Alara Resources Limited (AUQ) 2024年年度報告「ASX」.pdf

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1、EXPLORATION MINING PRODUCTION Annual Report 2024Alara ResourcesAnnual Report 2024Alara Resources Limited ABN 27 122 892 719Alara had an action packed 2024,with the company achieving new heights as a copper-gold concentrate producer and expanding its exploration footprint in the Middle East,targeting

2、 minerals beyondcopper.This report contains“forward-looking statements”and“forward-looking information”,including statements and forecasts which include without limitation,expectations regarding future performance,costs,production levels or rates,mineral reserves and resources,the financial position

3、 of Alara,industry growth and other trend projections.Often,but not always,forward-looking information can be identified by the use of words such as“plans”,“expects”,“is expected”,“is expecting”,“budget”,“scheduled”,“estimates”,“forecasts”,“intends”,“anticipates”,or“believes”,or variations(including

4、 negative variations)of such words and phrases,or state that certain actions,events or results“may”,“could”,“would”,“might”,or“will”be taken,occur or be achieved.Such information is based on assumptions and judgements of management regarding future events andresults.The purpose of forward-looking in

5、formation is to provide the audience with information about managements expectations and plans.Readers are cautioned that forward-looking information involves known and unknown risks,uncertainties and other factors which may cause the actual results,performance or achievements of Alara and/or its su

6、bsidiaries to be materially different from any future results,performance or achievements expressed or implied by the forward-looking information.Such factors include,among others,changes inmarket conditions,future prices of gold and silver,the actual results of current production,development and/or

7、 exploration activities,changes in project parameters as plans continue tobe refined,variations in grade or recovery rates,plant and/or equipment failure and the possibility of cost overruns.Forward-looking information and statements are based on the reasonable assumptions,estimates,analysis and opi

8、nions of management made in light of its experience andits perception of trends,current conditions and expected developments,as well as other factors that management believes to be relevant and reasonable in the circumstances at the date such statements are made,but which may prove to be incorrect.A

9、lara believes that the assumptions and expectations reflected in such forward-looking statements and information are reasonable.Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used.Alara does notundertake to update any forward-lookin

10、g information or statements,except in accordance with applicable securitieslaws.Forward-Looking StatementsContents02 Letter to Shareholders04 Projects Overview Oman24 Health,Safety and Environment Review26 Board of Directors 28 Management Support Team36 Directors Report 49 Auditors Independence Decl

11、aration 51 Financial Report 80 Consolidated Entity Disclosure Statement81 Directors Declaration 82 Independent Auditors Report 86 JORC Code Information 87 Securities Information 88 Corporate Directory PRODUCTION Commercial production commenced and the first copper-gold concentrate shipped.REVENUE$5.

12、5m The year marked the commencement of revenue generation which is expected to increase as plant achieves its full operational capability.Alara ResourcesAnnual Report 202412024 saw the completion of mechanical construction activities and various phases of commissioning of the AlWash-hi Majaza copper

13、 concentrator plant in Oman.In March 2024,Al Hadeetha Resources LLC(AHRL),our flagship JV company in Oman,kick-started the production of copper-gold concentrate.Over the year,our strong technical team and ever supportive JVpartners together overcame any teething issues and we are happy to report a c

14、onstant improvement in both the quality and quantity of concentrate.As we write this letter,AHRL has sold a fifth parcel of copper-gold concentrate from Al Wash-hi to Trafigura marking a total of 5,000WMT with high gold grades dispatched thus far.The year also marked the commencement of revenue gene

15、ration for AHRL which is expected to increase as plant achieves it full operational capability.Alara had another proud moment this year when impressed with the highest health,safety,environment and operational standards maintained by us,the Ministry of Energy and Minerals Oman chose AHRL and the Al

16、Wash-hi Majaza project to be a pilot for standardisation of statutory reporting and monitoring regulations.Alara and its JV partners are looking forward to working with the government for betterment of the mining industry inOman.Furthering Alaras efforts to expand exploration activities,the Ministry

17、 of Energy and Minerals Oman granted Alara and its JV an additional 1,452km2 of exploration ground titled“Block 22B”and invited the JV to negotiate and execute an Exploration and Mining Concession Agreement.Alaras capabilities leading it to secure this additional area for mineral exploration in Oman

18、 demonstrated the Governments faith and trust in the Company and its JV partners.This exciting achievement was the result of Alaras strong,decade-long commitment and unwavering effort in alignment with the Omani Governments vision for mining,by investing in and conducting state-of-the-art mineral ex

19、ploration campaigns,discovering multiple instances of base metal mineralisation in the country and developing an operating copper mine.The extended Block 22B concession area,which includes the existing Al Wash-hi Majaza copper-gold mine and an ancient mine and copper mineralisation intersected at Mu

20、llaq,has tremendous potential for further mineral discoveries adjacent to the Companys existing processing facility.The timing of the grant of this concession fits well into Alaras overall Oman copper development strategy.Letter to ShareholdersAlara had an action packed 2024,with the company achievi

21、ng new heights as a copper concentrate producer and expanding its exploration footprint in the Middle East,targeting minerals beyond copper.The surge in global demand for copper,driven by a pivotal role in supporting green energy and sustainable products,sets the stage for a potential 75%surge in co

22、pper prices over the next two years.Analysts anticipate copper prices soaring up to US$15,000 a ton in 2025,surpassing the record peak of US$10,730 per ton scaled inMarch last year.Alara has positioned itself as a key player in this equation.Evolving from an exploration-focused entity to a mining co

23、mpany and now a producer,Alara has undertaken a transformative rebrand this year to emphasise its commitment to sustainable metal production,particularly focusing on copper extraction,expanding its main operations in Oman.2Alara ResourcesAnnual Report 2024In May 2024,Awtad Copper LLC,another JV of A

24、lara in Oman succeeded in obtaining renewal of the Block 8 exploration license area after a long wait.The Awtad JV has now entered into partnership with a UK listed exploration company to commence exploration activities in Block 8 which encompasses a 497km2 area in prospective North Batinah ophiolit

25、es.Previously,in 2011-12,Alara conducted exploration programs in this block identifying potential targets worthy of further prospecting.We are pleased to see the work inBlock 8 will now be progressing unabated.During the year,Alara Resources LLC,a mining and exploration service provider company of A

26、lara in Oman,saw significant growth.While continuing contract mining for AHRL,Alara Resources drilling division also executed several drilling contracts of various mining exploration companies in the country.Two diamond coring rigs owned by the company have completed several thousands of metres of d

27、rilling in chromite,limestone and marble projects.The mining industry in Oman,encouraged by the new exploration and mining policies of the Government,is witnessing a boom in the exploration sector.Alara has strategically positioned itself to benefit from this growth.Daris Resources JV,which owns the

28、 Block 7 exploration license and has two mining license applications in the pipeline,continued to pursue the pending grant of mining licenses.We remain optimistic to see both mining licenses awarded to develop two more copper mines inOman.The path ahead for Alara in Oman will continue to remain chal

29、lenging with very high expectations from all supportive local authorities,stakeholders and communities for the successful operation of a sustainable copper mine and increased production of copper-gold concentrate.We are determined to build upon the trust of our local stakeholders and better our appr

30、oach to communities and stakeholders both locally and globally.In these exciting times,when the demand for copper is at all time high,we feel greatly privileged and committed in leading Alara and its JV companies inthe Middle East.Over this year,Alaras group of companies in Oman welcomed several new

31、 engineers,technicians,drillers and administrative professionals,taking its current manpower strength to 183 personnel with a healthy Omanisation ratio.The positive support from our Board and shareholders,the trust and confidence ofallAlaras JV partners,the talent and commitment of our employees,and

32、 the quality of our assets excites us and makes us optimistic about our future inOman.We look forward to sharing key mine production and exploration updates and milestones with you throughout the coming year.Atmavireshwar Sthapak Managing DirectorStephen Gethin ChairmanLetter to Shareholders3Alara R

33、esourcesAnnual Report 2024PROJECTSOVERVIEW OMAN Alara ResourcesAnnual Report 20244MuscatO M ANSohar Port Block 22BAl Wash-hi Majaza Project1,452km2Al AjalDaris ProjectMullaq 41km2Wash-hi 39km2587km2497km2Block 7 Block 825km2Awtad ProjectGulf of Oman050KM25Alara through four different joint ventures

34、in Oman hasexploration access rights over 2,561km2 under four exploration licenses and one mineral concession.Projects Overview OmanOMANIRANGulf of OmanArabian Sea5Alara ResourcesAnnual Report 2024The current status of all mineral tenements and applicationsAl Hadeetha LLC JV ProjectsLicence NameLice

35、nce OwnerAlara ShareExploration LicencesMining Licence within Exploration LicencesAreaDate ofGrantRenewalApplied forStatusAreaDate ofApplicationStatusWashi-hi Majaza ML 10003075Al Hadeetha Resources LLC51%39km2Jan 2008Nov 2016Active3km22013Active.Includedin 22B ConcessionMullaqAl Hadeetha Resources

36、LLC51%41km2Oct 2009Nov 2016Active1km2Jan 2013Includedin 22B ConcessionAl AjalAl Hadeetha Resources LLC51%25km2Jan 2008Nov 2016Active1.5km2Jan 2013PendingDaris Resources JV ProjectBlock/LicenceNameLicence OwnerAlara ShareExploration LicencesMining Licence within Exploration LicencesAreaDate ofGrantRe

37、newalApplied forStatusAreaDate ofApplicationStatusBlock 7Al Tamman Trading and Est.LLC50%587km2Nov 2009 May 2018Pending Daris East2km2 Dec 2012 In processDaris 3A53km2Dec 2012 In processAwtad Copper LLC JV ProjectBlock/LicenceNameLicence OwnerAlara ShareExploration LicencesMining Licence within Expl

38、oration LicencesAreaDate ofGrantRenewalApplied forStatusAreaDate ofApplicationStatusBlock 8Awtad Copper LLC10%597km2Nov 2009 April 2024Active NANANAProjects Overview OmanMineral Tenements6Alara ResourcesAnnual Report 2024Projects OverviewAl Wash-hi Majaza Copper-Gold ProjectOmanAl Wash-hi Majaza Pro

39、jectMullaq41km2Muscat Wash-hi39km2050KM25Indicated Cu-Au Resource OutlineInferred Cu-Au Resource OutlineInferred Gold Resource OutlineExploration Licence Area=39km2Mining Licence Area=3km2Al Hadeetha Resources LLC(AHRL)51%:Alara Resources 30%:Al Hadeetha Investments LLC 19%:Al Tasnim Infrastructure

40、Services LLC Al Wash-hi Majaza project is located 160km southeast of Muscat.The project comprises an open pit mine and 1MTPA copper concentrator plant with accommodation village.Full reports of the resources referred to in the legend prepared in accordance with the JORC Code,2012 Edition are contain

41、ed in the CompanysASX announcements dated 15 December 2016 and 19 September 2016,which are summarised in more detail on page 13.Pleasealso see further the statement regarding the Companys mineral resources and ore reserves on page 86.7Alara ResourcesAnnual Report 2024Projects Overview Al Wash-hi Maj

42、aza Copper-Gold ProjectSafety Performance:The Health,Safety,and Environment(HSE)performance for the period from Sept 2023 to Sept 2024 has demonstrated a strong commitment to maintaining a safe and environmentally responsible workplace.Notably,there were zero loss time injuries reported,which shows

43、our dedication to safety and effective risk management.This report provides an overview of key metrics and activities that reflect our ongoing efforts to enhance HSE standards.Health Initiatives:A significant highlight this year was the Annual Medical Health Camp,conducted over two days.This initiat

44、ive included:Comprehensive health assessments for employees,focusing on key parameters such as liver and kidney function,blood sample tests and blood sugar test to monitor overall health and detect any potential issues early.These efforts demonstrate our successful assessments and proactive interven

45、tions.Environmental Stewardship:We undertook several key environmental initiatives thisyear:Tree Plantation:We planted trees across the plant and mine areas,enhancing biodiversity and promoting a healthier ecosystem.Sprinkling System:An effective sprinkling system was introduced to reduce dust emiss

46、ions,improving air quality for employees and surrounding communities.Tailing Management:We implemented enhanced tailing management practices to minimize environmental impact and ensure safe disposal.HSE Integration of OperationsOur mining and plant operations are closely integrated,ensuring efficien

47、t material flow from extraction to processing.This synergy not only enhances productivity but also aligns with our HSE objectives by facilitating consistent monitoring and management of health,safety,and environmental practices across allstages.Together,our mining and plant operations represent our

48、commitment to operational excellence,safety,and sustainability in the mining sector.Safety and Sustainability at Al Wash-hi MajazaA view of crusher and ore stockpile area8Alara ResourcesAnnual Report 2024Projects Overview Al Wash-hi Majaza Copper-Gold ProjectKey mine development work is being execut

49、ed with an emphasis on grade control practices,including detailed blast hole sampling to ensure optimal ore quality.December 2023:The primary ore body was encountered at 405(MRL).January 2024:Permission has been granted to blastup to 500 holes by Royal Oman Police.February 2024:The operation began f

50、eeding the processing plant from the copper ore stackyard.April to August 2024:Mining activities were temporarily suspended due to sufficient ore availability in the stackyard,which ensured continuous plant operations.September 2024:Mining operations resumed,focusing on ore excavation from 395 MRL.A

51、 comprehensive review of pit optimisation,design,and scheduling has been conducted to enhance the overall operational strategy.The box cut and blast plan direction has been adjusted based on the grade distribution.This allows us to perform in-pit blending during the blasting process.Additionally,ble

52、nding continues from the old stackyard,ensuring that we consistently feed the plant with high-quality material.Currently,excavation is ongoing at 390 MRL,with a clear plan to reach at 375 MRL within the next year.As of September 2024,12.1 Million Tonnes of OB had been removed from pit and 192,000 To

53、nnes of ore has been supplied to Plant and remaining low to medium grade ore of around 150,000 remains in stack yard.Mining commenced before processing infrastructure completion.Overburden is being removed and stockpiled and copper mining is also underway.Ore is placed in a separate stockpile for tr

54、eatment at the processing facility.Key mine development work including the haul road,drainage channels,settling ponds,topsoil stacking,waste dump and ROM pad are complete.In March 2022 the first blast was conducted and topsoil from the first cut area was stockpiled for post mine rehabilitation.Overb

55、urden stripping has progressed continually since that time and copper oxide ore mining has subsequently commenced.Mining activities are conducted in two 10-hour shifts per day.The ongoing mining operation is characterised by strategic development and efficient resource management.Mining in progress

56、at 390 MRLAl Wash-hi Majaza copper mine9Alara ResourcesAnnual Report 2024Projects Overview Al Wash-hi Majaza Copper-Gold ProjectExploratory Drilling ProgramAmidst the ongoing full-fledged operations at AlWashi-hi copper-gold open pit mine,the subsequent phase of exploratory drilling is scheduled for

57、 December 2024.The exploration plan will comprise both step-out and infill diamond core drilling in NQsize.The objective of the infill drilling program is to upgrade the inferred resources to indicated resources and indicated to measured category,thereby increasing the geological confidence and aid

58、in precisely delineating the orebody configuration.The infill drilling will include a total of an estimated 3,000 metres with an estimated 13holes,proposed at gap areas.Presently,the mineral resources stand at 12.39million tonnes indicated and 3.71 million tonnes in the inferred category(see further

59、 details of the mineral resource on page 13).The step-out drilling of approximately 4,000 metres,targets testing whether mineralisation continuities in down dip and along the northwest potential side of strike extensions with the objective of increasing the mineral resources and the likelihood of it

60、 being converted into a reserve and hence increase the life of the mine.Exploratory drilling programCopper grades shown in the above diagram are part of the definition of the mineral resource and ore reserve at the Wash-hi mine.More details of this resource are on page 13.Birds eye view of Al Wash-h

61、i Majaza pitExploratory drilling plan Orebody Drillholes completed Drillholes proposed FY2410Alara ResourcesAnnual Report 2024Projects Overview Al Wash-hi Majaza Copper-Gold ProjectConstruction of plant and pre-stripping of the mine was completed during the year.Commissioning of the plant commenced

62、in November 2023 with commercial production commencing in March 2024.The first shipment of copper-gold concentrate was dispatched to China in May 2024 under an offtake agreement withTrafigura.A key component of the concentrator plant the tailing filter press(TFP)while sourced from a reputable Europe

63、an manufacturer has not performed in accordance with its rated design capacity.Problems with the TFP limited production at the plant to approximately 40%of its design capacity on commencement of operations.Engineers from the manufacturer have visited the site on two occasions to make improvements.As

64、 at the date of writing this report,the plant is in ramp-up phase after a two-week shutdown to make further improvements to the TFP.Theplant is now operating at approximately 45-50%ofits design capacity.Alara has ordered two interim replacement TFPs from China,with a combined processing capacity of

65、75-80tonnes of concentrate per hour,as an interim solution.Once installed these TFPs are expected to increase production at the plant to 80-85%of rated capacity.Theinterim TFPs are due to be installed and operational by February to March 2025.As a long-term solution AHRL has also ordered a state-of-

66、the-art filter press from Italy which will serve as the permanent TFP for the plant once delivered.This unit has a longer lead time than the Chinese TFPs,thus the solution is being implemented in two stages.The permanent TFP will have a processing capacity of 137tonnes of concentrate per hour and ha

67、s been ordered from a leading manufacturer in Italy.The vendors proposed design has exceptional performance,including a short filtration cycle and a suite of modern capabilities including high-pressure,automatic filter-cloth rinsing,automatic plate shaking and an overhead robot to perform plate chan

68、ge outs.AHRL is targeting October 2025 for the installation and commissioning of the permanent TFP.Once operational,this press will provide a robust and permanent solution to the current challenges with tailings management atthe plant.The reporting period was monumental for Alara,seeing the completi

69、on of AHRLs 1 MTPA1 copper concentrator plant at the Wash-hi mine and commencement of production of copper-gold concentrates.Production commencement at Al Wash-hi Majaza(1)Alaras ASX Announcements dated 1 April 2016(Definitive Feasibility Study Results initial announcement),24 January 2017(Definitiv

70、e Feasibility Study update),28 June 2018(Project Net Present Value update)and 29 March and 7 April 2021(Project Net Present Value NPV update)contain the information required by ASX Listing Rule 5.16 regarding the stated production target.All material assumptions underpinning the production target as

71、 announced on those dates continue to apply and have not materially changed,except to the extent that a relevant assumption in an earlier announcement referred to above has been updated by an assumption in a later announcement referred to.11Alara ResourcesAnnual Report 2024Commercial Production at t

72、he Plant Commenced in March 2024Initially,the plant was tested with basaltic waste materials to ensure proper trial runs of all the equipment,then followed by a low grade of copper ore(0.4%)to initiate the concentrate production.The plant is equipped with state-of-the-art online sampling system for

73、process control.There is a constant effort by the operations team on site for grade and recovery optimisation by varying the various dosage rates of the reagents,air flow to the float cells and the froth level at the various cells.Wash-hi copper concentratorplantThe Wash-hi copper concentrator plant

74、 is a full-fledged concentrator plant starting with primary crushing followed by 2-stage grinding,concentrate flotation,concentrate dewatering and tailing dewatering including dry tail disposal.On-site geochemical labFresh water storage facilityPlant control roomMills and CrusherProjects Overview Al

75、 Wash-hi Majaza Copper-Gold Project12Alara ResourcesAnnual Report 2024Copper-gold concentrate being loading into containersWash-hi copper resources and reservesMineral resources and reservesAHRL has conducted an extensive exploration program in the license area,resulting in the discovery of a substa

76、ntial copper resource at Wash-hi Majaza.Resource and reserve statements are provided in thetwo tables below.An Inferred Resource of 0.31MT at 0.51g/t Au was also identified in the gossan,outside themain ore body.Mineral resources summary 0.25%Cu cut-offResourceTonnes(m)Cu%Indicated12.40.89Inferred3.

77、70.79Total16.10.87Ore reserve statementJORC CategoryTonnes(m)Cu%Au g/tProbable Reserve9.700.880.22Additional copper potentialThe Wash-hi exploration license has significant potential for the discovery of additional copper deposits.Most of the area around Wash-hi Majaza is covered by ancient and rece

78、nt alluvial fans.Based on the premise that sulfide mineralisation in the area is coincident with a distinct reduction in the magnetic susceptibility values of basaltic rocks,four other targets have been identified for further follow-up.It is proposed to follow-up these areas with electrical geophysi

79、cal methods(EM or IP)to confirm the target potential followed by drilling.Resource exploration is uncertain.There is no guarantee that exploration of the above targets will yield an economically mineable quantity of any mineral.JORC Code informationFull reports of the resources and reserve referred

80、to in this section,prepared in accordance with the JORC Code,2012 Edition,are contained in the Companys ASX announcements dated 15 December 2016 and 19September 2016.Please also see further the statement regarding the Companys mineral resources and ore reserves on page 86.Wash-hi Mine Copper SalesAH

81、RL has shipped five consignments of copper and gold concentrate from Sohar Port since the plant commenced operation.Summaries of the shipments are set out in the table below.The longer interval between the fourth and fifth shipments is a result of a suspension of operations due to the TFP.Monthly Co

82、pper and Gold Production at Al Wash-hi Majaza PlantItemParcel 1:May 2024 Parcel 2:Jun 2024Parcel 3:18 Jul 2024Parcel 4:14 Aug 2024Parcel 5:14 Oct 2024Dispatch Cycle4 weeks4 weeks3 weeks4 weeks8.5 weeksCopper Concentrate WMT(approx.)1019 WMT1223 WMT833 WMT855 WMT1168 WMTCopper Concentrate DMT(approx.

83、)909 DMT1093 DMT762 DMT762 DMT1048 DMTCopper(approx.)130 MT163 MT120 MT124 MT167 MTGold(approx.)5.8 Kg5.7 Kg4 Kg4 Kg 7.1 KgPotential RTP magnetic regional exploration targets in Wash-hi licenses13Alara ResourcesAnnual Report 2024Review of OperationsNew Block 22B Exploration PermitOmanIn 2024 the Oma

84、ni Ministry of Energy and Minerals(MOEM)granted an Alara JV company an additional 1452 km2 of exploration ground titled“Block 22B”and invited the JV to negotiate and execute an Exploration and Mining Concession Agreement covering this area(Concession Agreement).On execution of the Concession Agreeme

85、nt the Omani Government will grant the JV the exclusive right to explore,appraise,develop and mine designated minerals within Block 22B.The Concession Agreement will comprise an initial two-year exploration phase followed by an exploitation phase extending up to 15years.Extensions of both phases may

86、 be considered for reasonable cause.The Concession Agreement will detail the obligations of the concession holder and the Government,and address issues such as included minerals,royalties and tax.Block 22B includes Block 22A,covering the former AlWash-hi and Mullaq exploration licenses held by AHRL.

87、AHRL will continue to hold that area,with the remainder of Block 22B being held by a new joint venture company“Al Hadeetha Mining LLC”in which Alara holds a 27.5%stake.Alaras other partners in the new JV will be its two existing partners in AHRL AlNaba Group and Al Tasnim Group(each also holding 27.

88、5%)with the remaining 17.5%held by South West Pinnacle,an existing Alara JV Partner in Alara ResourcesLLC,an Omani mining services company.Brief geological description of Block 22BNearly 20%of the area in the southern and central-north and along the north-western margin of Block 22B is occupied by r

89、ecent alluvial sands interspaced by dry river channels,known as wadis.More than two-thirds of the area in the northern half of Block 22B is mountainous,with low hills.The AHRL Block 22A area,which surrounds the existing Washi-hi Mine and includes the ancient Mullaq copper mine,is located in the sout

90、h-western corner of Block 22B.Thegeological characteristics of Block 22B overlaid with existing exploration licenses areshown in the diagram on the following page.The Companys existing Wash-hi project(covering an area of 39km2)and Mullaq project(covering an area of 41km2)fall entirely within Block 2

91、2B.Importantly,areas already explored by Alara constitute a substantial part of the upper-crustal rocks of Block 22B.This is significant,as the Semail Ophiolite upper-crustal rocks are considered to contain nearly all the VMS-type base metal prospects in Oman.Geologically,the mountainous areas of Bl

92、ock 22B include the Semail Nappe.The Semail Nappe is now recognised as a Cretaceous ophiolite,exposing the worlds best-preserved section of upper mantle,lower-oceanic crust and upper-oceanic crust.The Semail Nappe(the Semail Ophiolite)covers almost the entire area of Block 22B(excepting some pre-Oph

93、iolitic sedimentary rocks in the north-western section)and exposes the upper-mantle section,lower-crustal rocks and upper-crustal rocks of the ophiolite sequence,with the upper-crustal rocks mainly being covered byalluvium.There are reports of several old copper workings in the north-western section

94、 of the Block,old gold and chromite workings in the northern section and a small number of old iron workings in the western section.Ingeneral,the upper-oceanic crust of the Semail Ophiolite is known to host copper and gold deposits,whereas the lower-crustal parts and the upper mantle sections are kn

95、own to host some chromite deposits with minor incidences of PGE mineralisation.Exploration activities in the concession area will notbe restricted to discovering base mental deposits,Al Hadeetha Mining LLC will be focussing on all potential commodities including industrial minerals.There is no assur

96、ance that any new mineralisation will be discovered in Block 22B in economically mineablequantities.Location of concession encompassing Wash-hi and Mullaq licensesMuscat 050KM25Block 22B1,452km2Al Wash-hi ProjectHaving brought its first mine to production,the next phase in Alarasgrowth plan is to re

97、sume exploration on its other Omani mineral properties to endeavour to identify further economic copper-gold resources.Any new discovery within proximity to the existing Wash-hi processing facility can be taken there for treatment under the“hub and spoke”model,thus avoiding the need to construct fur

98、ther high-capital infrastructure at any satellite deposit that may be found.Any future discovery has potential to significantly extend the economic life of the Wash-hi processingplant.14Alara ResourcesAnnual Report 2024Projects Overview New Block 22B Exploration PermitGeological Map of Block 22B15Al

99、ara ResourcesAnnual Report 2024InJanuary 2011,Awtad Copper entered into a joint-venture(JV)agreement with Alara which had been carrying out exploration work in the adjoining Block 7 as part of another JV.Exploration work on Block8 ceased in 2013 while the blocks licence was being renewed,aprocess wh

100、ich was finalised in May2024.The Awtad Project is located immediately adjacent to the Block7 where Alara exploration identified copper mineralisation and resources(Daris Copper-Gold Project).Exploration previously undertaken at this project includes:86-line km of airborne VTEM,14-line km of ground I

101、P,169-line km of ground magnetics and 202-linekm ofhigh-resolution ground magnetics.76 RAB drill holes totalling 1,747m and 11 core drillholes totalling 299m.Drilling results(including some undertaken across the Al Mansur Prospect)were low grade ingeneral and inconclusive.A diagram below shows the p

102、otential of the Al Mansur Prospect.Awtad drilling results were publicly reported in a manner compliant with the then current,2004 Edition,of the JORC Code on ASX on 31 October.Review of OperationsAwtad Copper-Gold ProjectOmanMuscat 050KM25Block 8Awtad Project497km2Block 7Daris ProjectAl Mansur Prosp

103、ect Rock chip geochemistry over RTP Mag Awtad LLC Copper 10%Alara interest with potential to increase to 70%90%Awtad Resources LLC(Awtad)Block 8 covers approximately 497km2 in the Hazmarea east of Darisin north western Oman andwas first granted in 2009.16Alara ResourcesAnnual Report 20242012Previous

104、 exploration identified anomalies worthy of further exploration.The fact that prospective geological formations within the license area are under cover of alluvial and aeolian deposits enhances the chances of further copper mineralisation.There is no assurance that further exploration at Awtad will

105、result in an economically mineable quantity of any mineral being discovered.Block-8 Exploration LicenseThe Block 8 Exploration License lies within the Semail Ophiolite Sequence of Oman,150km west of Muscat.The western boundary of the area adjoins Block 7 where Alara previously identified the Daris E

106、ast copper resource and Daris 3A5 mineralisation.Copper and gold in the Sultanate of Oman is found in the Semail Nappe,which comprises the Semail Ophiolite sequence consisting of mylonite at the base,through mafic cumulates,high level gabbros,sheeted dykes and volcanic rocks at the top.Copper and go

107、ld mineralisation usually occurs in the volcanic rock units of ophiolite.More than 150 volcanic massive sulphide(VMS)prospects have been discovered along the 500km length of the Semail Ophiolite.Block 8 is part of this geological belt and is distinguished by extensive regolith cover over exposed geo

108、logy,which includes recent alluvial and aeolian deposits.Because of this cover,no known copper mineralisation has yet been located in the area,making the Block an ideal location for potential fresh discoveries of base metal deposits.The Block 8 licence was renewed in April 2024.With renewal of the l

109、icense,the Awtad JV has executed a non-binding heads-of-terms(HoT)with AIM-listed Power Metal plc for the parties to enter negotiations for a binding agreement with the following key terms:Power Metal will manage the Block 8 exploration program for one year.Power Metal will provide all management,pl

110、anning,execution,interpretation and reporting on exploration activities and will consult with Awtad and Alara during development and implementation of the program.Power Metal will provide funding of up to US$740,000 for exploration activities.It will contribute an initial amount of US$500,000 to cov

111、er the period up until the renewal date of the existing licence(due 30 April 2025),with the balance to be contributed following successful renewal.Following the US$500,000 initial expenditure milestone,Power Metal will earn a 10%interest in Block 8 and a further 2.5%interest on expenditure of a furt

112、her US$240,000.Upon Power Metal completing US$740,000 expenditure on the project,a joint funding program covering future expenditure and specifying Power Metals ongoing percentage interest in the project will be negotiated.Awtad Copper is responsible to maintain the licence and must remain the holde

113、r of it throughout the period in which the above work is carried out.Power Metal has a first right of refusal to acquire Block 8 if Awtad Copper wishes to dispose of it.Awtad Copper is responsible to seek all required approvals for the exploration program.The formal agreement was executed,on those t

114、erms,in October 2024.The parties are to endeavour to negotiate a formal,legally binding agreement.Although there can be no certainty at this stage given the non-binding nature of the HoT,Alara is confident that an agreement will be entered into,subject to further discussions between the parties.Whil

115、e maintaining its current interest in Block 8,Alara plans to increase its stake in future based on success of Power Metal exploration programs.Further to detailed discussions,Power Metal has proposed a comprehensive exploration program for Block 8 to both develop existing copper prospects defined fr

116、om a combination of historic surface work and drilling,as well as grass-roots exploration work on the remainder of the Block which,to date,has not been the subject of detailed exploration.The historic exploration work,combined with the geological setting of the Block,are highly encouraging,with the

117、Block hosting a section of the Semail ophiolite sequence,which is a highly prospective geological unit that,to date,has yielded 150 known volcanic massive sulphide(VMS)prospects.Power Metal will use industry-accepted exploration techniques to advance the licence,with technical work to be carried out

118、 at every stage to enable any new data to qualify for inclusion in an accredited MRE to 43-101 or JORC compliance should this be required.Through historical work by Alara in 2013,there are several copper prospects already identified,which allows next stage exploration programmes to proceed efficient

119、ly while more early-stage work will be required on the remainder of the highly under-explored Block 8.Projects Overview Awtad Copper-Gold Project17Alara ResourcesAnnual Report 2024Projects Overview OmanDaris Copper-Gold ProjectOmanAl Musanaah As SuwayqBlock 8Daris 3A5Daris EastAwtad Project020KM10Bl

120、ock 7Daris Project587km2Al Tamman Trading Establishment LLC 50%:Alara with option to increase to 70%50%:Al Tamman Trading Establishment LLC 50%,of Daris Resources LLC(DRL)The Daris project comprises two high-grade copper deposits within the 587km2 exploration license,which includes two mining licens

121、e applications covering 4.5km2.This project fits well with Alaras preferred“hub and spoke”model,which provides for processing of Daris ore at the Wash-hiMajaza copper concentration plant.The above Daris-East resource estimate was first reported on ASX on 1 November 2012.That report complied with the

122、 then current 2004 Edition of the JORC Code.Reported details of that estimate have not been updated subsequently to comply with the JORC Code 2012 Edition,on the basis that the information has not materially changed since it was first reported.By conducting extensive exploration programs in Block7,t

123、he Daris JV has defined resources at Daris East Prospect to measured category under JORC,identified mineralisation at the Daris 3A5 prospect and several exploration targets.Block 7 Exploration License and MiningLicense application areasTwo Mining Licence applications filed over Daris East and Daris

124、3A5 prospects within the exploration licence remain pending.The table on page 6 provides details of licenses at Daris.Recent site visits conducted by Ministry officials gave positive indications for these applications advancing towards issuance.Daris East ProspectThe copper resource for the Daris-Ea

125、st Prospect is outlined above.The following drilling has already beencarried out at the DarisEast Project:A total of 21 rotary(624m)and 41 diamond core(4,654m)holes totalling 5,278m have been drilled by Alara to test shallow oxide mineralisation and to locate massive sulphide and stringer zones bene

126、ath the oxide cap at the Daris-East prospect and to test geophysical targets in the vicinity.In addition,historic drilling data from 44 holes totalling 4,353m has been included in the resourcedatabase.Drilling results at the Daris-East project have been fully disclosed onASX in a manner compliant wi

127、th the then current 2004 Edition of the JORC Code,in announcements dated 6 October 2010,13December 2010,19 April 2011 and 30 September 2012.Reported details of those results have not been updated subsequently to comply with the JORC Code 2012 Edition,on the basis that the information has not materia

128、lly changed since it wasfirst reported.Daris-East Prospect copper resource estimateOre TypeCut-offgradeMeasuredIndicatedMeasured and IndicatedInferredCu%TonnesCu%TonnesCu%TonnesCu%TonnesCu%Sulphides0.5130,0002.5110,0002.2240,0002.431,0002.3Oxides0.597,0000.887,0000.66180,0000.721,7000.6118Alara Reso

129、urcesAnnual Report 2024Alara plans to conduct further drilling before making anupdated resource estimation.There is no assurance that further exploration at Daris-East will result in any increase in the resource estimate.Next steps Daris EastThe Daris East Mining License application,which covers an

130、area that includes measured,indicated and inferred JORC copper resources,was opposed by the Ministry of Housing due to its proximity to recently allotted land.Negotiations with the MOEM progressed with the following representations made.Modifications to the mining licence area,if required Request su

131、bmitted to stop future allotments of land in the area Offered to acquire(rent/lease)constructed houses for a short duration Promised minimal infrastructure build Proposed safe mining operation Committed to post mining rehabilitation.Review of a petition supporting the application lodged by Daris is

132、now underway at the Ministry of Energy andMinerals.Projects Overview Daris Copper-Gold ProjectDaris East Drilling Locations Daris East Core Drillholes Projected Copper Sulphide Resource Outline Projected Copper Oxide Resource Outline Projected Basalt Copper Disseminated Resource Outline19Alara Resou

133、rcesAnnual Report 2024Daris 3A5 Drilling ResultsPast DrillingAlara 2010 DrillingAlara 1012 DrillingDaris 3A5 ProspectPreliminary drilling at Daris 3A5 has intersected high-grade copper mineralisation.Alara plans to conduct further drilling before making a resource estimation.The drill hole location

134、map and intersection table are set out above.There is no assurance that further exploration at Daris 3A5 will result in any resource estimate being made.Next steps Daris 3A5The Daris 3A5 Mining License application is progressing with the Government.See p18 for references to the full public reports o

135、f thesedrillingresults,in a form compliant with the then currentJORCCode2004 Edition.Projects Overview Daris Copper-Gold Project20Alara ResourcesAnnual Report 2024Exploration potential future opportunitiesPreliminary exploration confirmed the presence of two more areas of potential positivity in sim

136、ilar geological trends.The Al Ajal prospect is unique,as it is considered to be the only known mineral occurrence in Oman Mountains not to be associated with the ophiolite volcanics of Oman.Despite its small size and difficult terrain,in view of the high gold grades detected by previous explorers,th

137、is prospect warrants further exploration for copper and gold-bearing deposits.There is no assurance that exploration at Al Ajal will result in any resource estimate being made.Mining License ApplicationA mining license application at Al Ajal submitted in 2013 has progressed through various Ministrie

138、s in Oman.AHRL considers the grant of a mining licence clearance as a key prerequisite to further exploration work in the area.Prospective areas within Al Ajal Exploration LicenseEP Slice at 100m depthProjects Overview OmanAl Ajal Exploration LicenseOmanThe Al Ajal Prospect is located near the villa

139、ge of AlAjal in the Tawwarea,near the northern coast of the Sultanate of Oman and about 65km west of Muscat.Alara carried out ground geophysical surveys over limited areas to confirm the geophysical signatures of mineralisation from historical(non-JORC compliant)mineral estimates in the Al Ajal Lice

140、nse Area(see diagrams below).Al Ajal25km2Muscat 020KM1021Alara ResourcesAnnual Report 2024Mining DivisionAlara holds a 35%share in AHRL.Al Hadeetha Resources LLC(AHRL)entered in a contract with Alara Resources LLC(ARL)for it to perform mining services for AHRL over ten years at a cost of approximate

141、ly USD126m(AUD 187.83m).The company along with its JV partners is delivering good value to Wash-hi project by most efficient mining practices.Drilling DivisionTwo diamond coring rigs owned by the company have completed over ten thousand metres of drilling in copper,chromite,limestone,marble explorat

142、ion projects and have running contracts with Mineral Development Oman for three thousand metres of diamond drilling.The mining industry in Oman,encouraged by new transparent exploration and mining policies of the Government,is witnessing a boom in exploration sector.Alara is in a good positioned to

143、benefit from suchgrowth.ARL Drill CrewProjects Overview OmanAlara Resources LLCOman22Alara ResourcesAnnual Report 202423Alara ResourcesAnnual Report 2024Health,safety and environment reviewKey Highlights Safety Performance:The Health,Safety,and Environment(HSE)performance for the period from July 20

144、23 to June 2024 has demonstrated a strong commitment to maintaining a safe and environmentally responsible workplace.Notably,there were zero loss time injuries reported,which shows our dedication to safety and effective risk management.This report provides an overview of key metrics and activities t

145、hat reflect our ongoing efforts to enhance HSE standards.Environmental Stewardship:We undertook severalkey environmental initiatives this year:Tree Plantation:We planted trees across the plant and mine areas,enhancing biodiversity and promoting a healthier ecosystem.Sprinkling System:An effective sp

146、rinkling system was introduced to reduce dust emissions,improving air quality for employees and surrounding communities.Tailing Management:We implemented enhanced tailing management practices to minimise environmental impact and ensure safe disposal.Integration of OperationsOur mining and plant oper

147、ations are closely integrated,ensuring efficient material flow from extraction to processing.This synergy not only enhances productivity but also aligns with our HSE objectives by facilitating consistent monitoring and management of health,safety,and environmental practices across all stages.Togethe

148、r,our mining and plant operations represent our commitment to operational excellence,safety,and sustainability in the mining sector.HSE Objectives Set for the Year Continue to Maintain Zero Loss Time Injuries:Byreinforcing safety protocols and training programs.Enhance HSE Inspections:Increase the f

149、requency and focus of inspections to further reduce unsafe practices.Expand Training Programs:Continue to develop and implement comprehensive training to address emerging safety challenges.Improve Environmental Impact:Further reduce resource consumption and hazardous waste generation through targete

150、d initiatives Strengthen Hazard Identification:Conduct risk assessments and safety audits across all operations to identify potential hazards and implement corrective actions.Improve Emergency Preparedness:Develop and conduct emergency response drills throughout the year,ensuring all employees are f

151、amiliar with emergency procedures and protocols.Promote Health and Well-being:Launch a health and wellness program aimed at pulmonary function test,with 100%participation target of employees working in mines and plant.Foster a Safety Culture:Increase employee participation in safety committees and i

152、nitiatives by100%,fostering a culture of shared responsibility for health and safetyChallengesWhile we made significant strides,we faced challenges such as increased number of first aid cases and very low near-miss reporting.The annual Health,Safety,and Environment(HSE)report provides a comprehensiv

153、e overview of our commitment to maintaining a safe and sustainable mining and plant operation.In year 2023-2024,we focused on enhancing safety protocols,promoting employee health,and minimizing environmental impacts.24Alara ResourcesAnnual Report 2024Performance MetricsSafety Performance:HSE Perform

154、ance OverviewIncident Statistics:Loss Time Injuries:0 First Aid Incidents Reported:12 Near Misses Reported:7 Environmental Incidents:14Safe Manhours:Total Safe Manhours:2,971,784 hoursHSE Activities:Training and Development:Induction Training Hours:467.5hours Inspections and Observations:HSE Inspect

155、ions Conducted:420 Environmental Observations:18Environmental Performance:Water Consumption:84,870.9KL Diesel Consumption:11,446KL Power Consumption:5,930.81KW Lube Oil Consumption:3.6KLAchievements Behavioural safety initiatives implemented Successful training programs 180 trees planted in mine and

156、 camp Future GoalsLooking ahead,we aim to further reduce incidents,enhance employee training programs,and continue our commitment to environmental sustainability through recycling of waste&water recyclingThis report underscores our dedication to fostering a culture of safety and environmental respon

157、sibility in all aspects of our mining operations.This policy serves as the foundation for our HSE management system,guiding our actions and decisions as we strive for excellence in health,safety,and environmental stewardship.ConclusionThe period from July 2023 to June 2024 has demonstrated our organ

158、isations robust commitment to health,safety,and environmental oversight.With no loss time injuries reported and a proactive approach to risk management and environmental performance,we are in a strong position to maintain our positive momentum.Our upcoming initiatives will build on this solid founda

159、tion to ensure ongoing success and further improvements in our HSE practicesHSE InspectionsSep 202365567528280121507080Jan 2024May 2024Oct 2023Feb 2024Jun 2024Nov 2023Mar 2024Jul 2024Dec 2023Apr 2024Aug 2024Unsafe Practices ReportedSep 20231401681431836924 231911812978Jan 2024May 2024Oct 2023Feb 202

160、4Jun 2024Nov 2023Mar 2024Jul 2024Dec 2023Apr 2024Aug 202425Alara ResourcesAnnual Report 2024STEPHEN GETHINNon-Executive Director andChairmanBarrister and Solicitor of the High Court ofAustraliaAppointed Non-Executive Chairman on2July 2020 Appointed Non-Executive Director on28June 2020Non-Executive D

161、irector from 11 January to 22 November 2019ExperienceStephen Gethin has 30+years of experience in the provision of corporate legal advice and 15+years of experience in the provision of ASX-listed secretarial services in a range of industries,including resources,technology and investment.Prior to fou

162、nding a private legal practice in 2013,he served as General Counsel and Company Secretary of Strike Resources Limited(ASX:SRK)and before that held the same roles at ERG Limited(ASX:ERG).Special ResponsibilitiesChairman of the Remuneration and Nomination Committee and Member of the Audit Committee.Ot

163、her Directorships In Listed Companies in Past 3 Years NilATMAVIRESHWAR STHAPAKManaging DirectorBachelor of Applied Science and Masterof Technology,Applied GeologyAppointed Managing Director on 28 July 2020 Appointed Executive Director on 3February 2016 Previously Non-Executive Director(22September 2

164、015 to 3 February 2016)ExperienceAtmavireshwar Sthapak is a geologist specializing in mineral resource exploration and evaluation studies.He joined Alara in 2011 as an Exploration Manager and led geological investigations in Oman.His contribution resulted in identification of copper mineralisation i

165、n four tenements,definitions of JORC resources at Wash-hi and Daris East,and applications for mining licenses over five areas.AV was later instrumental in acquiring the mining license for the Al Hadeetha Copper-Gold Project in Oman.In July 2020,Mr Sthapak was appointed Managing Director,leading the

166、companys new future in copper production.Prior to joining the Company,Mr.Sthapaks career spanned 10 years with ACC/ACC-CRA Ltd as exploration geologist and project manager,and 10 years with Rio Tinto(Australasia)Exploration and Rio Tinto Diamond,where he was awarded a Rio Tinto Discovery Award in 20

167、09.He has worked on world-class deposits and mines in Australia,and gold and diamond mines on four continents.Mr Sthapak is an active member of AusIMM.Other Directorships In Listed Companies in Past 3 Years NilVIKAS JAINNon-Executive DirectorMBAAppointed 6 April 2016ExperienceVikas Jain has 19 years

168、 of experience in the field of mineral exploration,mining,oil-field exploration and allied activities.He is currently Managing Director and CEO of the Indian Company South West Pinnacle Exploration Limited(SWPE),founded by him in 2006 and listed on the National Stock Exchange,India.Under his leaders

169、hip and able guidance,SWPE has continued to grow and at present is a premier exploration company in India.Mr Jain also has wide experience in the open-cut mining of various minerals and allied activities through his earlier roles with other companies,as well as his current involvement in other famil

170、y run businesses and interests.Special ResponsibilitiesChairman of the Audit Committee and Member of the Remuneration and Nomination Committee.Other Directorships In Listed Companies in Past 3 Years South-West Pinnacle Exploration Limited,listed on the National Stock Exchange,India.Board of Director

171、s26Alara ResourcesAnnual Report 2024SANJEEV KUMARNon-Executive DirectorMBA(Finance&Marketing),IMTGhaziabad,India;BE(Metallurgy),VNIT Nagpur,IndiaAppointed 23 October 2020ExperienceSanjeev Kumar has extensive Australian and international business experience,with a specialisation in high-value asset f

172、inance lending.He is currently a director of Tradexcel Global Pty Ltd,an Australian company which he co-founded in 2017,that helps ANZ businesses in expanding into the overseas markets by assessing new markets,navigating entry barriers,business strategy&planning,local partnerships etc.His previous r

173、oles include Vice President at India Factoring&Finance Solutions(a subsidiary of Fimbank),Associate Vice President at Tata Capital Financial Services,India and Manager,Infrastructure Division at ICICIBankLimited.Other Directorships In Listed Companies in Past 3 Years NilDEVAKI KHIMJINon-Executive Di

174、rectorAppointed 2 February 2022ExperienceMs.Khimji is the Managing Director of Al Tasnim Group.Al Tasnim is a major all-service group in the Omani construction industry,with over 30,000 employees.The Group leads the Omani construction industry in contracting,manufacturing of cement products,building

175、 finishes products and roads,asphalt and infrastructure works,among other product offerings.Ms.Khimji is experienced in leading and growing a wide range of businesses,establishing profitable relationships with clients and suppliers across the world.She has previously served as Managing Director of I

176、ndia Circus Pvt.Ltd,an online lifestyle products retailer in India.She is also a pioneer of fitness club/gym management systems,becoming a very successful entrepreneur in the software and e-commerce industries.Other Directorships In Listed Companies in Past 3 Years NilFARROKH JIMMY MASANI Alternate

177、DirectorAppointed 2 February 2022ExperienceMr Masani has 30+years experience in the ever-evolving construction industry.He has a strong track record of creating and growing businesses in a competitive environment,with a commitment to the principles of excellence through innovation and teamwork.Mr Ma

178、sani has extensive commercial expertise and in-depth knowledge of civil construction,HVAC,plumbing,firefighting,electrical systems design and project management.Other Directorships In Listed Companies in Past 3 Years Nil27Alara ResourcesAnnual Report 2024DINESH AGGARWAL Company SecretaryFCPA,CA,CMA,

179、FTI,DipFS(Advanced)Appointed 2 July 2020ExperienceMr Aggarwal has over 20 years experience in accounting,finance and business management both in Australia and overseas,and is the Founder and Managing Director of Fortuna Advisory Group an award-winning,multi-disciplinary practice with Tax and Busines

180、s Advisory,Legal Services,Mortgage Broking and Financial Planning divisions.Mr Aggarwal advises clients in Australia and overseas on tax matters and business services and advises the Australian operations of several multi-nationals.He also handles tax disputes with the ATO including appeals to the A

181、AT.He is the former Chairman of the Public Practice Committee of CPA Western Australia and is currently a member of the National Public Practice Advisory Committee of CPA Australia.Named as one of Australias top three SME Tax Advisers in 2015 by the Tax Institute,Mr.Aggarwal has also won the prestig

182、ious CPA Australia 40 Under 40 Young Business Leaders Award for 2012 and 2013 and has won numerous otherawards.Company Secretary28Alara ResourcesAnnual Report 2024AVIGYAN BERA(CEO)AHRLBTech,Pengg(SAIMECHE)Mr.Bera has more than 18 years of experience in handling EPC Projects in India and overseas.He

183、had been involved in projects right across the globe in various countries like India,Zambia,South Africa,Liberia,Namibia,Mongolia,Iran,UAE,and Morocco.He started his career in Process Engineering for Mineral Bulgaria Beneficiation Plants and Complex Chemical Process Plants,then migrated to Project M

184、anagement and Business Development activities in India,Africa&Middle East regions.Mr.Bera joined AHRL in June 2020.He brings in all the.experience and technical know-how for executing Owner Managed Projects through his key knowledge in process engineering,project execution and overall management ski

185、lls.MOHAMMAD KAHLID QAMAR General Manager OperationsB.Tech,Chemical EngineeringMr.Khalid has over 15 years of diverse experience in operations,projects,and commissioning of process plants in India and Oman.Prior to joining AHRL,he has worked with leading resource companies like Hindustan Zinc Limite

186、d and Strategic and Precious Metals Processing(SPMP),Oman.He has overseen a wide range of functions including manufacturing,industrial safety and project engineering.Currently he is working to develop the Operation and Maintenance team for AHRLs Copper Processing plant and also overseeing the overal

187、l operational readiness for successful and sustainable operation of the processing plant.MOBASHIRUL HODAHSE Manager(HSE Head)B.Sc.in Biotechnology,PGD in ISM,NEBOSH,OH&S(NVQ 6)Mobashirul Hoda is a highly qualified HSE professional with over 18 years of experience in managing major projects across di

188、verse sectors,including oil and gas,aluminum smelting,civil construction,cross-country pipelines,waste management,water treatment&Beneficiation Plant&Mine He has successfully contributed to projects in Qatar,Saudi Arabia,the UAE,India,andOman.He possesses a strong understanding of HSE risks,opportun

189、ities,and regulatory requirements,both nationally and internationally.He is well-versed in municipality regulations and industry best practices,enabling him to implement effective safety procedures on-site.His excellent communication skills and assertive personality facilitate productive interaction

190、s with site management and subcontractors,ensuring that all HSE matters are effectively addressed.His proven ability to lead and drive safety initiatives makes him a valuable asset in any organisation dedicated to maintaining high safety standard.Management Support Team29Alara ResourcesAnnual Report

191、 2024GAUTHAM JAIN(CFO)M.Com,Chartered Accountant(CA)A seasoned finance professional with over 17 years of extensive experience in Finance,Accounts,Audits and Taxation across diversified industries.Having a strong foundation from working with Big4 audit firm,he has honed his skills in cost control,pr

192、ofit optimisation and liquidity management.His core competencies include financial reporting,cash flow monitoring and ensuring compliance with statutory regulations.A skilled leader,with strong analytical abilities,Gautam has successfully managed large finance teams,streamlined financial workflows,a

193、nd conducted internal audits to improve organisational efficiencies.In his previous assignment,he served as Finance&Accounts Manager at AlTasnim Enterprises LLC,leading financial operations for the Sohar Region,Oman.His focus on monthly financial reporting,cost controls and initiatives on increasing

194、 productions have consistently enhanced profitability and strengthened internal financial controls.REXIN KAMILASFinance and Administrative Manager BACS,M.Com Mr.Kamilas is a Business Administration Lead and Accounts Manager having 17+years of Administration and Accounts experience in Oman and India.

195、He joined Alara Resources in 2011 and has been involved in business activities related to company administration,banking,Insurance,finance,procurements,logistics,tax compliance and tendersMr.Kamilas has utilized his experiences and skills in improving the administrative and finance system in the org

196、anisation and providing his full support to the team to build a robust management system as a solid foundation for future corporate developmentsMr.Kamilas also Leading the Core drilling Operations in Oman and dealing with Various client and govt organisation since2018.SANJAY CHOUDHARYGeneral Manager

197、 Mining Phd.In Mining,MBAA highly experienced mining professional,involved in a diverse array of mining consulting projects spanning over 19years.Area of specialisation include short term and long term mine planning and scheduling along with financial evaluation and risk analysis.He holds a proven t

198、rack record of optimizing production schedules,implementing advanced resource management software,and successfully collaborating with major industry players.His expertise extends to a broad range of minerals,including copper,bauxite,limestone,coal,lignite,and iron ore.Throughout the career,he is pri

199、vileged to work on projects with leading organisations such as Coal India,Hindalco Industries Ltd.,Ultratech Cement,Kazakhmys Corporation in Kazakhstan,and Jindal Steel.His extensive hands-on expertise in mining software,including MineScape and Datamine,has proven to be invaluable in delivering meas

200、urable results and driving successful outcomes.In his previous role as Manager of Technical Services and Operation Head in India at Datamine International,he led a team that provided consulting,project management,and technical support across India and international operations,consistently delivering

201、 results by improving mine planning systems and ensuring regulatory compliance.Management Support Team30Alara ResourcesAnnual Report 2024NISHITH C.UDYAVARAHead of Human ResourcesMSW (Human Resources)Nishith is a seasoned and strategic Human Resources professional with over 17+years of global experie

202、nce across India,UAE,and Oman.Nishiths international exposure,especially in diverse industries like manufacturing,hospitality,and greenfield projects,has equipped him with a deep understanding of HR best practices on a global scale He has a distinguished career working with renowned organisations su

203、ch as Sodexo,Suzlon Energy&Manipal Group,where he has managed an entire HR gamut.Nishith excels in implementing HR strategies and driving cultural transformation initiatives that align with business objectives.His extensive experience across different geographies and sectors positions him as a versa

204、tile,results-driven HR professional with a track record of fostering high-performing teams and creating a positive workplacecultureNEELABH DUBEYHead Marketing&LogisticsMaster of Management Science(Marketing),B.Tech.(Electrical&Electronics Engineering)Seasoned Sales and Marketing professional with 19

205、+years of experience across FMCG,telecom,and non-ferrous metal industry.Holds a Master of Management Science(Marketing)from University of Lucknow and a B.Tech.in Electrical&Electronics Engineering from United College of Engineering&Research,Allahabad.His previous assignment was as Chief Manager(Mark

206、eting)at Hindustan Copper Limited,a PSU under Ministry of Mines,Government of India,where he was responsible for large-scale export operations,including overseeing a$80million Copper Concentrate export.Have extensive expertise in channel management,business development,contract negotiations,exports,

207、logistics,and CRM with comprehensive industry experience in leading sales roles to drive growth and development.MANISH TOMARHead of GeologyM.Sc.in Applied GeologyResource Geologist with over 17 years in mining and exploration industry with specialisation in mineral resource estimation,geological mod

208、eling,and geostatistics.Proven expertise in developing 3D geological models and employing advanced grade-interpolation and resource classification techniques.Member of AusIMM and IMIC,he is competent person for mineral resource reporting in accordance with international reporting codes.Highly profic

209、ient in Datamine Studio,Supervisor,Leapfrog and other industry-leading software with specialisation in developing customized solutions.Worked extensively across commodities like lead-zinc-silver,gold,copper,limestone,iron,bauxite,and coal.Significant hands-on experience gained through leadership rol

210、es at Hindustan Zinc Limited(HZL)and Datamine International,focusing on mining geology,resource estimation,classification,reconciliation andreporting.In previous assignment headed R&R and Database at Hindustan Zinc Limited,primarily responsible for public release of annual R&R statements of all asse

211、ts of Hindustan Zinc and providing technical oversight to the exploration and mining geology teams.Management Support Team31Alara ResourcesAnnual Report 2024MARWAN ABDULLAH ALBUSAIDIProject Control Manager/GovtRelations OfficeBachelors in Arts and Science,Geography&Population StudiesMr.Marwan Abdull

212、ah Al-Busaidi is an experienced in Technical and Administrative with over 6 years of experience in various sectors in Oman.He joined AHRL in August 2022 and has since been involved in many aspects of the business including managing the utilities providers in Oman,managing import-export requirements

213、and customs clearance,taxation regulations,working with Oman Vision 2040 Implementation(ISFU),and major Ministries.Mr.Marwan plays in key role in maintaining infrastructure operations,ensuring compliance with government policies,control of project documentation and applications for government licens

214、es and permits.Mr.Marwan holds a set of professional training certificates in Population and Social Statistics&Survey.AMJAD AL SHARJIHSE ManagerDip(Civil Engg.),IOSH,NEBOSHMr.Amjad Al Sharji is an experienced HSE Manager with over 6 years of experience in various sectors in Oman.He joined AHRL in Oc

215、tober 2021.Prior to this,he worked as a consultant with MMC and dealt with a number of electricity companies such as OETC anandMazoon.He holds a set of professional HSE training certificates.He has experience in electrical safety,stations,transmission lines,electrical transfers,hilly areas,construct

216、ion,and food safety.He worked to reduce the incidence of accidents,risks and environmental damage and participated in developing safety standards,raizing awareness of the importance of health and safety.ASILA AHMED SAID ALHARTHYEnvironmental EngineerBachelors in Chemical EngineeringMs.Asila Al-Harth

217、y has been part of Al-Hadeetha Resources since November 2022 and is a Chemical Engineer with experience in oil refineries and environmental assessment.She has strong expertise in oil refineries and chemical industries.She has been involved in environmental research combating the environmental impact

218、 ofmining.She focuses on monitoring Environmental Impact Assessment such as noise and emissions monitoring,air quality,ground water quality,handling chemicals and handling waste in most environmentally sustainable manner.Management Support Team32Alara ResourcesAnnual Report 2024ZAHRA ALBATTASHIAdmin

219、istration/Accounts SupportDip Acctg.and Bus.Admin.(MuscatCollege)Ms.Albattashi has over 4 years experience in the field of reception,office administration and foreign exchange.She joined the company in March 2022.She handles SAP data entry and serves as the Companys liaison with Government departmen

220、ts for project-related licenses.Prior to joining AHRL she worked for the Superior Care C.O.LLC in administration and accounting and,prior to that,worked at an international currency exchange,handling exchange transactions and transferring money.LUJAINA ALBALUSHIHuman Resource ManagerBachelors in Hum

221、an Resources andMarketingMs.Lujaina Al-Balushi is a Human Resources manager,she joined AHRL February 2023 after graduating from the Modern College of Business&Science with Bachelors in human resources andMarketing.Prior to working with AHRL,Ms.Lujaina worked in Customer Service in compliances such a

222、s Bank Dhofar and AlSaher Company.HAITHAM AL BUSAIDIIHuman Resource&AdminBachelors in Human ResourcesHaitham Al Busaidi is a dedicated and dynamic Human Resources professional with a strong academic foundation in HR management and a proven track record in both administrative and HR roles.Currently w

223、orking as a Human Resource&Admin Officer at AL Hadeetha Resources LLC,he has developed key skills in recruitment and employee Relations.With a bachelors degree in human resources management and internships in diverse sectors,Haitham brings a blend of practical experience and a passion for fostering

224、positive workplace environments.Fluent in both Arabic andEnglish.Management Support Team33Alara ResourcesAnnual Report 2024MANISH GURJARMines ManagerB.Tech in Mining.Mechanical Diploma Mining Professional with over 7 years of multi-commodity experience in open pit mining,specializing in mine managem

225、ent,drilling and blasting,contract management planning,regulatory compliance,and sustainable mining practices.Holder of a First Class Mine Manager Certificate,demonstrating a strong commitment to safety and operational excellence.Proven track record in overseeing efficient mine operations,particular

226、ly in lead,zinc,iron and chromite commodities.Previously exemplified by his role as Deputy Manager of Mine Operations at Tata Steel.Skilled in strategic project planning&sustainable development practices,He excel at optimizing resource extraction while adhering to industry regulations and sustainabi

227、lity initiatives.His ability to lead cross-functional teams and manage complex projects positions as a valuable asset in advancing operational goals and driving continuous improvement within the mining sector.MIRZA RIAJ BAIG Electrical Maintenance Lead B.Tech,Electrical EngineeringMr.Mirza has over

228、14 years of experience in Commissioning,Operations&Maintenance in Metal andMining industries in India and Saudi Arabia.He has worked with leading companies like Kirloskar Ferrous,Vedanta Aluminium,Maaden Bauxite&Alumina Company,and Tata Power.He has an extensive background in plant maintenance activ

229、ities in Metal,Mining and Power sector.He has been responsible for Critical Troubleshooting,Emergency Power Restoration and Maintenance work execution with utmost Safety standard.Currently he is leading the electrical team for overall plant operation and maintenance.MOHAMMAD IMROZ AHMADProcess Super

230、intendentB.Tech(Chemical Engineering)and MBA(Business Analytics)Mr.Mohammad Imroz has 15+years of diverse experience in project commissioning,operations,procurement,and technical services in the metal&mining industries in India.Before joining AHRL,he worked with leading metal&mining companies in Ind

231、ia such as Hindalco Industries(Aditya Birla Group)where he was involved in process and technical services for 10+years.Before ABG he was associated with Vedanta Resources Plc for 5years and worked in different units like Pantnagar Metal Plant(HZL),Vedanta Aluminium.He has extensive experience in gre

232、enfield and brawn field projects and commissioning.He has significant experience in CAPEX&OPEX planning,training and development,and system implementation in the plant.Management Support Team34Alara ResourcesAnnual Report 2024NISHU KHANManager Technical Purchase andInventory ControlB.Tech,Mechanical

233、 Engineering(AligarhMuslim University)Mr.Nishu has 14+years of diverse experience in maintenance,commissioning,and project operations.He worked with leading companies such as Hindustan Zinc Limited and Vedanta Resources,prior to joining AHRL.Nishu has wide experience in Alumina Refinery,Aluminium Sm

234、elter,Zinc and Lead Beneficiation Plant,Silver Refinery,Zinc&Lead Casting and Melting Unit and Thermal Power Plant.He has been engaged in initiating,implementing,and managing the plant maintenance program based on best practices in the industry,with an emphasis on planning&scheduling and preventive&

235、predictive maintenance.He has a good command in ERP systems such as SAP PM and MM modules.He is certified in First Aid from the Red Cross Society,Aluminium Smelter Training Certification from Chalco Guangzhou China,Hydraulics and Pneumatics Maintenance Certification from CRISP,Conveyor Maintenance C

236、ertification from Martin,Hydraulics Level-2 Maintenance Certification from EATON,Coating and Lining Certification by MARCEP and many others.JAI PRAKASH MEELMechanical Maintenance LeadB.Tech(Mechanical Engineering)A Dynamic Mechanical Engineer with nearly 16 years of extensive experience in operation

237、s,maintenance,and project management within the minerals processing and production plant industries.In previous assignment he served as Manager Mechanical Maintenance at Somika Group in DR Congo.His expertise includes managing complex mechanical operations,overseeing the installation and maintenance

238、 of various equipment,and optimizing processes to enhance performance and safety.Adept at technical problem-solving,project budgeting,and inventory control,with a strong commitment to continuous improvement and team collaboration.BHERU SINGHInstrumentation LeadB.Tech(Electronics Instrumentation andC

239、ontrol Engineering)A Dynamic engineering professional with over 14 years of extensive experience in Commissioning Operations&Power Plant Maintenance and Instrumentation&Control(I&C),specializing in DCS and PLC configuration,fault diagnosis,and performance improvement projects.Adept at managing criti

240、cal operations,enhancing process safety,and implementing digitalisation initiatives,with a proven ability to lead teams and foster strong relationships.Known for strong analytical and problem-solving skills,committed to optimizing asset performance and achieving organisational objectives in fast-pac

241、ed environments.Prior to joining AHRL,he worked with Kepco Plant Services and Engineering Co.Ltd.Management Support Team35Alara ResourcesAnnual Report 20242024 DIRECTORS REPORT The Directors present their report on AlaraResources Limited(Company or Alara orAUQ)and the entities it controlled at the e

242、nd of orduring the financial year ended 30 June 2024(theConsolidated Entity).Alara ResourcesAnnual Report 202436Material Business RisksThe Companys future revenue projections are strongly linked to the world copper price.The copper price is,in turn,dependent on demand for copper,particularly the ext

243、ent to which that demand may increase in connection with the anticipated transition of the worlds vehicle fleet to electric power.At the date of this report the LME spot copper price is USD 9982.50 per tonne,relatively close to its historic high of$10,856.50 in May this year.Projections for copper d

244、emand are favourable to the Company.Demand is projected to significantly exceed supply for at least the next five years.The Companys mine has a life of 10 years.The Companys copper-gold mine is in Oman.Oman has a history of political stability.No change to that state of affairs is anticipated in the

245、 foreseeable future.The Company maintains good relations with landowners in the vicinity of its project.There are no indigenous landholdings in the area.Environmental risks in the Companys mine are modest and are being managed with appropriate systems and technology.The risk of an environmental inci

246、dent are considered low and easily manageable.The Company considers that the risk to its social licence is low and manageable.Mineral TenementsThe current status of all mineral tenements and applications for the Daris and Awtad Projects are presented in the table below.Block NameLicence OwnerAlara J

247、VInterestExploration LicenceMining Licence within ELAreaDate ofGrantDate ofExpiryStatusAreaDate ofApplicationStatusBlock 7Al Tamman Trading and Est.LLC 50%(earn into 70%)587km2 Nov 2009Feb 2016PendingDaris 345&EastResub-mitted 2018PendingBlock 8Awtad Resources LLC10%(earn into70%)597km2 Nov 2009Oct

248、2013ActiveN/AN/AN/ACorporate InformationAlara is a company limited by shares incorporated inWestern Australia.Principal ActivitiesThe principal activities of entities within the Consolidated Entity during the year were the exploration,evaluation and development of mineral exploration licenses inOman

249、.Significant Changes in the State of AffairsThere have been no significant changes in the state of affairs of the Consolidated Entity save as otherwise disclosed in this Directors Report or the financial statements and notes thereto.DividendsNo dividends have been paid or declared during thefinancia

250、l year.Directors Report37Alara ResourcesAnnual Report 2024Operating Results2024$2023$ConsolidatedTotal revenue5,500,42125,297Total expenses(16,125,650)(2,757,689)Profit/loss before tax(10,625,229)(2,732,392)Income tax benefitProfit/loss after tax(10,625,229)(2,732,392)Profit/(Loss)per Share20242023C

251、onsolidatedBasic profit/(loss)per share(cents)(0.81)(0.27)Diluted profit/(loss)per share(cents)(0.81)(0.27)Weighted average number of ordinary shares outstanding during the year used in the calculation of basic loss per share718,087,541715,810,289Weighted average number of ordinary shares outstandin

252、g during the year used in the calculation of diluted loss per share718,920,791718,015,877Cash Flows2024$2023$ConsolidatedNet cash flow used in operating activities(12,000,778)(1,554,524)Net cash flow from investing activities(19,088,862)(51,981,341)Net cash flow provided by financing activities31,79

253、4,21854,690,693Net change in cash held704,5781,154,828Effect of exchange rates on cash(5,511)52,126Cash held at year end4,355,8123,656,745Directors Report38Alara ResourcesAnnual Report 2024Financial PositionOutlined below is the Consolidated Entitys financial position and prior year comparison.2024$

254、2023$ConsolidatedCash4,355,8123,656,745Trade and other receivables4,842,437924,905Exploration&evaluation4,689,1284,713,750Mine properties&development assets83,191,13898,618,098Investment in associates354,716151,558Term deposits329,963802,710Other current assets141,742142,440Inventory7,212,316 Advanc

255、e to Subcontractors1,805,4165,990,041Non-Current assets65,027,2862,660,045Total assets171,949,954117,660,291Trade and other payables 53,797,32721,566,739Financial liabilities97,183,63866,837,435Provisions364,199175,195Total liabilities151,345,16488,579,369Net assets 20,604,79029,080,923Issued capita

256、l68,722,14668,722,146Reserves15,061,40414,254,956Accumulated losses(65,085,620)(59,292,998)Parent interest18,697,93023,684,104Non-controlling interest1,906,8605,396,8159Total equity20,604,79029,080,923Issued CapitalFully paid ordinary shares,listed options and unlisted options on issue in the Compan

257、y as at the date of this report are as follows:Fully paid shares quoted on ASXListedoptionsUnlistedoptionsSecurities718,087,541182,854,885Total718,087,541182,854,885900,942,426Unlisted OptionsNo unlisted options were issued during the reporting period.Directors Report39Alara ResourcesAnnual Report 2

258、024Likely Developments and Expected ResultsDuring the 2024-25 financial year the Consolidated Entity intends to rectify the issue with the tailing filter press(discussed above)in the copper-gold processing plant at the Al Wash-hi Majaza mine to bring the plant up to full production capacity.The Comp

259、any will continue the production and sale of copper and gold from the mine.The Company intends to continue exploration,evaluation and development activities in relation to its other mineral exploration licences in Oman,and to apply for and participate in option processes for the award of further exp

260、loration licences in Oman and Saudi Arabia,in the 2024-25 financial year.The likely results of these activities will depend on a range of geological,technical and economic factors.Environmental Regulation and PerformanceThe Consolidated Entity holds licences and abides by Acts and Regulations issued

261、 by the relevant mining and environmental protection authorities of the countries in which the Consolidated Entity operates.These licences,Acts and Regulations specify limits and regulate the management of discharges to the air,surface waters and groundwater associated with exploration and mining op

262、erations as well as the storage and use of hazardous materials.There have been no significant breaches of the Consolidated Entitys licence conditions.Board of DirectorsThe Directors of the Company in office during the financial year and until the date of this report are as follows:Stephen Gethin,Cha

263、irman Atmavireshwar Sthapak,Managing Director Vikas Jain Sanjeev Kumar Devaki Khimji Farrokh MasaniThe qualifications,experience and special responsibilities of the Directors are provided on pages26 to 27.Directors Interests in Shares and OptionsAs at the end of the reporting period,the relevant int

264、erests of the Directors in shares and options held in the Company are:DirectorFully Paid Ordinary SharesOptionsStephen Gethin1,500,000Atmavireshwar Sthapak3,862,0513,333,000Vikas Jain37,745,930Sanjeev KumarDevaki KhimjiFarrokh Masani12,142,581Directors MeetingsThe number of meetings and resolutions

265、of Directors(including meetings of committees of directors)held during the year and the number of meetings(or resolutions)attended by each Director were as follows:Director Appointment/ResignationBoardAudit CommitteeRemuneration and NominationCommitteeMeetingsAttendedMaxPossibleMeetingsAttendedMaxPo

266、ssibleMeetingsAttendedMaxPossibleStephen Gethin 28 Jun 2020892200Atmavireshwar Sthapak 22 Sep 20159922Vikas Jain 6 Apr 2016992200Sanjeev Kumar 23 Oct 202089Devaki Khimji 2 Feb 202289Farrokh Masani 2 Feb 202269Directors Report40Alara ResourcesAnnual Report 2024Audit CommitteeThe Audit Committee curre

267、ntly comprises Non-Executive Directors Vikas Jain(Committee Chairman)(appointed 6April 2016),Non-Executive Company Chairman Stephen Gethin(appointed 2 July 2020)andManaging Director Atmavireshwar Sthapak(appointed 28 September 2016).The Audit Committee has a formal charter to prescribe its objective

268、s,duties and responsibilities,access and authority,composition,membership requirements of the Committee and other administrative matters.Its function includes reviewing and approving the audited annual and reviewed half-yearly financial reports,ensuring a risk management framework is in place,review

269、ing and monitoring compliance issues,reviewing reports from management and matters related to the external auditor.The Audit Committee Charter may be viewed and downloaded from the Companys website.Remuneration ReportThe information in this Remuneration Report has been audited.This Remuneration Repo

270、rt details the nature and amount of remuneration for each Director and Company Executive(being a Company Secretary or senior manager with authority and responsibility for planning,directing and controlling the major activities of the Company or Consolidated entity,directly or indirectly)(Key Managem

271、ent Personnel or KMP)of the Consolidated Entity in respect of the financial year ended 30 June 2024.DirectorsStephen GethinChairmanAtmavireshwar SthapakManaging DirectorVikas JainNon-Executive DirectorSanjeev KumarNon-Executive DirectorDevaki KhimjiNon-Executive DirectorFarrokh MasaniAlternate Direc

272、torExecutivesDinesh AggarwalCompany SecretaryAvigyan BeraCEO,AHRLMohammed QamarGM Plant Operations,AHRLMobashirul HodaHSC Head,AHRLMohammad ImrozProcess Superintendent,AHRLAhmad Nishith ChandraHead of HR,AHRLGautam JainFinancial Controller,AHRLRemuneration and Nomination CommitteeThe Remuneration an

273、d Nomination Committee currently comprises Non-Executive Board Chairman,Stephen Gethin(Committee Chairman,appointed 2 July 2020),Non-Executive Director,Vikas Jain(appointed 6 April 2016)and Managing Director Atmavireshwar Sthapak appointed 28 June 2016).The Remuneration and Nomination Committee has

274、a formal charter to prescribe its purpose,key responsibilities,composition,membership requirements,powers and other administrative matters.The Committee has a remuneration function(with key responsibilities to make recommendations to the Board on policy governing the remuneration benefits of the Man

275、aging Director and Executive Directors,including equity-based remuneration and assist the Managing Director to determine the remuneration benefits of senior management and advise on those determinations)and a nomination function(with key responsibilities to make recommendations to the Board as to va

276、rious Board matters including the necessary and desirable qualifications,experience and competencies of Directors and the extent to which these are reflected in the Board,the appointment of the Chairman and Managing Director,the development and review of Board succession plans and addressing Board d

277、iversity).The Remuneration and Nomination Committee Charter may be viewed and downloaded from the Companys website.Directors Report41Alara ResourcesAnnual Report 2024Remuneration PolicyThe Board(with guidance from the Remuneration and Nomination Committee)determines the remuneration structure of all

278、 Key Management Personnel having regard to the Consolidated Entitys strategic objectives,scale and scope of operations and other relevant factors,including experience and qualifications,length of service,market practice,the duties and accountability of Key Management Personnel and the objective of m

279、aintaining a balanced Board which has appropriate expertise and experience,at a reasonable cost to the Company.The Board recognises that the performance of the Company depends upon the quality of its Directors and Executives.To achieve its financial and operating objectives,the Company must attract,

280、motivate and retain highly skilled Directors and Executives.The Company embodies the following principles in its remuneration framework:Provide competitive rewards to attract and retain high calibre Executives.Structure remuneration at a level that reflects the Executives duties and accountabilities

281、 and is competitive.Remuneration StructureThe structure of Non-Executive Director and Executive Director remuneration is separate and distinct.Director RemunerationObjectiveThe Board seeks to set aggregate remuneration(for Directors)at a level which provides the Company with the ability to attract a

282、nd retain directors of the highest calibre,whilst incurring a cost which is acceptable to shareholders.StructureEach Non-Executive Director receives a fee for serving as a Director of the Company and on relevant Board Committees,if applicable.The level of each Non-Executive Directors fee is commensu

283、rate with the workload and responsibilities undertaken.According to the Companys Constitution and the ASX Listing Rules,the aggregate remuneration of Non-Executive Directors must not exceed an amount determined by the Shareholders from time to time at a General Meeting(Non-Executive Fee Pool).An amo

284、unt up to the Non-Executive Fee Pool is then allocated among the Non-Executive Directors as Directors fees,as determined by the Board on the recommendation of the Remuneration and Nomination Committee(Remuneration Committee).The Non-Executive Fee Pool,set by Shareholders at the Annual General Meetin

285、g held on 26 May 2011,is AUD 275,000 per annum.Shareholders determined the amount of the Non-Executive Fee Pool having regard to the recommendation of the Board.That recommendation was,in turn,based on the recommendation of the Remuneration Committee,made based on a consideration of fees paid to non

286、-executive directors of comparable companies.Managing Director and Senior Executive RemunerationObjectiveThe Company aims to reward executives with a level and mix of remuneration commensurate with their position and responsibilities within the Company and so as to ensure total remuneration is compe

287、titive by market standards.Formal employment contracts are entered into with the Managing Director and senior executives.Details of these contracts are outlined later in this report.Directors Report42Alara ResourcesAnnual Report 2024Consequences of Company Performance onShareholder WealthIn consider

288、ing the Companys performance and creation of value for shareholders,the Board had regard to the following information in relation to the current financial year and the previous four years:Item20242023202220212020Total Equity(AUD)20.9m29.1m22.9m21.5m22.9mBasic earnings/(loss)pershare (AUD)(0.81)(0.27

289、)(0.19)(0.24)0.04Net Profit/(Loss)attributable to members(AUD)(5,792,626)(1,914,019)(1,316,222)(1,622,329)273,985Market Capitalisation(AUD)35.9m20.1m31.0m9.9m8.3mFixed RemunerationDuring the financial year,the Key Management Personnel of the Company are paid a fixed base salary/fee per annum plus ap

290、plicable employer superannuation contributions,as detailed below(Details of Remuneration Provided to Key ManagementPersonnel).Performance Related Benefits/Variable RemunerationPerformance-related benefits/variable remuneration payable to Key Management Personnel is disclosed in the table Details of

291、Remuneration Provided to Key Management Personnel.Current Managing Director Atmavireshwar Sthapak was paid allowances including housing and vehicle allowances and medical insurance.Special Exertions and ReimbursementsPursuant to the Companys Constitution,each:Non-Executive Director is entitled to re

292、ceive payment for the performance of extra services,or the undertaking of special exertions,at the request of the Board for Company purposes.Each Director is entitled to reimbursement of all reasonable expenses(including traveling and accommodation)which they incur for the purpose of attending Board

293、 and Board Committee meetings,the business of the Company,or in performing their duties as a Director.Post-Employment BenefitsOther than employer contributions to nominated complying superannuation funds(where applicable)and entitlements to accrued unused annual and long service leave(where applicab

294、le),the Company does not provide retirement benefits to Key ManagementPersonnel.The Company notes that Shareholders approval is required where a Company proposes to make a“termination payment”(for example,a payment in lieu of notice,a payment for a post-employment restraint and payments made as a re

295、sult of the automatic or accelerated vesting of share based payments)in excess of one years“base salary”(defined as the average base salary over the previous 3 years)to a Director or any person who holds a managerial or executive office.Long-Term BenefitsOther than early termination benefits disclos

296、ed in“Employment Contracts”below,Key Management Personnel have no right to termination payments,save for payment of accrued unused annual and long service and/or end of service leave(where applicable).Directors Report43Alara ResourcesAnnual Report 2024Details of Remuneration Provided to Key Manageme

297、nt PersonnelKey Management PersonnelPerfor-mancebasedShort-term benefitsPost-employment benefitsOtherlong-termbenefitsEquitybasedbenefitsFixedAt riskSTIOptionrelatedSalaryand feesAllow-ances(1)CashBonusNon-cash(2)Other(3)Superan-nuationTermina-tionOtherOptionsTotal2024%$Executive DirectorAtmavireshw

298、ar Sthapak100%372,74327,84031,062 431,645Non-Executive DirectorsStephen Gethin100%82,50082,500Vikas Jain100%50,00050,000Sanjeev Kumar100%25,00027,523Devaki Khimji100%27,50027,500Farrokh Masani100%-Company SecretaryDinesh Aggarwal(4)100%47,31747,317Chief Executive Officer AHRLAvigyan Bera100%81,53825

299、,626 107,164Mohammed Qamar100%81,53834,945 116,483Mobashirul Hoda100%60,57123,29683,867MD Imroz Khan100%44,26341,93486,197Nishith Chandra100%9,7076,05715,764Gautam Jain100%11,6486,21217,860(1)Allowances are based on the executive employment agreement and may include expat allowance,company car allow

300、ance,rent allowance and security bond and school-fee allowance received from subsidiaries and related joint venture entities.(2)Non-cash benefits include net leave and/or end of service gratuity accrued or paid to relevant labour laws.(3)Other short-term benefits consist of exchange gain/(loss)due t

301、o foreign currency translation from Oman Riyal to Australia Dollars on Mr.Beras salary.(4)Remuneration,in his capacity as Company Secretary,paid to Fortuna Advisory Group.Key Management PersonnelPerfor-mancebasedShort-term benefitsPost-employment benefitsOtherlong-termbenefitsEquitybasedbenefitsFixe

302、dAt riskSTIOptionrelatedSalaryand feesAllow-ances(1)CashBonusNon-cash(2)OtherSuperan-nuationTermina-tionOtherOptionsTotal2023%$Executive DirectorAtmavireshwar Sthapak100%355,71827,74031,293 414,751Non-Executive DirectorsStephen Gethin100%75,00075,000Vikas Jain100%50,00050,000Sanjeev Kumar100%23,9352

303、,52326,458Devaki Khimji100%16,04227,500Farrokh Masani100%-Company SecretaryDinesh Aggarwal(3)100%110,400 110,400Chief Executive Officer AHRLAvigyan Bera100%79,79826,7953,423 110,016(1)Allowances are based on the executive employment agreement and may include expat allowance,company car allowance,ren

304、t allowance and security bond and school-fee allowance received from subsidiaries and related joint venture entities.(2)Non-cash benefits include net leave and/or end of service gratuity accrued or paid to relevant labour laws.(3)Appointed 2 July 2020.Remuneration,in his capacity as Company Secretar

305、y,paid to Fortuna Advisory Group.Directors Report44Alara ResourcesAnnual Report 2024Equity Based BenefitsThe Company provided no equity based benefits(e.g.grant of shares or options)to Key Management Personnel during the financial year.No shares were issued as a result of the exercise of options hel

306、d by Key Management Personnel during the financial year.Options Lapsed During the YearThe following options lapsed or were cancelled during the reporting period.1,666,000 options(issued to Managing Director Atmavireshwar Sthapak on 23 December 2021 each exercisable over one fully paid,ordinary,share

307、 in the Company with an exercise price of AUD 0.03 per share)expired on 30April2024.2,500,000 options(issued to Managing Director Atmavireshwar Sthapak on 23 December 2021 each exercisable over one fully paid,ordinary,share in the Company with an exercise price of AUD 0.03 per share)expired on 30 Ju

308、ne 2024.Details of Shares Held by Key Management Personnel2023-2024Director/KMPOrdinary Fully Paid SharesBalance at 1 July 2023Balance at appointment(1)Net changeBalance at cessation1Balance at 30 June 2024Stephen Gethin1,500,0001,500,000Atmavireshwar Sthapak3,862,0513,862,051Vikas Jain37,745,93037,

309、745,930Sanjeev KumarDinesh Aggarwal8,555,7258,555,725Devaki KhimjiFarrokh Masani10,676,1871,466,39412,142,581(1)Applies where the Director was appointed,or ceased as a Director,during the reporting period.20222023Director/KMPOrdinary Fully Paid SharesBalance at 1 July 2022Balance at appointment(1)Ne

310、t changeBalance at cessation1Balance at 30 June 2023Stephen Gethin1,500,0001,500,000Atmavireshwar Sthapak3,862,0513,862,051Vikas Jain37,745,93037,745,930Sanjeev KumarDinesh Aggarwal6,055,7252,500,0008,555,725Devaki KhimjiFarrokh Masani10,422,687253,50010,676,187(1)Applies where the Director was appo

311、inted,or ceased as a Director,during the reporting period.Details of Options Held by Key Management PersonnelThe only options held by Key Management Personnel are those disclosed above under the heading“Equity Based Benefits”.Directors Report45Alara ResourcesAnnual Report 2024Employment Contracts(a)

312、Managing Director Atmavireshwar SthapakAtmavireshwar Sthapak was appointed Managing Director on 27 July 2020.The material terms of his contract in effect during the reporting period were asfollows5:Annual base salary of AUD 324,278 per annum;Housing allowance of up to AUD 41,406 per annum;Vehicle al

313、lowance up to AUD 77,637 per annum,plus pay the costs of keeping the vehicle fuelled,maintained and registered;Compulsory statutory“end of service”payments due under Oman Labour Law;Standard annual leave(20 days)and personal/sick leave(10 days paid)entitlements plus any additional entitlements presc

314、ribed under Oman Labour Law;and Either party may terminate the agreement by providing three months notice.Long-term incentive:The Managing Directors Options,as detailed above formed part of his long-term incentive but since the end of the reporting period have now all expired.(b)Other ExecutivesDeta

315、ils of the material terms of formal employment/consultancy agreements(as the case may be)between the Company and other Key Management Personnel during the period are as follows:KMP Postion(s)heldBase Salary/Fees per annumOther KeyTermsStephen Gethin ChairmanAUD 75,000 plus GST perannum.N/ADinesh Agg

316、arwalt Company SecretaryThe Company pays Fortuna Advisory Group AUD 110,400 as a combined amount for Company Secretarial and Chief Financial Officer services.Mr Aggarwal is a consultant to Fortuna Advisory Group through Fortuna Accountants and Business Advisors,of which he is Managing Director.N/AOt

317、her Benefits Provided to Key ManagementPersonnelNo Key Management Personnel has during or since the end of the financial year,received or become entitled to receive a benefit,other than a remuneration benefit as disclosed above,by reason of a contract made by the Company or a related entity with the

318、 Director or with a firm of which he is a member,or with a Company in which he has a substantial interest.There were no loans to directors or executives during the reporting period.Employee Share Option PlanThe Company has an Employee Share Option Plan(the ESOP)which was most recently approved by sh

319、areholders at the 2017 Annual General Meeting.The ESOP was developed to assist in the recruitment,reward,retention and motivation of employees(excluding Directors)of Alara.Under the ESOP,the Board will nominate personnel to participate and will offer options to subscribe for shares to those personne

320、l.A summary of the terms of ESOP is set out in Annexure A to Alaras Notice of Annual General Meeting and Explanatory Statement for its 2017 AGM.Directors Loan AgreementsThere were no loan agreements with the Directors during the year.Securities Trading PolicyThe Company has a Securities Trading Poli

321、cy,a copy of which is available for viewing and downloading from the Companys website.Directors Report46Alara ResourcesAnnual Report 2024Voting and Comments on the Remuneration Report at the 2023 Annual General MeetingAt the Companys most recent Annual General Meeting(AGM),a resolution to adopt the

322、Remuneration Report for the previous reporting period was put to a shareholders vote and passed unanimously on a show of hands with the proxies received also indicating 99.31%support for adopting the Remuneration Report.(1)No comments were made on the Remuneration Report at the AGM.(1)Refer Alaras 1

323、7 November 2017 ASX Announcement:ResultsofMeeting.Engagement of Remuneration ConsultantsThe Company did not engage a remuneration consultant during the year.The Board has established a policy for engaging external remuneration consultants.The policy includes a requirement for the Remuneration and No

324、mination Committee to:approve all engagements of remuneration consultants;receive remuneration recommendations from remuneration consultants(to the exclusion of persons not members of the Committee)regarding Key Management Personnel;and ensure that the making of remuneration recommendations is free

325、from undue influence by the member or members of the Key Management Personnel to whom the recommendation relates.This concludes the audited Remuneration Report.Directors and Officers InsuranceThe Company insures Directors and Officers against liability they may incur in respect of any wrongful acts

326、or omissions made by them in such capacity(to the extent permitted by the Corporations Act 2001)(D&O Policy).Details of the amount of the premium paid in respect of the D&O Policy is not disclosed as such disclosure is prohibited under the terms of the policy.Directors DeedsIn addition to the rights

327、 of indemnity provided under the Companys Constitution(to the extent permitted by the Corporations Act),the Company has also entered into a deed with each of the Directors and the Secretary(each an Officer)to regulate certain matters between the Company and each Officer,both during the time the Offi

328、cer holds office and after the Officer ceases to be an officer of the Company,including the following matters:The Companys obligation to indemnify an Officer for liabilities or legal costs incurred as an officer of the Company(to the extent permitted by the Corporations Act).Subject to the terms of

329、the deed and the Corporations Act,the Company may advance monies to Officers to meet any costs or expenses of the Officer incurred in circumstances relating to the indemnities provided under the deed and before the outcome of legal proceedings brought against theOfficer.Legal Proceedings on Behalf o

330、f ConsolidatedEntity(Derivative Actions)No person has applied for leave of a court to bring proceedings on behalf of the Consolidated Entity or intervene in any proceedings to which the Consolidated Entity is a party for the purpose of taking responsibility on behalf of the Consolidated Entity for a

331、ll or any part of such proceedings and the Consolidated Entity was not a party to any such proceedings during and since the financial year.Directors Report47Alara ResourcesAnnual Report 2024AuditorDetails of the amounts paid or payable to the Companys auditors(In.Corp Audit&Assurance Pty Ltd for the

332、 year ended 30 June 2024 and RSM Chartered Accountants for the Oman entity audits)for audit and non-audit services provided during the financial year are set out below(refer to Note5 of the Notes to the Consolidated Financial Statements):Audit and Review Fees$Fees for Other Non-Audit Services$Total$

333、35,61735,617No non-audit services were provided by the Auditors during the year.Auditors Independence DeclarationA copy of the Auditors Independence Declaration as required under section 307C of the Corporations Act 2001 forms part of this Directors Report and is set out on page 49.Events Subsequent to Reporting DateThe Directors are not aware of any matters or circumstances at the date of this Di