replaced by another liability on substantially different terms, or the terms of an
\nexisting liability are substantially modified, such an exchange or modification is treated as the derecognition of the
\noriginal liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised
\nin the statement of profit or loss.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag152": {
"value": "\n(k) Financial Assets
\n(i) Initial recognition and measurement
\nFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through
\nother comprehensive income (\u201cOCI\u201d), and fair value through profit or loss.
\nThe classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow
\ncharacteristics and the Group\u2019s business model for managing them. The Group initially measures a financial asset
\nat its fair value plus, in the case of a financial asset not at fair value through profit or loss, less transaction costs.
\n(ii) Subsequent measurement
\nFor purposes of subsequent measurement, financial assets are classified in four categories:
\n\u2022 Financial assets at amortised cost (relevant to the Group);
\n\u2022 Financial assets at fair value through OCI with recycling of cumulative gains and losses (not relevant to the
\nGroup);
\n\u2022 Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon
\n\u2022 derecognition (equity instruments \u2013 not relevant to the Group); and
\n\u2022 Financial assets at fair value through profit or loss (relevant to the Group).
\nFinancial assets at amortised cost (debt instruments)
\nThe Group measures financial assets at amortised cost if both of the following conditions are met:
\n\u2022 The financial asset is held within a business model with the objective to hold financial assets in order to
\ncollect contractual cash flows; and
\n\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely
\npayments of principal and interest on the principal amount outstanding.
\nFinancial assets at amortised cost are subsequently measured using the effective interest rate (\u201cEIR\u201d) method and
\nare subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised,
\nmodified or impaired.
\n
\n\n
\n(k) Financial Assets (Continued)
\nThe Group\u2019s financial assets at amortised cost includes GST and other taxes receivables, interest receivable and
\nsecurity deposits.
\n\n
\n\nImpairment
\nThe Group recognises an allowance for ECLs for all debt instruments not held at fair value through profit or loss.
\nECLs are based on the difference between the contractual cash flows due in accordance with the contract and all
\nthe cash flows that the Group expects to receive, discounted at an approximation of the original EIR. ECLs are
\nrecognised in two stages. For credit exposures for which there has not been a significant increase in credit risk
\nsince initial recognition, ECLs are provided for credit losses that result from default events that are possible within
\nthe next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase
\nin credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life
\nof the exposure, irrespective of the timing of the default (a lifetime ECL).
\nFor receivables due in less than 12 months, the Group recognises a loss allowance based on the financial asset\u2019s
\nlifetime ECL at each reporting date.
\nGiven the nature of financial assets held by the Group, it considers a financial asset to be in default when internal
\nor external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full
\nbefore taking into account any credit enhancements held by the Group. A financial asset is written off when there
\nis no reasonable expectation of recovering the contractual cash flows.
\nAt each reporting date, the Group assesses whether financial assets carried at amortised cost are credit impaired.
\nA financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future
\ncash flows of the financial asset have occurred.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag129": {
"value": "\nImpairment
\nThe Group recognises an allowance for ECLs for all debt instruments not held at fair value through profit or loss.
\nECLs are based on the difference between the contractual cash flows due in accordance with the contract and all
\nthe cash flows that the Group expects to receive, discounted at an approximation of the original EIR. ECLs are
\nrecognised in two stages. For credit exposures for which there has not been a significant increase in credit risk
\nsince initial recognition, ECLs are provided for credit losses that result from default events that are possible within
\nthe next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase
\nin credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life
\nof the exposure, irrespective of the timing of the default (a lifetime ECL).
\nFor receivables due in less than 12 months, the Group recognises a loss allowance based on the financial asset\u2019s
\nlifetime ECL at each reporting date.
\nGiven the nature of financial assets held by the Group, it considers a financial asset to be in default when internal
\nor external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full
\nbefore taking into account any credit enhancements held by the Group. A financial asset is written off when there
\nis no reasonable expectation of recovering the contractual cash flows.
\nAt each reporting date, the Group assesses whether financial assets carried at amortised cost are credit impaired.
\nA financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future
\ncash flows of the financial asset have occurred.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag146": {
"value": "\n
\n
\n(l) Property, Plant and Equipment
\nProperty, plant and equipment is stated at historical cost less accumulated depreciation and any accumulated
\nimpairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items.
\n\nSubsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate,
\nonly when it is probable that future economic benefits associated with the item will flow to the Group and the cost
\nof the item can be measured reliably. All other repairs and maintenance are charged to the income statement during
\nthe financial period in which they are incurred.
\n
\n\n\nProperty, plant and equipment is depreciated on a reducing balance or straight line basis at rates based upon the
\nindividual assets effective useful life as follows:
\nLife
\nPlant and equipment 2 - 13 years
\nProperty (buildings) 50 years
\nThe assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each balance date.
\n
\n\nAn asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is
\ngreater than its estimated recoverable amount.
\nAn item of plant and equipment is derecognised upon disposal or when no further economic benefits are expected
\nfrom its use or disposal. Gains and losses on disposals are determined by comparing the net disposal proceeds
\nwith carrying amount of the asset. These are included in the profit or loss in the period the asset is derecognised.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag153": {
"value": "\nSubsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate,
\nonly when it is probable that future economic benefits associated with the item will flow to the Group and the cost
\nof the item can be measured reliably. All other repairs and maintenance are charged to the income statement during
\nthe financial period in which they are incurred.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag109": {
"value": "\nProperty, plant and equipment is depreciated on a reducing balance or straight line basis at rates based upon the
\nindividual assets effective useful life as follows:
\nLife
\nPlant and equipment 2 - 13 years
\nProperty (buildings) 50 years
\nThe assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each balance date.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag132": {
"value": "\n(m) Trade and Other Payables
\nTrade payables and other payables are carried at amortised cost and represent liabilities for the goods and services
\nprovided to the Group prior to the end of the financial year that are unpaid and arise when the Group becomes
\nobliged to make future payments in respect of the purchase of these goods and services. The amounts are
\nunsecured and are usually paid within 30 days. Payables are carried at amortised cost.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag116": {
"value": "\n
\n
\n
\n(n) Financial liabilities
\n(i) Initial recognition and measurement
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans
\nand borrowings or payables.
\nAll financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables,
\nnet of directly attributable transaction costs.
\nThe Group\u2019s financial liabilities include trade and other payables and financial instruments.
\n(ii) Subsequent measurement
\nThe measurement of financial liabilities depends on their classification, as described below:
\n\nFinancial liabilities at fair value through profit or loss
\nFinancial liabilities at fair value through profit or loss include financial liabilities held for trading, derivative liabilities
\nand financial liabilities designated upon initial recognition as at fair value through profit or loss.
\nFinancial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near
\nterm.
\nGains or losses on liabilities held for trading are recognised in the statement of profit or loss.
\nFinancial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial
\ndate of recognition, and only if the criteria in AASB 9 are satisfied. The Group has designated the unlisted options
\n(and in prior years the convertible note) as a financial liability at fair value through profit or loss.
\n
\n\n\nFinancial liabilities at amortised cost (loans and borrowings)
\nAfter initial recognition, loans and borrowings are subsequently measured at amortised cost using the EIR method.
\nGains and losses are then recognised in profit or loss when the liabilities are derecognised as well as through the
\nEIR amortisation process.
\nAmortised cost is calculated by taking into account any discount or premium on initial recognition and fees or costs
\nthat are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or
\nloss.
\n
\n\n\n(iii) Derecognition
\nA financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
\nWhen an existing financial liability is replaced by another liability on substantially different terms, or the terms of an
\nexisting liability are substantially modified, such an exchange or modification is treated as the derecognition of the
\noriginal liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised
\nin the statement of profit or loss.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag118": {
"value": "\nFinancial liabilities at fair value through profit or loss
\nFinancial liabilities at fair value through profit or loss include financial liabilities held for trading, derivative liabilities
\nand financial liabilities designated upon initial recognition as at fair value through profit or loss.
\nFinancial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near
\nterm.
\nGains or losses on liabilities held for trading are recognised in the statement of profit or loss.
\nFinancial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial
\ndate of recognition, and only if the criteria in AASB 9 are satisfied. The Group has designated the unlisted options
\n(and in prior years the convertible note) as a financial liability at fair value through profit or loss.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag130": {
"value": "\nFinancial liabilities at amortised cost (loans and borrowings)
\nAfter initial recognition, loans and borrowings are subsequently measured at amortised cost using the EIR method.
\nGains and losses are then recognised in profit or loss when the liabilities are derecognised as well as through the
\nEIR amortisation process.
\nAmortised cost is calculated by taking into account any discount or premium on initial recognition and fees or costs
\nthat are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or
\nloss.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag112": {
"value": "\n(iii) Derecognition
\nA financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
\nWhen an existing financial liability is replaced by another liability on substantially different terms, or the terms of an
\nexisting liability are substantially modified, such an exchange or modification is treated as the derecognition of the
\noriginal liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised
\nin the statement of profit or loss.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag161": {
"value": "\n(o) Employee Benefits
\nLiabilities for wages and salaries, including non-monetary benefits and annual leave expected to be settled within
\ntwelve months of the reporting date are recognised in provisions in respect of employees' services up to the
\nreporting date, and are measured at the amounts expected to be paid when the liabilities are settled. Liabilities for
\npersonal leave are recognised when the leave is taken and measured at the rates paid or payable. Employee
\nbenefits payable later than 12 months have been measured using the projected unit credit valuation method.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag115": {
"value": "\n(p) Issued Capital
\nOrdinary shares are classified as equity. Issued and paid up capital is recognised at the fair value of the
\nconsideration received by the Company.
\nIncremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net
\nof tax, from the proceeds.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag133": {
"value": "\n(q) Dividends
\nProvision is made for the amount of any dividend declared on or before the end of the year but not distributed at
\nbalance date.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag160": {
"value": "\n(r) Earnings per Share (EPS)
\nBasic earnings per share is calculated by dividing the profit or loss attributable to equity holders of the Company,
\nexcluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary
\nshares outstanding during the year, adjusted for bonus elements in ordinary shares issued during the year. Diluted
\nearnings per share adjusts the figures used in the determination of basic earnings per share to take into account
\nthe after tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the
\nweighted average number of shares assumed to have been issued for no consideration in relation to dilutive
\npotential ordinary shares.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag156": {
"value": "\n
\n(s) Exploration and Evaluation Expenditure
\nExpenditure on exploration and evaluation is accounted for in accordance with the 'area of interest' method.
\nExploration and evaluation expenditure encompasses expenditures incurred by the Group in connection with the
\nexploration for and evaluation of mineral resources before the technical feasibility and commercial viability of
\nextracting a mineral resource are demonstrable.
\nFor each area of interest, expenditure incurred in the acquisition of rights to explore is capitalised, classified as
\ntangible or intangible, and recognised as an exploration and evaluation asset. Exploration and evaluation assets
\nare measured at cost at recognition and are recorded as an asset if:
\n(i) the rights to tenure of the area of interest are current; and
\n(ii) at least one of the following conditions is also met:
\n\u2022 the exploration and evaluation expenditures are expected to be recouped through successful
\ndevelopment and exploitation of the area of interest, or alternatively, by its sale; and
\n\u2022 exploration and evaluation activities in the area of interest have not at the reporting date reached a
\nstage which permits a reasonable assessment of the existence or otherwise of economically
\nrecoverable reserves, and active and significant operations in, or in relation to, the area of interest
\nare continuing.
\nExploration and evaluation expenditure incurred by the group subsequent to the acquisition of the rights to explore
\nis expensed as incurred, up to until a decision to develop or mine is made.
\nA provision for unsuccessful exploration and evaluation is created against each area of interest by means of a
\ncharge to the income statement.
\nThe recoverable amount of each area of interest is determined on a bi-annual basis and impairment recorded in
\nrespect of that area adjusted so that the net carrying amount does not exceed the recoverable amount. For areas
\nof interest that are not considered to have any commercial value, or where exploration rights are no longer current,
\nthe capitalised amounts are derecognised and any remaining balance charged against profit or loss.
\nWhen a decision is made to proceed with development, the accumulated exploration and evaluation asset will be
\ntested for impairment and transferred to development properties, and then amortised over the life of the reserves
\nassociated with the area of interest once mining operations have commenced. Recoverability of the carrying amount
\nof the exploration and evaluation assets is dependent on successful development and commercial exploitation, or
\nalternatively, sale of the respective areas of interest.
\n\n
\n\nImpairment
\nCapitalised exploration costs are reviewed each reporting date to establish whether an indication of impairment
\nexists. If any such indication exists, the recoverable amount of the capitalised exploration costs is estimated to
\ndetermine the extent of the impairment loss (if any).
\nWhere an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised
\nestimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the
\ncarrying amount that would have been determined had no impairment loss been recognised for the asset in previous
\nyears.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag105": {
"value": "\n(t) Goods and Services Tax (\u201cGST\u201d)
\nRevenues, expenses and assets are recognised net of the amount of GST except:
\n\u2022 when the GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in
\nwhich case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item
\nas applicable; and
\n\u2022 receivables and payables are stated with the amount of GST included.
\n
\n\n(t) Goods and Services Tax (\u201cGST\u201d) (Continued)
\nThe net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or
\npayables in the statement of financial position.
\nCash flows are included in the Statement of cash flows on a gross basis and the GST component of cash flows
\narising from investing and financing activities, which are recoverable from, or payable to, the taxation authority, are
\nclassified as operating cash flows.
\nCommitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the
\ntaxation authority.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag121": {
"value": "\n(u) Share Based Payments
\n(i) Equity settled transactions:
\nThe Group provides benefits to directors, employees, consultants and other advisors of the Group in the form of
\nshare-based payments, whereby the directors, employees, consultants and other advisors render services in
\nexchange for shares or rights over shares (equity-settled transactions).
\nThe cost of these equity-settled transactions is measured by reference to the fair value of the equity instruments at
\nthe date at which they are granted. The fair value is determined by an external valuer using an appropriate method
\n(e.g. binomial model or Black-Scholes option pricing model).
\nIn valuing equity-settled transactions, no account is taken of any performance conditions, other than conditions
\nlinked to the price of the shares of Berkeley (market conditions) if applicable.
\nThe cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the
\nperiod in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant
\nemployees become fully entitled to the award (the vesting period).
\nThe cumulative expense recognised for equity-settled transactions at each reporting date until vesting date reflects
\n(i) the extent to which the vesting period has expired and (ii) the Group's best estimate of the number of equity
\ninstruments that will ultimately vest. No adjustment is made for the likelihood of market performance conditions
\nbeing met as the effect of these conditions is included in the determination of fair value at grant date. The income
\nstatement charge or credit for a period represents the movement in cumulative expense recognised as at the
\nbeginning and end of that period. No expense is recognised for awards that do not ultimately vest, except for awards
\nwhere vesting is only conditional upon a market condition.
\nIf the terms of an equity-settled award are modified, as a minimum an expense is recognised as if the terms had
\nnot been modified. In addition, an expense is recognised for any modification that increases the total fair value of
\nthe share-based payment arrangement, or is otherwise beneficial to the employee, as measured at the date of
\nmodification.
\nIf an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense
\nnot yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled
\naward and designated as a replacement award on the date that it is granted, the cancelled and new award are
\ntreated as if they were a modification of the original award, as described in the previous paragraph.
\nThe dilutive effect, if any, of outstanding options is reflected as additional share dilution in the computation of
\nearnings per share.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag128": {
"value": "\n(v) Provisions
\nProvisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past
\nevent, it is probable that an outflow of resources embodying economic benefits will be required to settle the
\nobligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or
\nall of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as
\na separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is
\npresented in the statement of profit or loss net of any reimbursement.
\nProvisions are measured at the present value of management\u2019s best estimate of the expenditure required to settle
\nthe present obligation at the reporting date. If the effect of the time value of money is material, provisions are
\ndiscounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When
\ndiscounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag127": {
"value": "\n
\n(w) Significant Accounting Judgements, Estimates and Assumptions
\nThe preparation of the financial report requires management to make judgements, estimates and assumptions that
\naffect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.
\nActual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an
\nongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if
\nthe revision affects only that period, or in the period of the revision and future periods if the revision affects both
\ncurrent and future periods.
\n\nIn particular, information about significant areas of estimation uncertainty and critical judgements in applying
\naccounting policies that have the most significant effect on the amount recognised in the financial statements are
\ndescribed in the following notes.
\nExploration and Evaluation Assets (Note 7) \u2013 the Group\u2019s accounting policy for exploration and evaluation assets
\nis set out in Note 1(s). The application of this policy requires management to make certain judgements and estimates
\nas to future events and circumstances, in particular, the assessment of whether economic quantities of reserves
\nhave been found and the point at which exploration and evaluation assets should be transferred to mine
\ndevelopment properties. The determination of an area of interest also requires judgement.
\nAccounting for derivative financial liabilities (Note 11) \u2013 Estimating fair value for financial liabilities requires the
\ndetermination of the most appropriate valuation model and the determination of the most appropriate inputs to the
\nvaluation model. The assumptions used for estimating the fair value of the financial liabilities are disclosed in Note
\n11.
\nShare-Based Payments (Note 18) - The Group initially measures the cost of equity-settled transactions with
\nemployees by reference to the fair value of the equity instrument at the date at which they are granted. Estimating
\nfair value for share-based payment transactions requires the determination of the most appropriate valuation model.
\nThis estimate also requires the determination of the most appropriate inputs to the valuation model including the
\nexpected life of the share option, volatility and dividend yield. The assumption and models used for estimating the
\nfair value for share-based payment transactions are disclosed in Note 18.
\nFunctional currency of foreign operations (Note 1(f)) - determination of the functional currency of foreign subsidiaries
\nrequires judgement regarding the primary currency of labour, material and exploration spend in that subsidiary.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag111": {
"value": "\nIn particular, information about significant areas of estimation uncertainty and critical judgements in applying
\naccounting policies that have the most significant effect on the amount recognised in the financial statements are
\ndescribed in the following notes.
\nExploration and Evaluation Assets (Note 7) \u2013 the Group\u2019s accounting policy for exploration and evaluation assets
\nis set out in Note 1(s). The application of this policy requires management to make certain judgements and estimates
\nas to future events and circumstances, in particular, the assessment of whether economic quantities of reserves
\nhave been found and the point at which exploration and evaluation assets should be transferred to mine
\ndevelopment properties. The determination of an area of interest also requires judgement.
\nAccounting for derivative financial liabilities (Note 11) \u2013 Estimating fair value for financial liabilities requires the
\ndetermination of the most appropriate valuation model and the determination of the most appropriate inputs to the
\nvaluation model. The assumptions used for estimating the fair value of the financial liabilities are disclosed in Note
\n11.
\nShare-Based Payments (Note 18) - The Group initially measures the cost of equity-settled transactions with
\nemployees by reference to the fair value of the equity instrument at the date at which they are granted. Estimating
\nfair value for share-based payment transactions requires the determination of the most appropriate valuation model.
\nThis estimate also requires the determination of the most appropriate inputs to the valuation model including the
\nexpected life of the share option, volatility and dividend yield. The assumption and models used for estimating the
\nfair value for share-based payment transactions are disclosed in Note 18.
\nFunctional currency of foreign operations (Note 1(f)) - determination of the functional currency of foreign subsidiaries
\nrequires judgement regarding the primary currency of labour, material and exploration spend in that subsidiary.
\n
\n",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag147": {
"value": "\n
\n2. REVENUE
\n\n
\n\nInterest income
\n1,054
\n32
\n1,054
\n32
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag140": {
"value": "\n
\n\nInterest income
\n1,054
\n32
\n1,054
\n32
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag145": {
"value": "\nInterest income
\n1,054
\n32
\n1,054
\n32
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag149": {
"value": "\n
\n3. FAIR VALUE MOVEMENTS
\n\nFair value movement on financial liabilities through profit and loss 11(b) 429 64,720
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag114": {
"value": "\nFair value movement on financial liabilities through profit and loss 11(b) 429 64,720
\n
\n\n(a) Financial liabilities at fair value through profit and loss
\nUnlisted Options
\n(1)
\n248 669
\n248 669
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag148": {
"value": "\n
\n
\n4. EXPENSES
\nProfit/(Loss) from ordinary activities before income tax expense
\nincludes the following specific expenses:
\n\n(a) Expenses
\nDepreciation and amortisation
\n- Plant and equipment
\n- Lease amortisation
\n-
\n-
\n(13)
\n(81)
\n- (94)
\n
\n\n\n(b) Employee Benefits Expense
\nSalaries, wages and fees
\n(1,321)
\n(1,723)
\nDefined contribution/Social Security
\n(220)
\n(274)
\nShare-based (payments)/reversal (refer Note 18(a)) (409) 101
\nTotal Employee Benefits Expense (1,950) (1,896)
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag108": {
"value": "\n(a) Expenses
\nDepreciation and amortisation
\n- Plant and equipment
\n- Lease amortisation
\n-
\n-
\n(13)
\n(81)
\n- (94)
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag137": {
"value": "\n(b) Employee Benefits Expense
\nSalaries, wages and fees
\n(1,321)
\n(1,723)
\nDefined contribution/Social Security
\n(220)
\n(274)
\nShare-based (payments)/reversal (refer Note 18(a)) (409) 101
\nTotal Employee Benefits Expense (1,950) (1,896)
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag113": {
"value": "\n
\n
\n
\n5. INCOME TAX EXPENSE
\n\n(a) Recognised in the Income Statement
\nCurrent income tax
\nCurrent income tax expense in respect of the year
\n- -
\nDeferred income tax
\nRelating to origination and reversal of temporary differences
\n- -
\nIncome tax reported in the income statement
\n- -
\n
\n\n(b) Reconciliation Between Tax Expense and Accounting
\nProfit/(Loss) Before Income Tax
\nAccounting (loss)/profit before income tax (1,373) 65,038
\nAt the domestic income tax rate of 30% (2022: 30%) (412) 19,511
\nExpenditure not allowable for income tax purposes 88 -
\nIncome not assessable for income tax purposes - (18,216)
\nEffect of increase in tax rate - (3,653)
\nTemporary differences previously not brought to account (947) (2,215)
\nTemporary differences not brought to account 1,271 4,573
\nIncome tax (benefit)/expense reported in the income statement - -
\n\nc) Deferred Income Tax
\nDeferred income tax relates to the following:
\nDeferred Tax Liabilities
\nAccrued interest -
\nUnrealised foreign exchange
\n1,761
\n925
\nDeferred tax assets used to offset deferred tax liabilities
\n(1,761)
\n(925)
\n-
\n-
\nDeferred Tax Assets
\nAccrued expenditure 27 17
\nCapital allowances 18,364 17,344
\nTax losses available to offset against future taxable income
\n12,956
\n11,879
\nDeferred tax assets used to offset deferred tax liabilities (1,761) (925)
\nDeferred tax assets not brought to account
\n(29,586)
\n(28,315)
\n- -
\nThis future income tax benefit will only be obtained if:
\n\u2022 future assessable income is derived of a nature and of an amount sufficient to enable the benefit to be realised;
\n\u2022 the conditions for deductibility imposed by tax legislation continue to be complied with; and
\n\u2022 no changes in tax legislation adversely affect the Company in realising the benefit.
\n
\n\n(c) Tax Consolidations
\nAs Berkeley Energia Limited is the only Australian company in the Group, tax consolidation is not applicable.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag122": {
"value": "\n(a) Recognised in the Income Statement
\nCurrent income tax
\nCurrent income tax expense in respect of the year
\n- -
\nDeferred income tax
\nRelating to origination and reversal of temporary differences
\n- -
\nIncome tax reported in the income statement
\n- -
\n
\n\nc) Deferred Income Tax
\nDeferred income tax relates to the following:
\nDeferred Tax Liabilities
\nAccrued interest -
\nUnrealised foreign exchange
\n1,761
\n925
\nDeferred tax assets used to offset deferred tax liabilities
\n(1,761)
\n(925)
\n-
\n-
\nDeferred Tax Assets
\nAccrued expenditure 27 17
\nCapital allowances 18,364 17,344
\nTax losses available to offset against future taxable income
\n12,956
\n11,879
\nDeferred tax assets used to offset deferred tax liabilities (1,761) (925)
\nDeferred tax assets not brought to account
\n(29,586)
\n(28,315)
\n- -
\nThis future income tax benefit will only be obtained if:
\n\u2022 future assessable income is derived of a nature and of an amount sufficient to enable the benefit to be realised;
\n\u2022 the conditions for deductibility imposed by tax legislation continue to be complied with; and
\n\u2022 no changes in tax legislation adversely affect the Company in realising the benefit.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag186": {
"value": "\n6. CURRENT ASSETS \u2013 OTHER RECEIVABLES
\nGST and other taxes receivable 584 763
\nOther 296 214
\n880 977
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag188": {
"value": "\n7. NON-CURRENT ASSETS \u2013 EXPLORATION
\nEXPENDITURE
\nThe Group has mineral exploration costs carried forward in respect
\nof areas of interest
\n(1)(2)
\n:
\nAreas in exploration at cost 8,206 8,206
\nImpairment provision (8,206) (8,206)
\n- -
\nNotes:
\n(1)
\nThe value of the exploration interests is dependent upon the discovery of commercially viable reserves and the successful
\ndevelopment or alternatively sale, of the respective tenements. An amount of \u20ac6m (A$8.994m) was previously capitalised
\nin respect of fees paid to ENUSA under the Co-operation Agreement relating to the tenements within the State Reserves.
\nThe Company reached agreement with ENUSA in July 2012 in the form of an Addendum to the Consortium Agreement
\nsigned in January 2009. The Addendum includes the following terms:
\n\u2022 The Consortium now consists of State Reserves 28 and 29;
\n\u2022 Berkeley\u2019s stake in the Consortium has increased to 100%;
\n\u2022 ENUSA will remain the owner of State Reserves 28 and 29, however the exploitation rights have been assigned to
\nBerkeley, together with authority to submit all applications for the permitting process;
\n\u2022 The Company is now the sole and exclusive operator in the Addendum Reserves, with the right to exploit the contained
\nuranium resources and has full ownership of any uranium produced;
\n\u2022 ENUSA will receive a production fee equivalent to 2.5% of the net sale value (after marketing and transport costs) of
\nany uranium produced within the Addendum Reserves;
\n\u2022 Berkeley has waived its rights to mining in State Reserves 2,25, 30, 31, Hoja 528-1 and the Saelices El Chico
\nExploitation Concession, and has waived any rights to management of the Quercus plant; and
\n\u2022 The Co-operation Agreement with ENUSA, signed on 29 January 2009, has been terminated.
\nThe Group\u2019s accounting policy is to account for contingent consideration on asset acquisitions as contingent liabilities.
\n(2)
\nIn June 2016, the Company completed an upfront royalty sale. The royalty financing comprised the sale of a 0.375% fully
\nsecured net smelter royalty over the project for US$5 million (A$6.7million) which was deducted from exploration
\nexpenditure.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag174": {
"value": "\n8. NON-CURRENT ASSETS \u2013 PROPERTY, PLANT AND EQUIPMENT
\nLand and
\nBuildings
\nPlant and
\nequipment
\nRight-of-
\nuse assets Total
\n$000
\n$000
\n$000
\n$000
\nCarrying amount at 1 July 2022
\n8,872
\n-
\n-
\n8,872
\nForeign exchange differences 722 - - 722
\nCarrying amount at 30 June 2023 9,594 - - 9,594
\n- at cost
\n10,720
\n3,225
\n-
\n13,945
\n- accumulated depreciation, amortisation and
\nimpairment
\n(1,848) (3,225) - (5,073)
\nCarrying amount at 1 July 2021 9,276 13 81 9,370
\nDepreciation and amortisation - (13) (81) (94)
\nForeign exchange differences
\n(404)
\n-
\n-
\n(404)
\nCarrying amount at 30 June 2022 8,872 - - 8,872
\n- at cost 10,720 3,225 407 14,352
\n- accumulated depreciation, amortisation and
\nimpairment
\n(1,848) (3,225) (407) (5,480)
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag189": {
"value": "\n9. NON-CURRENT ASSETS \u2013 OTHER FINANCIAL ASSETS
\nSecurity bonds 107 97
\n
\n\n
\n11. FINANCIAL LIABILITIES
\n\n(a) Financial liabilities at fair value through profit and loss
\nUnlisted Options
\n(1)
\n248 669
\n248 669
\n
\n\n
\n\n
\nConsolidated
\n30 June 2022
\nConsolidated
\n30 June 2023
\nOpening
\nBalance
\n$000
\nFair Value
\nChange
\n$000
\nForeign
\nExchange Loss
\n$000
\nTotal
\n$000
\n(b) Reconciliation
\nUnlisted Options
\n(1)
\n669 (429) 8 248
\nTotal fair value 669
\n(429) 8 248
\nConsolidated
\n30 June 2021
\nRestated
\nConsolidated
\n30 June 2022
\nOpening
\nBalance
\n$000
\nFair Value
\nChange
\n$000
\nForeign
\nExchange
\nLoss/(Gain)
\n$000
\nAutomatic
\nconversion
\nTotal
\n$000
\nConvertible Note 96,393 (60,789) 1,031 (36,635)
\n(1)
\n-
\nUnlisted Options 4,585 (3,931) 15 - 669
\nTotal fair value 100,978
\n(64,720) 1,046 (36,635) 669
\nNote:
\n(1)
\nOn 30 November 2017, the Company issued an unsecured convertible note and the Unlisted Options. Both instruments
\nwere accounted for as financial liabilities at fair value through profit and loss. On 30 November 2021, the Company
\nissued 186,814,815 fully paid ordinary shares in the capital of the Company following the automatic conversion of the
\nconvertible note in accordance with the terms of the convertible note. Refer to note 13(b) for further disclosure.
\n\n(c) Fair Value Estimation
\nThe fair value of the unlisted options was determined using a binomial option pricing model. The fair value
\nmovement of the unlisted options has been recognised in the Statement of Profit and Loss. Fair value
\nmeasurements are Level 2 valuation in the fair value hierarchy.
\nThe reporting date fair values of the unlisted options were estimated using the following assumptions:
\n30 June 2023 Tranche 3
\nExercise price \u00a31.000
\nValuation date share price \u00a30.350
\nDividend yield
\n(1)
\n-
\nVolatility
\n(2)
\n90%
\nRisk-free interest rate 5.30%
\nNumber of Options 25,221,562
\nEstimated Expiry date 30 Nov 2023
\nFair value (\u00a3) 0.005
\nFair value ($) 0.010
\nNotes
\n(1)
\nThe dividend yield reflects the assumption that the current dividend payout will remain unchanged.
\n(2)
\nThe expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may not
\nnecessarily be the actual outcome.
\n
\n\n
\n\n
\n11. FINANCIAL LIABILITIES (Continued)
\n\n(c) Fair Value Estimation (Continued)
\n30 June 2022 Tranche 1 Tranche 2 Tranche 3
\nExercise price \u00a30.600 \u00a30.750 \u00a31.000
\nValuation date share price \u00a30.201 \u00a30.201 \u00a30.201
\nDividend yield
\n(1)
\n- - -
\nVolatility
\n(2)
\n85% 85% 85%
\nRisk-free interest rate 1.83% 1.83% 1.90%
\nNumber of Options 10,088,625 15,132,973 25,221,562
\nEstimated Expiry date 30 Nov 2022 31 May 2023 30 Nov 2023
\nFair value (\u00a3) 0.002 0.007 0.010
\nFair value ($) 0.003 0.012 0.018
\nNotes
\n(1)
\nThe dividend yield reflects the assumption that the current dividend payout will remain unchanged.
\n(2)
\nThe expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may not
\nnecessarily be the actual outcome.
\nHistorical volatility is deemed to be the only unquoted input used in the fair value measurements of the unlisted
\noptions. The higher the volatility, the higher is the fair value of the option moves due to the increased uncertainty.
\nA 10% (2022: 10%) increase (decrease) in the historical volatility would increase in the fair value of the options by
\n$171,000 (2022: $425,000) while a 10% decrease of the historical volatility increase the fair value of options by
\n$122,000 (2022: increase of $304,000).
\n
\n\n
\n\n
\n23. FINANCIAL INSTRUMENTS
\n(a) Overview
\nThe Group's principal financial instruments comprise receivables, payables, security deposits, other financial
\nliabilities, cash and short-term deposits. The main risks arising from the Group's financial instruments are interest
\nrate risk, equity price risk, foreign currency risk, credit risk and liquidity risk.
\nThis note presents information about the Group's exposure to each of the above risks, its objectives, policies and
\nprocesses for measuring and managing risk, and the management of capital. Other than as disclosed, there have
\nbeen no significant changes since the previous financial year to the exposure or management of these risks.
\nThe Group manages its exposure to key financial risks in accordance with the Group's financial risk management
\npolicy. Key risks are monitored and reviewed as circumstances change (e.g. acquisition of a new project) and
\npolicies are revised as required. The overall objective of the Group's financial risk management policy is to support
\nthe delivery of the Group's financial targets whilst protecting future financial security.
\nGiven the nature and size of the business and uncertainty as to the timing and amount of cash inflows and outflows,
\nthe Group does not enter into derivative transactions to mitigate the financial risks. In addition, the Group's policy
\nis that no trading in financial instruments shall be undertaken for the purposes of making speculative gains. As the
\nGroup's operations change, the Directors will review this policy periodically going forward.
\nThe Board of Directors has overall responsibility for the establishment and oversight of the risk management
\nframework. The Board reviews and agrees policies for managing the Group's financial risks as summarised below.
\n\n(b) Credit Risk
\nCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to
\nmeet its contractual obligations. This risk arises principally from cash and cash equivalents and trade and other
\nreceivables.
\nThere are no significant concentrations of credit risk within the Group. The carrying amount of the Group's
\nfinancial assets represents the maximum credit risk exposure, as represented below:
\n2023
\n$000
\n2022
\n$000
\nCurrent Assets
\nCash and cash equivalents 78,776 79,943
\nTrade and other receivables 880 977
\n79,656 80,920
\nNon-current Assets
\nOther financial assets 107 97
\n107 97
\nTotal 79,763 81,017
\nThe Group does not have any significant customers and accordingly does not have any significant exposure to
\nECLs. Trade and other receivables are expected to be collected in full and the Group has no history of ECLs.
\nAs at 30 June 2023, other receivables comprise GST/VAT receivable, accrued interest and other miscellaneous
\nreceivables. Where possible the Group trades only with recognised, creditworthy third parties. It is the Group's
\npolicy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition,
\nreceivable balances are monitored on an ongoing basis with the result that the Group's exposure to ECLs is not
\nsignificant.
\n
\n\n
\n\n
\n
\n
\n\nThe Group\u2019s receivables balance consists of GST/VAT refunds from recognised government entities with minimal
\ncredit risk. While and interest receivables and cash and cash equivalents are due and/or held with reputable
\nfinancial institutions that are rated the equivalent of investment grade and above.
\n
\n\n\n(c) Liquidity Risk
\nLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Board's
\napproach to managing liquidity is to ensure, as far as possible, that the Group will always have sufficient liquidity to
\nmeet its liabilities when due. At 30 June 2023 and 2022, the Group has sufficient liquid assets to meet its financial
\nobligations.
\nThe contractual maturities for cash settled financial liabilities, including estimated interest payments, are provided
\nbelow. There are no netting arrangements in respect of financial liabilities.
\n\u2264 6 months
\n$000
\n6 - 12
\nmonths
\n$000
\n1 - 5 years
\n$000
\n\u2265 5 years
\n$000
\nTotal
\n$000
\n2023
\nFinancial Liabilities
\nTrade and other payables 1,221 - - - 1,221
\n1,221 - - - 1,221
\n2022
\nFinancial Liabilities
\nTrade and other payables 1,005 - - - 1,005
\n1,005 - - - 1,005
\n
\n\n\n(d) Interest Rate Risk
\nThe Group's exposure to the risk of changes in market interest rates relates primarily to cash and cash equivalents
\nwith a floating interest rate.
\nThese financial assets with variable rates expose the Group to cash flow interest rate risk. All other financial assets
\nand liabilities, in the form of receivables, security deposits and payables are non-interest bearing.
\nAt balance date, the variable interest rate exposure of the Group's was:
\n2023
\n$000
\n2022
\n$000
\nInterest-bearing Financial Instruments
\nCash at bank and on hand
\n78,726 79,893
\nBank short term deposits
\n50 50
\n78,776 79,943
\nThe Group's cash at bank and on hand and short term deposits had a weighted average variable interest rate at
\nyear end of 3.0% (2022: 0.01%).Subsequent to the year end, the Group's cash at bank and on hand and short term
\ndeposits had the weighted average variable interest rate of 4.58%.
\nThe Group currently does not engage in any hedging or derivative transactions to manage interest rate risk.
\nInterest rate sensitivity
\nA sensitivity of three per cent has been selected as this is considered reasonable given the current level of both
\nshort term and long term interest rates. A 3% movement in interest rates at the reporting date would have increased
\n(decreased) profit and loss by the amounts shown below based on the average amount of interest bearing financial
\ninstruments held. This analysis assumes that all other variables, in particular foreign currency rates, remain
\nconstant. The analysis is performed on the same basis for 2022.
\n
\n\n
\n\n
\n
\n23. FINANCIAL INSTRUMENTS (Continued)
\n\n
\n(d) Interest Rate Risk (Continued)
\nProfit or Loss Other Comprehensive Income
\n3% Increase
\n$000
\n3% Decrease
\n$000
\n3% Increase
\n$000
\n3% Decrease
\n$000
\n2023
\nGroup
\nCash and cash equivalents 2,363 (2,363) - -
\n2022
\nGroup
\nCash and cash equivalents
\n2,398
\n(2,398)
\n-
\n-
\n(e) Foreign Currency Risk
\nThe Group also has transactional currency exposures. Such exposure arises from transactions denominated in
\ncurrencies other than the functional currency of the entity.
\nThe Group currently does not engage in any hedging or derivative transactions to manage foreign currency risk.
\nThe Group is also exposed to foreign currency risk on the Euro, Sterling and US Dollar cash and cash equivalents
\nthat it holds.
\n\nSensitivity analysis for currency risk
\nA sensitivity of 10 per cent has been selected as this is considered reasonable given historic and potential future
\nchanges in foreign currency rates. This has been applied to the net financial instruments of Berkeley Minera Espana,
\nS.L.U and Berkeley Exploration Espana, S.L.U. and to the Euro and Sterling cash and cash equivalents that the
\nGroup holds. This sensitivity analysis is prepared as at balance date.
\nA 10% strengthening/weakening of the Australian dollar against the Euro at 30 June 2023 of \u20ac2,000 cash held
\n(2022: \u20ac92,000) would have increased/(decreased) the cash and cash equivalents and profit or loss of the Group
\nby A$300/(A$300) (2022: A$14,000/(A$14,000)).
\nA 10% strengthening/weakening of the Australian dollar against the Sterling at 30 June 2023 of \u00a31,000 cash held
\n(2022: \u00a341,000) would have increased/(decreased) the cash and cash equivalents and profit or loss of the Group
\nby A$200/(A$200) (2022: A$7,000/(A$7,000)).
\nA 10% strengthening/weakening of the Australian dollar against the US Dollar at 30 June 2023 of US$51,605,000
\ncash held (2022: US$52,711,000) would have increased/(decreased) the cash and cash equivalents and profit or
\nloss of the Group by A$7,784,000/(A$7,784,000) (2022: A$7,647,000/(A$7,647,000)).
\nThe above analysis assumes that all other variables, in particular interest rates, remain constant. The analysis for
\n2022 has been performed on the same basis.
\n
\n\n(f) Commodity Price Risk
\nThe Group is exposed to uranium commodity price risk. These commodity prices can be volatile and are influenced
\nby factors beyond the Group's control. As the Group is currently engaged in exploration and business development
\nactivities, no sales of commodities are forecast for the next 12 months, and accordingly, no hedging or derivative
\ntransactions have been used to manage commodity price risk.
\n
\n\n\n(g) Capital Management
\nThe Group normally defines its Capital as total equity of the Group, being a net asset at 30 June 2023 of
\n$87,316,000 (2022: net asset $87,633,000). The Group manages its capital to ensure that entities in the Group will
\nbe able to continue as a going concern while financing the development of its project through primarily equity-based
\nfinancing. The Board's policy is to maintain a strong capital base so as to maintain investor, creditor and market
\nconfidence and to sustain future development of the business. Given the stage of development of the Group, the
\nBoard's objective is to minimise debt and to raise funds as required through the issue of new shares. There were
\nno changes in the Group's approach to capital management during the year. The Group is not subject to externally
\nimposed capital requirements.
\n
\n\n
\n\n
\n
\n\n(h) Fair Value
\nThe fair value of financial assets and financial liabilities approximates their carrying value. The methods for
\nestimating fair value are outlined in the relevant notes to the financial statements. Please refer to Note 11 for further
\ndisclosure.
\n
\n\n\n(i) Equity Price Risk
\nThe Group is exposed to equity securities price risk. This arises from the Options held by the Group and classified
\nin the Statement of Financial Position as financial liabilities through profit and loss, refer to Note 11.
\nEquity price sensitivity
\nA sensitivity of 10% has been selected as this is considered reasonable given the recent trading of the Company\u2019s
\nshares. The sensitivity analyses below have been determined based on the exposure to equity price risks at the
\nreporting date. This analysis assumes that all other variables remain constant.
\nProfit or loss Other Comprehensive
\nIncome
\n10%
\nincrease
\n$000
\n10%
\ndecrease
\n$000
\n20%
\nincrease
\n$000
\n20%
\ndecrease
\n$000
\n2023
\nGroup
\nUnlisted Options
\n(139)
\n100
\n-
\n-
\n2022
\nGroup
\nUnlisted Options
\n(239)
\n182
\n-
\n-
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag191": {
"value": "\n10. CURRENT LIABILITIES \u2013 TRADE AND OTHER
\nPAYABLES
\nTrade creditors 1,221 1,005
\nAll trade and other payables are current. There are no overdue amounts. Trade creditors are non-interest bearing and settled on
\n30-day terms. Accrued expenses are non-interest bearing and have an average term of six months.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag181": {
"value": "\n(c) Fair Value Estimation
\nThe fair value of the unlisted options was determined using a binomial option pricing model. The fair value
\nmovement of the unlisted options has been recognised in the Statement of Profit and Loss. Fair value
\nmeasurements are Level 2 valuation in the fair value hierarchy.
\nThe reporting date fair values of the unlisted options were estimated using the following assumptions:
\n30 June 2023 Tranche 3
\nExercise price \u00a31.000
\nValuation date share price \u00a30.350
\nDividend yield
\n(1)
\n-
\nVolatility
\n(2)
\n90%
\nRisk-free interest rate 5.30%
\nNumber of Options 25,221,562
\nEstimated Expiry date 30 Nov 2023
\nFair value (\u00a3) 0.005
\nFair value ($) 0.010
\nNotes
\n(1)
\nThe dividend yield reflects the assumption that the current dividend payout will remain unchanged.
\n(2)
\nThe expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may not
\nnecessarily be the actual outcome.
\n
\n\n(c) Fair Value Estimation (Continued)
\n30 June 2022 Tranche 1 Tranche 2 Tranche 3
\nExercise price \u00a30.600 \u00a30.750 \u00a31.000
\nValuation date share price \u00a30.201 \u00a30.201 \u00a30.201
\nDividend yield
\n(1)
\n- - -
\nVolatility
\n(2)
\n85% 85% 85%
\nRisk-free interest rate 1.83% 1.83% 1.90%
\nNumber of Options 10,088,625 15,132,973 25,221,562
\nEstimated Expiry date 30 Nov 2022 31 May 2023 30 Nov 2023
\nFair value (\u00a3) 0.002 0.007 0.010
\nFair value ($) 0.003 0.012 0.018
\nNotes
\n(1)
\nThe dividend yield reflects the assumption that the current dividend payout will remain unchanged.
\n(2)
\nThe expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may not
\nnecessarily be the actual outcome.
\nHistorical volatility is deemed to be the only unquoted input used in the fair value measurements of the unlisted
\noptions. The higher the volatility, the higher is the fair value of the option moves due to the increased uncertainty.
\nA 10% (2022: 10%) increase (decrease) in the historical volatility would increase in the fair value of the options by
\n$171,000 (2022: $425,000) while a 10% decrease of the historical volatility increase the fair value of options by
\n$122,000 (2022: increase of $304,000).
\n
\n\n(h) Fair Value
\nThe fair value of financial assets and financial liabilities approximates their carrying value. The methods for
\nestimating fair value are outlined in the relevant notes to the financial statements. Please refer to Note 11 for further
\ndisclosure.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag184": {
"value": "\n
\n\n12. CURRENT LIABILITIES \u2013 OTHER LIABILITIES
\nProvisions
\n(1)
\n572 582
\n572 582
\nNote:
\n(1)
\nReforestation provision to plant 30,000 young oak trees as part of the environmental licence at the project.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag182": {
"value": "\n12. CURRENT LIABILITIES \u2013 OTHER LIABILITIES
\nProvisions
\n(1)
\n572 582
\n572 582
\nNote:
\n(1)
\nReforestation provision to plant 30,000 young oak trees as part of the environmental licence at the project.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag185": {
"value": "\n
\n\n13. ISSUED CAPITAL
\n(a) Issued and Paid up Capital
\n445,797,000 (2022: 445,797,000) fully paid ordinary shares 206,404 206,404
\n(b) Movements in Ordinary Share Capital During the Past Two Years:
\nDate Details
\nNumber of
\nShares
\n\u2018000 $000
\n1 Jul 22 Opening Balance 445,797 206,404
\n30 Jun 23 Closing Balance 445,797 206,404
\n1 Jul 21 Opening Balance 258,982 169,862
\n30 Nov 21 Automatic Conversion of Convertible Note (Note 11(b)) 186,815 36,635
\nJul 21 to Jun 22 Share issue costs - (93)
\n30 Jun 22 Closing Balance 445,797 206,404
\n
\n\n
\n\n
\n
\n\n(c) Terms and conditions of Ordinary Shares
\n(i) General
\nThe ordinary shares (\u201cShares\u201d) are ordinary shares and rank equally in all respects with all ordinary shares in the
\nCompany.
\nThe rights attaching to the Shares arise from a combination of the Company's Constitution, statute and general law.
\nCopies of the Company's Constitution are available for inspection during business hours at its registered office.
\n(ii) Reports and Notices
\nShareholders are entitled to receive all notices, reports, accounts and other documents required to be furnished to
\nshareholders under the Company's Constitution, the Corporations Act and the Listing Rules.
\n(iii) Voting
\nSubject to any rights or restrictions at the time being attached to any shares or class of shares of the Company,
\neach member of the Company is entitled to receive notice of, attend and vote at a general meeting. Resolutions of
\nmembers will be decided by a poll.
\nOn a poll each eligible member has one vote for each fully paid share held and a fraction of a vote for each partly
\npaid share determined by the amount paid up on that share.
\n(iv) Variation of Shares and Rights Attaching to Shares
\nShares may be converted or cancelled with member approval and the Company's share capital may be reduced in
\naccordance with the requirements of the Corporations Act.
\nClass rights attaching to a particular class of shares may be varied or cancelled with the consent in writing of holders
\nof 75% of the shares in that class or by a special resolution of the holders of shares in that class.
\n(v) Unmarketable Parcels
\nThe Company may procure the disposal of Shares where the member holds less than a marketable parcel of Shares
\nwithin the meaning of the Listing Rules (being a parcel of shares with a market value of less than $500). To invoke
\nthis procedure, the Directors must first give notice to the relevant member holding less than a marketable parcel of
\nShares, who may then elect not to have his or her Shares sold by notifying the Directors.
\n(vi) Changes to the Constitution
\nThe Company's Constitution can only be amended by a special resolution passed by at least three quarters of the
\nmembers present and voting at a general meeting of the Company. At least 28 days' written notice specifying the
\nintention to propose the resolution as a special resolution must be given.
\n(vii) Listing Rules
\nProvided the Company remains admitted to the Official List of the Australian Securities Exchange Ltd, then despite
\nanything in the Constitution, no act may be done that is prohibited by the Listing Rules, and authority is given for
\nacts required to be done by the Listing Rules. The Company's Constitution will be deemed to comply with the Listing
\nRules as amended from time to time.
\n
\n\n\n14. RESERVES
\n2023 2022
\nNote
\n$000
\n$000
\nShare
\n-based payments reserve 14(b)
\n613
\n341
\nForeign currency translation reserve
\n(1,881) (2,528)
\n(1,268) (2,187)
\n(a) Nature and Purpose of Reserves
\nShare-based payments reserve
\nThe share-based payments reserve records the fair value of share-based payments made by the Company.
\nForeign currency translation reserve
\nExchange differences arising on translation of a foreign controlled entity are taken to the foreign currency translation
\nreserve, as described in Note 1(f). The reserve is recognised in profit and loss when the net investment is disposed
\nof.
\n
\n\n
\n\n
\n\n14. RESERVES (Continued)
\n(b) Movements in Incentive Options and Performance Rights during the Past Two Years:
\nDate Details
\nNumber of
\nIncentive
\nOptions
\n\u2018000
\nNumber of
\nPerformance
\nRights
\n\u2018000 $000
\n1 Jul 22 Opening Balance 6,600 - 341
\n31 Dec 22 Expiry of vested Incentive Options (2,900) - (137)
\nVarious Issue of Incentive Options 7,700 - -
\nJul 22 to Jun 23 Share-based payments expense - - 409
\n30 Jun 23 Closing Balance 11,400 - 613
\n1 Jul 21 Opening Balance 6,600 200 442
\n31 Dec 21 Lapse of unvested Performance Rights - (200) (148)
\nJul 21 to Jun 22 Share-based payments expense - - 47
\n30 Jun 22 Closing Balance 6,600 - 341
\n(c) Terms and conditions of Incentive Options
\nIncentive Options granted as share-based payments have the following terms and conditions:
\n\u2022 Each Incentive Option entitles the holder to the right to subscribe for one Share upon the exercise of each
\nIncentive Option;
\n\u2022 The Incentive Options granted as share-based payments at the end of the financial year have the following
\nexercise prices and expiry dates:
\n\u2022 3,700,000 Incentive Options exercisable at $0.40 each on or before 31 December 2023
\n;
\n\u2022 2,000,000 Incentive Options exercisable at $0.40 each on or before 31 December 2025; and
\n\u2022 5,700,000 Incentive Options exercisable at $0.65 each on or before 30 June 2026 (vesting upon the
\naward of the Construction Authorisation (NSC II) by MITECO at the Salamanca Project).
\n\u2022 The Incentive Options are exercisable at any time prior to the expiry date, subject to vesting conditions being
\nsatisfied (if applicable);
\n\u2022 Shares issued on exercise of the Incentive Options rank equally with the then Shares of the Company;
\n\u2022 Application will be made by the Company to ASX for official quotation of the Shares issued upon the
\nexercise of the Incentive Options;
\n\u2022 If there is any reconstruction of the issued share capital of the Company, the rights of the Incentive Option
\nholders may be varied to comply with the ASX Listing Rules which apply to the reconstruction at the time of
\nthe reconstruction; and
\n\u2022 No application for quotation of the Incentive Options will be made by the Company.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag178": {
"value": "\n13. ISSUED CAPITAL
\n(a) Issued and Paid up Capital
\n445,797,000 (2022: 445,797,000) fully paid ordinary shares 206,404 206,404
\n(b) Movements in Ordinary Share Capital During the Past Two Years:
\nDate Details
\nNumber of
\nShares
\n\u2018000 $000
\n1 Jul 22 Opening Balance 445,797 206,404
\n30 Jun 23 Closing Balance 445,797 206,404
\n1 Jul 21 Opening Balance 258,982 169,862
\n30 Nov 21 Automatic Conversion of Convertible Note (Note 11(b)) 186,815 36,635
\nJul 21 to Jun 22 Share issue costs - (93)
\n30 Jun 22 Closing Balance 445,797 206,404
\n
\n\n(c) Terms and conditions of Ordinary Shares
\n(i) General
\nThe ordinary shares (\u201cShares\u201d) are ordinary shares and rank equally in all respects with all ordinary shares in the
\nCompany.
\nThe rights attaching to the Shares arise from a combination of the Company's Constitution, statute and general law.
\nCopies of the Company's Constitution are available for inspection during business hours at its registered office.
\n(ii) Reports and Notices
\nShareholders are entitled to receive all notices, reports, accounts and other documents required to be furnished to
\nshareholders under the Company's Constitution, the Corporations Act and the Listing Rules.
\n(iii) Voting
\nSubject to any rights or restrictions at the time being attached to any shares or class of shares of the Company,
\neach member of the Company is entitled to receive notice of, attend and vote at a general meeting. Resolutions of
\nmembers will be decided by a poll.
\nOn a poll each eligible member has one vote for each fully paid share held and a fraction of a vote for each partly
\npaid share determined by the amount paid up on that share.
\n(iv) Variation of Shares and Rights Attaching to Shares
\nShares may be converted or cancelled with member approval and the Company's share capital may be reduced in
\naccordance with the requirements of the Corporations Act.
\nClass rights attaching to a particular class of shares may be varied or cancelled with the consent in writing of holders
\nof 75% of the shares in that class or by a special resolution of the holders of shares in that class.
\n(v) Unmarketable Parcels
\nThe Company may procure the disposal of Shares where the member holds less than a marketable parcel of Shares
\nwithin the meaning of the Listing Rules (being a parcel of shares with a market value of less than $500). To invoke
\nthis procedure, the Directors must first give notice to the relevant member holding less than a marketable parcel of
\nShares, who may then elect not to have his or her Shares sold by notifying the Directors.
\n(vi) Changes to the Constitution
\nThe Company's Constitution can only be amended by a special resolution passed by at least three quarters of the
\nmembers present and voting at a general meeting of the Company. At least 28 days' written notice specifying the
\nintention to propose the resolution as a special resolution must be given.
\n(vii) Listing Rules
\nProvided the Company remains admitted to the Official List of the Australian Securities Exchange Ltd, then despite
\nanything in the Constitution, no act may be done that is prohibited by the Listing Rules, and authority is given for
\nacts required to be done by the Listing Rules. The Company's Constitution will be deemed to comply with the Listing
\nRules as amended from time to time.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag173": {
"value": "\n14. RESERVES
\n2023 2022
\nNote
\n$000
\n$000
\nShare
\n-based payments reserve 14(b)
\n613
\n341
\nForeign currency translation reserve
\n(1,881) (2,528)
\n(1,268) (2,187)
\n(a) Nature and Purpose of Reserves
\nShare-based payments reserve
\nThe share-based payments reserve records the fair value of share-based payments made by the Company.
\nForeign currency translation reserve
\nExchange differences arising on translation of a foreign controlled entity are taken to the foreign currency translation
\nreserve, as described in Note 1(f). The reserve is recognised in profit and loss when the net investment is disposed
\nof.
\n
\n\n14. RESERVES (Continued)
\n(b) Movements in Incentive Options and Performance Rights during the Past Two Years:
\nDate Details
\nNumber of
\nIncentive
\nOptions
\n\u2018000
\nNumber of
\nPerformance
\nRights
\n\u2018000 $000
\n1 Jul 22 Opening Balance 6,600 - 341
\n31 Dec 22 Expiry of vested Incentive Options (2,900) - (137)
\nVarious Issue of Incentive Options 7,700 - -
\nJul 22 to Jun 23 Share-based payments expense - - 409
\n30 Jun 23 Closing Balance 11,400 - 613
\n1 Jul 21 Opening Balance 6,600 200 442
\n31 Dec 21 Lapse of unvested Performance Rights - (200) (148)
\nJul 21 to Jun 22 Share-based payments expense - - 47
\n30 Jun 22 Closing Balance 6,600 - 341
\n(c) Terms and conditions of Incentive Options
\nIncentive Options granted as share-based payments have the following terms and conditions:
\n\u2022 Each Incentive Option entitles the holder to the right to subscribe for one Share upon the exercise of each
\nIncentive Option;
\n\u2022 The Incentive Options granted as share-based payments at the end of the financial year have the following
\nexercise prices and expiry dates:
\n\u2022 3,700,000 Incentive Options exercisable at $0.40 each on or before 31 December 2023
\n;
\n\u2022 2,000,000 Incentive Options exercisable at $0.40 each on or before 31 December 2025; and
\n\u2022 5,700,000 Incentive Options exercisable at $0.65 each on or before 30 June 2026 (vesting upon the
\naward of the Construction Authorisation (NSC II) by MITECO at the Salamanca Project).
\n\u2022 The Incentive Options are exercisable at any time prior to the expiry date, subject to vesting conditions being
\nsatisfied (if applicable);
\n\u2022 Shares issued on exercise of the Incentive Options rank equally with the then Shares of the Company;
\n\u2022 Application will be made by the Company to ASX for official quotation of the Shares issued upon the
\nexercise of the Incentive Options;
\n\u2022 If there is any reconstruction of the issued share capital of the Company, the rights of the Incentive Option
\nholders may be varied to comply with the ASX Listing Rules which apply to the reconstruction at the time of
\nthe reconstruction; and
\n\u2022 No application for quotation of the Incentive Options will be made by the Company.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag179": {
"value": "\n15. PARENT ENTITY INFORMATION
\n2023
\n$000
\n2022
\n$000
\nCurrent assets 78,546 79,768
\nTotal assets 78,546 79,775
\nCurrent liabilities 529 1,017
\nTotal liabilities 529 1,017
\nNet Assets/(Liabilities) 78,017 78,758
\nIssued Capital 206,404 206,404
\nReserves 613 341
\nAccumulated losses (129,000) (127,987)
\nTotal equity 78,017 78,758
\nProfit/(Loss) of the parent entity (1,145) 61,575
\nTotal comprehensive Profit/(Loss) of the parent entity (1,145) 61,575
\nThe Parent Company had no guarantees, commitments or contingencies at 30 June 2023 other than as disclosed
\nelsewhere in this report (2022: None).
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag177": {
"value": "\n
\n16. RELATED PARTY DISCLOSURES
\n\n(a) Subsidiaries
\nThe consolidated financial statements include the financial statements of the Company and the subsidiaries listed
\nin the following table:
\nName of Controlled Entity
\nPlace of
\nIncorporation Equity Interest
\n2023
\n%
\n2022
\n%
\nBerkeley Exploration Ltd UK 100 100
\nBerkeley Minera Espana S.L.U Spain 100 100
\nExploraci\u00f3n de Recursos Minerales S.L.U (previously
\nBerkeley Exploration Espana S.L.U)
\nSpain 100 100
\n
\n\n(b) Ultimate Parent
\nBerkeley Energia Limited is the ultimate parent of the Group.
\n(c) Key Management Personnel
\nDetails relating to KMP, including remuneration paid, are included at Note 17.
\n(d) Transactions with Related Parties in the Consolidated Group
\nBalances and transactions between the Company and its subsidiaries, which are related parties of the Company,
\nhave been eliminated on consolidation and are not disclosed in this note.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag175": {
"value": "\n(a) Subsidiaries
\nThe consolidated financial statements include the financial statements of the Company and the subsidiaries listed
\nin the following table:
\nName of Controlled Entity
\nPlace of
\nIncorporation Equity Interest
\n2023
\n%
\n2022
\n%
\nBerkeley Exploration Ltd UK 100 100
\nBerkeley Minera Espana S.L.U Spain 100 100
\nExploraci\u00f3n de Recursos Minerales S.L.U (previously
\nBerkeley Exploration Espana S.L.U)
\nSpain 100 100
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag187": {
"value": "Berkeley Energia Limited",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag190": {
"value": "\n17. KEY MANAGEMENT PERSONNEL
\n(a) Details of Key Management Personnel
\nThe KMP of the Group during or since the end of the financial year were as follows:
\nDirectors
\nIan Middlemas Chairman
\nRobert Behets Non-Executive Director (Acting Managing Director)
\nFrancisco Bell\u00f3n Executive Director (appointed 1 July 2022)
\nAdam Parker Non-Executive Director
\nOther KMP
\nDylan Browne Company Secretary
\nThere were no other KMP of the Company or the Group. Unless otherwise disclosed, the KMP held their position
\nfrom 1 July 2022 to 30 June 2023.
\n(b) Key Management Personnel Compensation
\n2023
\n$
\n2022
\n$
\nShort-term benefits (773,675) (713,802)
\nPost-employment benefits (37,952) (34,909)
\nShare-based payments (33,854) (23,671)
\n(845,481) (772,382)
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag183": {
"value": "\n18. SHARE-BASED PAYMENTS
\n(a) Recognised Share-Based Payment Expense
\n2023
\n$000
\n2022
\n$000
\nNet expense arising from equity-settled share-based payment
\ntransactions (incentive securities) (409) (47)
\nLapse of unvested performance rights - 148
\nTotal share-based (payments)/reversal recognised during the
\nyear (409) 101
\n(b) Summary of Incentive Options and Performance Rights Granted as Share-based Payments
\nThe following Incentive Options were granted as share-based payments during the last two years (2022: nil):
\nOptions
\n2023 Number Grant Date Issue Date Expiry Date
\nExercise
\nPrice per
\nOption
\n$
\nFair Value
\n$
\nSeries
\nSeries 1 2,000,000 23 Nov 2022 23 Nov 2022 31 Dec 2025 0.400 0.187
\nSeries 2 1,200,000 14 Jun 2023 14 Jun 2023 30 Jun 2026 0.650 0.290
\nSeries 3 4,500,000 19 Jul 2023
\n(1)
\n14 Jun 2023
\n(1)
\n30 Jun 2026 0.650 0.428
\nNote:
\n(1)
\nIncentive Options issued to Directors following shareholder approval on 19 July 2023, following agreement to issue Incentive
\nOptions on 14 June 2023.
\n
\n\nThe following table illustrates the number and weighted average exercise prices (\u201cWAEP\u201d) of Incentive Options
\nissued as share-based payments at the beginning and end of the financial year:
\n
\nOptions
\n2023
\n\u2018000
\n2023
\nWAEP
\n2022
\n\u2018000
\n2022
\nWAEP
\nOutstanding at beginning of year 6,600 $0.378 6,600 $0.378
\nGranted during the year 7,700 $0.585 - -
\nExpired during the year (2,900) $0.350 - -
\nOutstanding at end of year 11,400 $0.525 6,600 $0.378
\nThe outstanding balance of Incentive Options as at 30 June 2023 is represented by:
\n\u2022 3,700,000 Incentive Options exercisable at $0.40 each on or before 31 December 2023
\n;
\n\u2022 2,000,000 Incentive Options exercisable at $0.40 each on or before 31 December 2025; and
\n\u2022 5,700,000 Incentive Options exercisable at $0.65 each on or before 30 June 2026 (vesting upon the
\naward of the Construction Authorisation (NSC II) by MITECO at the Salamanca Project).
\nThe following table illustrates the number and WAEP of Performance Rights issued as share-based payments at
\nthe beginning and end of the financial year:
\nPerformance/share Rights
\n2023
\n\u2018000
\n2023
\nWAEP
\n2022
\n\u2018000
\n2022
\nWAEP
\nOutstanding at beginning of year - - 200 -
\nLapsed during the year - - (200) -
\nCancelled during the year - - - -
\nConverted during the year - - - -
\nOutstanding at end of year - - - -
\nNo Performance Rights were granted as share-based payments during the last two years.
\n(c) Weighted Average Remaining Contractual Life
\nAt 30 June 2023, the weighted average remaining contractual life for Incentive Options on issue that had been
\ngranted as share-based payments was 2.10 years (2022: 1.06 years).
\n(d) Range of Exercise Prices
\nAt 30 June 2023 and 2022, the range of exercise prices for Incentive Options on issue that had been granted as
\nshare-based payments was $0.40 and $0.65.
\n(e) Weighted Average Fair Value
\nThere were 7,700,000 Incentive Options granted as share-based payments during the year ended 30 June 2023
\n(30 June 2022: nil). The weighted average fair value of Incentive Options granted as share-based payments during
\nthe year ended 30 June 2023 was $0.4013.
\n(f) Option Pricing Model
\nThe fair value of the equity-settled Incentive Options granted is estimated as at the date of grant using the Black-
\nScholes option valuation model taking into account the terms and conditions upon which the Incentive Options are
\ngranted.
\n7,700,000 Incentive Options were granted as share-based payments in the financial year ended 30 June 2023
\n(2022: nil).
\n
\n\n18. SHARE-BASED PAYMENTS (Continued)
\n(f) Option Pricing Model (Continued)
\nThe following table lists the inputs to the valuation models used for Incentive Options granted by the Group during
\nthe last two years (2022: nil issued):
\nOptions
\n2023 Inputs
\nSeries 1
\nSeries 2
\nSeries 3
\nExercise price (A$)
\n0.400
\n0.650
\n0.650
\nGrant date share price (A$)
\n0.325
\n0.510
\n0.690
\nDividend yield
\n(1)
\n-
\n-
\n-
\nVolatility
\n(2)
\n95%
\n95%
\n95%
\nRisk-free interest rate
\n3.27%
\n3.92%
\n3.81%
\nGrant date
\n23 Nov 22
\n14 Jun 23
\n19 Jul 23
\nExpiry date
\n31 Dec 25
\n30 Jun 26
\n30 Jun 26
\nExpected life of rights
\n(3)
\n(years)
\n3.11
\n3.05
\n2.95
\nFair value at grant date (A$)
\n0.187
\n0.290
\n0.428
\nNotes:
\n(1)
\nThe dividend yield reflects the assumption that the current dividend payout will remain unchanged.
\n(2)
\nThe expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may not necessarily be the actual
\noutcome.
\n(3)
\nThe expected life of the Incentive Options is based on the exercise date.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag176": {
"value": "\n19. REMUNERATION OF AUDITORS
\nAmounts received or due and receivable by Ernst & Young
\nAustralia for:
\n- an audit or review of the financial reports of the Company
\nand any other entity in the Consolidated Group
\n56,580
\n51,032
\n- preparation of income tax return
\n24,000
\n23,500
\nAmounts received or due and receivable by related practices
\nof Ernst & Young for:
\n- an audit or review of the financial reports of the Company
\n36,375
\n42,196
\n- tax services in relation to the Company
\n39,346
\n57,247
\nTotal Auditors Remuneration
\n156,301
\n173,975
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag180": {
"value": "\n20. SEGMENT INFORMATION
\nThe Consolidated Entity operates in one operating segment and one geographical segment, being uranium
\nexploration in Spain. This is the basis on which internal reports are provided to the Directors for assessing
\nperformance and determining the allocation of resources within the Consolidated Entity.
\nThe corporate and administrative functions based in Australia are considered incidental to Consolidated Entity\u2019s
\nuranium exploration activities in Spain. The Group\u2019s interest income is all earned in Australia.
\n(a) Reconciliation of Non-Current Assets by geographical location
\n2023
\n$000
\n2022
\n$000
\nSpain
\n9,594
\n8,872
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag168": {
"value": "\n21. EARNINGS PER SHARE
\nThe following reflects the income data used in the calculations of basic and diluted earnings per share:
\n2023
\n$000
\n2022
\n$000
\nNet (loss)/profit used in calculating basic and diluted earnings
\nper share (1,373) 65,038
\n(a) Weighted Average Number of Shares
\nThe following reflects the share data used in the calculations of basic and diluted earnings per share:
\nNumber of Shares
\n2023
\n\u2018000
\nNumber of Shares
\n2022
\n\u2018000
\nWeighted average number of ordinary shares 445,797 445,797
\nWeighted average number of ordinary shares to be issued upon
\nconversion of Convertible Note - -
\n(1)
\nEffect of dilutive securities -
\n(2)
\n-
\nW
\neighted average number of ordinary shares and potential
\nordinary shares used in calculating basic and diluted earnings per
\nshare 445,797 445,797
\nNotes:
\n(1)
\nConvertible Note converted to Ordinary Shares on 30 November 2021. Please refer to Note 11 for further disclosure.
\n(2)
\nAt 30 June 2023, there were 36,622,000 Options (which represent 36,622,000 potential ordinary shares) which were not
\ndilutive as they would decrease the loss per share.
\n(b) Conversions, Calls, Subscriptions or Issues after 30 June 2023
\nThere have been no conversions to, calls of, or subscriptions for ordinary shares, since the reporting date and
\nbefore the completion of this financial report.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag164": {
"value": "\n
\n22. STATEMENT OF CASH FLOWS
\n(a) Reconciliation of Net Profit/ (Loss) Before Income Tax Expense to Net Cash Flows from Operating
\nActivities
\n2023
\n$000
\n2022
\n$000
\nNet (loss)/profit before income tax expense
\n(1,373)
\n65,038
\nAdjustment for income and expense items
\nDepreciation & amortisation
\n-
\n94
\nShare-based payments (expense)/reversal
\n409
\n(101)
\nOther non-cash movements
\n(523)
\n(65,178)
\nForeign exchange movement
\n(2,966)
\n(5,311)
\nChanges in operating assets and liabilities
\n(Increase)/decrease in trade and other receivables
\n97
\n529
\nIncrease/(decrease) in trade and other payables
\n217
\n(862)
\nNet cash outflow from operating activities
\n(4,139)
\n(5,791)
\n\n(b) Reconciliation of Cash and Cash Equivalents
\nCash at bank and on hand
\n78,726
\n79,893
\nBank short term deposits
\n50
\n50
\n78,776
\n79,943
\n
\n\n
\n\n22. STATEMENT OF CASH FLOWS (Continued)
\n(c) Credit Standby Arrangements with Banks
\nAt balance date, the Company had no used or unused financing facilities (2022: None).
\n(d) Non-cash Financing and Investment Activities
\nIn 2023 and 2022 no amount was recognised as a share-based payment for the issue of shares to a consultant as
\npart of their consulting fee. Please refer to Note 18(a) for further disclosure.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag165": {
"value": "\n(b) Reconciliation of Cash and Cash Equivalents
\nCash at bank and on hand
\n78,726
\n79,893
\nBank short term deposits
\n50
\n50
\n78,776
\n79,943
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag170": {
"value": "\n(b) Credit Risk
\nCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to
\nmeet its contractual obligations. This risk arises principally from cash and cash equivalents and trade and other
\nreceivables.
\nThere are no significant concentrations of credit risk within the Group. The carrying amount of the Group's
\nfinancial assets represents the maximum credit risk exposure, as represented below:
\n2023
\n$000
\n2022
\n$000
\nCurrent Assets
\nCash and cash equivalents 78,776 79,943
\nTrade and other receivables 880 977
\n79,656 80,920
\nNon-current Assets
\nOther financial assets 107 97
\n107 97
\nTotal 79,763 81,017
\nThe Group does not have any significant customers and accordingly does not have any significant exposure to
\nECLs. Trade and other receivables are expected to be collected in full and the Group has no history of ECLs.
\nAs at 30 June 2023, other receivables comprise GST/VAT receivable, accrued interest and other miscellaneous
\nreceivables. Where possible the Group trades only with recognised, creditworthy third parties. It is the Group's
\npolicy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition,
\nreceivable balances are monitored on an ongoing basis with the result that the Group's exposure to ECLs is not
\nsignificant.
\n
\n\nThe Group\u2019s receivables balance consists of GST/VAT refunds from recognised government entities with minimal
\ncredit risk. While and interest receivables and cash and cash equivalents are due and/or held with reputable
\nfinancial institutions that are rated the equivalent of investment grade and above.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag172": {
"value": "\n(c) Liquidity Risk
\nLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Board's
\napproach to managing liquidity is to ensure, as far as possible, that the Group will always have sufficient liquidity to
\nmeet its liabilities when due. At 30 June 2023 and 2022, the Group has sufficient liquid assets to meet its financial
\nobligations.
\nThe contractual maturities for cash settled financial liabilities, including estimated interest payments, are provided
\nbelow. There are no netting arrangements in respect of financial liabilities.
\n\u2264 6 months
\n$000
\n6 - 12
\nmonths
\n$000
\n1 - 5 years
\n$000
\n\u2265 5 years
\n$000
\nTotal
\n$000
\n2023
\nFinancial Liabilities
\nTrade and other payables 1,221 - - - 1,221
\n1,221 - - - 1,221
\n2022
\nFinancial Liabilities
\nTrade and other payables 1,005 - - - 1,005
\n1,005 - - - 1,005
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag171": {
"value": "\n(d) Interest Rate Risk
\nThe Group's exposure to the risk of changes in market interest rates relates primarily to cash and cash equivalents
\nwith a floating interest rate.
\nThese financial assets with variable rates expose the Group to cash flow interest rate risk. All other financial assets
\nand liabilities, in the form of receivables, security deposits and payables are non-interest bearing.
\nAt balance date, the variable interest rate exposure of the Group's was:
\n2023
\n$000
\n2022
\n$000
\nInterest-bearing Financial Instruments
\nCash at bank and on hand
\n78,726 79,893
\nBank short term deposits
\n50 50
\n78,776 79,943
\nThe Group's cash at bank and on hand and short term deposits had a weighted average variable interest rate at
\nyear end of 3.0% (2022: 0.01%).Subsequent to the year end, the Group's cash at bank and on hand and short term
\ndeposits had the weighted average variable interest rate of 4.58%.
\nThe Group currently does not engage in any hedging or derivative transactions to manage interest rate risk.
\nInterest rate sensitivity
\nA sensitivity of three per cent has been selected as this is considered reasonable given the current level of both
\nshort term and long term interest rates. A 3% movement in interest rates at the reporting date would have increased
\n(decreased) profit and loss by the amounts shown below based on the average amount of interest bearing financial
\ninstruments held. This analysis assumes that all other variables, in particular foreign currency rates, remain
\nconstant. The analysis is performed on the same basis for 2022.
\n
\n\n
\n(d) Interest Rate Risk (Continued)
\nProfit or Loss Other Comprehensive Income
\n3% Increase
\n$000
\n3% Decrease
\n$000
\n3% Increase
\n$000
\n3% Decrease
\n$000
\n2023
\nGroup
\nCash and cash equivalents 2,363 (2,363) - -
\n2022
\nGroup
\nCash and cash equivalents
\n2,398
\n(2,398)
\n-
\n-
\n(e) Foreign Currency Risk
\nThe Group also has transactional currency exposures. Such exposure arises from transactions denominated in
\ncurrencies other than the functional currency of the entity.
\nThe Group currently does not engage in any hedging or derivative transactions to manage foreign currency risk.
\nThe Group is also exposed to foreign currency risk on the Euro, Sterling and US Dollar cash and cash equivalents
\nthat it holds.
\n\nSensitivity analysis for currency risk
\nA sensitivity of 10 per cent has been selected as this is considered reasonable given historic and potential future
\nchanges in foreign currency rates. This has been applied to the net financial instruments of Berkeley Minera Espana,
\nS.L.U and Berkeley Exploration Espana, S.L.U. and to the Euro and Sterling cash and cash equivalents that the
\nGroup holds. This sensitivity analysis is prepared as at balance date.
\nA 10% strengthening/weakening of the Australian dollar against the Euro at 30 June 2023 of \u20ac2,000 cash held
\n(2022: \u20ac92,000) would have increased/(decreased) the cash and cash equivalents and profit or loss of the Group
\nby A$300/(A$300) (2022: A$14,000/(A$14,000)).
\nA 10% strengthening/weakening of the Australian dollar against the Sterling at 30 June 2023 of \u00a31,000 cash held
\n(2022: \u00a341,000) would have increased/(decreased) the cash and cash equivalents and profit or loss of the Group
\nby A$200/(A$200) (2022: A$7,000/(A$7,000)).
\nA 10% strengthening/weakening of the Australian dollar against the US Dollar at 30 June 2023 of US$51,605,000
\ncash held (2022: US$52,711,000) would have increased/(decreased) the cash and cash equivalents and profit or
\nloss of the Group by A$7,784,000/(A$7,784,000) (2022: A$7,647,000/(A$7,647,000)).
\nThe above analysis assumes that all other variables, in particular interest rates, remain constant. The analysis for
\n2022 has been performed on the same basis.
\n
\n\n(f) Commodity Price Risk
\nThe Group is exposed to uranium commodity price risk. These commodity prices can be volatile and are influenced
\nby factors beyond the Group's control. As the Group is currently engaged in exploration and business development
\nactivities, no sales of commodities are forecast for the next 12 months, and accordingly, no hedging or derivative
\ntransactions have been used to manage commodity price risk.
\n
\n\n(i) Equity Price Risk
\nThe Group is exposed to equity securities price risk. This arises from the Options held by the Group and classified
\nin the Statement of Financial Position as financial liabilities through profit and loss, refer to Note 11.
\nEquity price sensitivity
\nA sensitivity of 10% has been selected as this is considered reasonable given the recent trading of the Company\u2019s
\nshares. The sensitivity analyses below have been determined based on the exposure to equity price risks at the
\nreporting date. This analysis assumes that all other variables remain constant.
\nProfit or loss Other Comprehensive
\nIncome
\n10%
\nincrease
\n$000
\n10%
\ndecrease
\n$000
\n20%
\nincrease
\n$000
\n20%
\ndecrease
\n$000
\n2023
\nGroup
\nUnlisted Options
\n(139)
\n100
\n-
\n-
\n2022
\nGroup
\nUnlisted Options
\n(239)
\n182
\n-
\n-
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag166": {
"value": "\nSensitivity analysis for currency risk
\nA sensitivity of 10 per cent has been selected as this is considered reasonable given historic and potential future
\nchanges in foreign currency rates. This has been applied to the net financial instruments of Berkeley Minera Espana,
\nS.L.U and Berkeley Exploration Espana, S.L.U. and to the Euro and Sterling cash and cash equivalents that the
\nGroup holds. This sensitivity analysis is prepared as at balance date.
\nA 10% strengthening/weakening of the Australian dollar against the Euro at 30 June 2023 of \u20ac2,000 cash held
\n(2022: \u20ac92,000) would have increased/(decreased) the cash and cash equivalents and profit or loss of the Group
\nby A$300/(A$300) (2022: A$14,000/(A$14,000)).
\nA 10% strengthening/weakening of the Australian dollar against the Sterling at 30 June 2023 of \u00a31,000 cash held
\n(2022: \u00a341,000) would have increased/(decreased) the cash and cash equivalents and profit or loss of the Group
\nby A$200/(A$200) (2022: A$7,000/(A$7,000)).
\nA 10% strengthening/weakening of the Australian dollar against the US Dollar at 30 June 2023 of US$51,605,000
\ncash held (2022: US$52,711,000) would have increased/(decreased) the cash and cash equivalents and profit or
\nloss of the Group by A$7,784,000/(A$7,784,000) (2022: A$7,647,000/(A$7,647,000)).
\nThe above analysis assumes that all other variables, in particular interest rates, remain constant. The analysis for
\n2022 has been performed on the same basis.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag167": {
"value": "\n(g) Capital Management
\nThe Group normally defines its Capital as total equity of the Group, being a net asset at 30 June 2023 of
\n$87,316,000 (2022: net asset $87,633,000). The Group manages its capital to ensure that entities in the Group will
\nbe able to continue as a going concern while financing the development of its project through primarily equity-based
\nfinancing. The Board's policy is to maintain a strong capital base so as to maintain investor, creditor and market
\nconfidence and to sustain future development of the business. Given the stage of development of the Group, the
\nBoard's objective is to minimise debt and to raise funds as required through the issue of new shares. There were
\nno changes in the Group's approach to capital management during the year. The Group is not subject to externally
\nimposed capital requirements.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag169": {
"value": "\n
\n\n24. CONTINGENT LIABILITIES
\nOther than the production fee arrangement with ENUSA disclosed in Note 7, the Group had no contingent liabilities
\nat 30 June 2023 (2022: Nil).
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag163": {
"value": "\n24. CONTINGENT LIABILITIES
\nOther than the production fee arrangement with ENUSA disclosed in Note 7, the Group had no contingent liabilities
\nat 30 June 2023 (2022: Nil).
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag162": {
"value": "\n25. SUBSEQUENT EVENTS
\nAs at the date of this report there are no matters or circumstances, which have arisen since 30 June 2023 that have
\nsignificantly affected or may significantly affect:
\n\u2022 the operations, in financial years subsequent to 30 June 2023, of the Consolidated Entity;
\n\u2022 the results of those operations, in financial years subsequent to 30 June 2023, of the Consolidated Entity; or
\n\u2022 the state of affairs, in financial years subsequent to 30 June 2023, of the Consolidated Entity.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800JX3V4TPO7TCJ08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
}
}
}