Alice Queen Limited (AQX) 2024年年度報告「ASX」.pdf

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1、 ALICE QUEEN LIMITED AND ITS CONTROLLED ENTITIES A.B.N.71 099 247 408 ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 CORPORATE DIRECTORY Directors Jianying Wang Chairman Andrew Buxton Managing Director Dale McCabe Executive Director James Myers Non-Executive Director Michele Alessandro Bina Non-Execu

2、tive Director Company Secretary Anne Adaley Registered Office and Principal Place of Business Level 2,568 Chapel Street(Entrance Oxford Street)South Yarra VIC 3141 T:+61 3 8669 1408 W:.au Auditor MNSA Pty Ltd Level 1,283 George Street Sydney NSW 2000 T:+61 2 9299 0901 F:+61 2 9299 8104 Share Registe

3、r Computershare Investor Services Pty Limited Yarra Falls,452 Johnston Street Abbotsford Victoria 3067 T:1300 137 328 Securities Exchange Listing Australian Securities Exchange ASX Code:AQX CONTENTS CORPORATE PROFILE 1 CHAIRMANS STATEMENT 3 DIRECTORS REPORT 4 AUDITORS INDEPENDENCE DECLARATION 25 CON

4、SOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 26 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 27 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 28 CONSOLIDATED STATEMENT OF CASHFLOWS 29 NOTES TO THE FINANCIAL STATEMENTS 30 CONSOLIDATED ENTITY DISCLOSURE STATEMENT 57 DIRECTORS DEC

5、LARATION 58 INDEPENDENT AUDITORS REPORT 59 ADDITIONAL INFORMATION FOR LISTED PUBLIC COMPANIES 64 ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 1 CORPORATE PROFILE Alice Queen Limited(“Alice Queen or the“Company”)is an Australian minerals exploration company with a portfolio of gold and copper proje

6、cts in Fiji,Queensland and NSW.Additionally,the Company has two early stage,highly prospective,critical mineral tenements in NSW.Alice Queen Limited project portfolio The Companys projects in Fiji are located on the“Pacific Rim of Fire”,the Sabeto project sits on the Vuda-Sabeto-Tuvatu geological co

7、mplex,hosts a high-grade alkaline gold system and is adjacent to Lion One Metals,Tuvatu gold mine.The Viani project is emerging as a high-grade gold low sulphidation epithermal gold system,with gold mineralisation recorded in outcrop samples over a 3km strike length.The Viani project(SPL1513)covers

8、an area greater than 200km2 on the Caukadrove Peninsula on Vanua Levu,Fiji.It is well serviced from Savu Savu on Vanua Levu and is highly prospective for a high-grade low sulphidation epithermal(LSE)gold system(see ASX releases 2 December 2022,“VIANI UPDATE”and 6 March 2023,“ALICE QUEEN UPGRADES VIA

9、NI EPITHERMAL PROJECT”1).ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 2 CORPORATE PROFILE(CONTINUED)Since 2015,Alice Queen has generated a number of projects along the Lachlan Fold Belt in New South Wales and has previously completed early-stage drilling across its Mendooran,Yarindury and Boda Eas

10、t project areas.In Queensland,the Horn Island Gold Project,in the Torres Strait region of the states far north,has two major areas of focus.Exploration at the Southern Silicified Ridge prospect presents the opportunity for significant further discoveries with over 5km of strike and promising early d

11、rill results.The historic open pit at Horn Island currently hosts Indicated and Inferred Resources(JORC 2012)of 16.7Mt 0.98g/t Au for 524,000oz at a cut-off grade of 0.4 g/t Au(refer breakdown of Indicated and Inferred resource in the below table)2,with potential for further extensions and other dep

12、osits located at the Southern Silicified Ridge prospect.Tonnage Mt Grade g/t Au Au koz Indicated Resource 8.9 0.97 277 Inferred Resource 7.8 0.99 247 Total 16.7 0.98 524 Mineral Resource Estimate(see ASX release 11 November 2021,“HORN ISLAND SCOPING STUDY AND MRE”2).The Company also holds a second l

13、icense in the Torres Strait known as EL25418 Kaiwalagal which covers five other islands in the southern part of the Torres Strait.Most notably,it covers the largest island in the Torres Strait,Muralug(Prince of Wales Island).In addition to the Companys gold and copper projects,Alice Queen holds two

14、licenses that are early stage exploration projects in the critical minerals space in New South Wales.Byrock and Gongolgon.Byrock is prospective for REE being adjacent to the Sky Metals(ASX:SKY)Doradilla Project and Legacy Minerals(ASX:LGM).The project area also includes the“Compton Downs Granite”,il

15、lustrated by the NSW geological survey(source Minview)over a 7km x 3km area,described as“Granodiorite with local pegmatite and variably altered”and is therefore prospective for lithium-caesium-tantalum in pegmatites.Historical sampling of the“Gongolgon Granite”indicates that it outcrops over a 7km l

16、ength and reported anomalous Rare Earth Elements(REE)(see ASX release,24 April 2023“DIVERSIFICATION INTO BATTERY METALS UPDATE3).The Gongolgon Granite is part of a larger gravity low anomaly indicative of a very extensive granite intrusion complex that is under shallow younger regolith cover and is

17、completely unexplored.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 3 CHAIRMANS STATEMENT Dear fellow shareholders,It is my pleasure to present the Annual Report for FY 2024 for Alice Queen Limited.This year has been transformatory for the Company.Gage Capital has reached its target equity stake in

18、 Alice Queen Limited of 51%and is now ready,willing and able to support the Company in whatever way is required to make a significant discovery in the near term and expand its existing gold resources.My colleague Michele Alessandro Bina and I have recently joined the Companys board of directors,and

19、it is with great honour,respect and enthusiasm that we welcome the challenge of increasing the value of the Company so that all shareholders can benefit.The investment that Gage capital has made so far in Alice Queen Limited is not insignificant and should indicate to you that we are serious about m

20、aking this Company into a significant player in the Asia-Pacific gold space.With our initial focus being on Fiji we have recently confirmed the renewal of Viani SPL151 which is exciting news given the previous high grade gold results that exist on that project from the JICA 1990s drilling.These resu

21、lts intercepted six vein zones and included 0.6m 27.6 g/t Au(see ASX release 6 March 2023,“ALICE QUEEN UPGRADES VIANI EPITHERMAL PROJECT”1)and confirmed the existence of a high grade low sulphidation epithermal gold system.At the time of writing,the Company,via its wholly owned subsidiary Alice Expl

22、oration(Fiji)Pte Ltd,has a drill rig in transit and due to arrive in Fiji shortly.The proposed drill program will include 3 holes at our Sabeto project SPL1518 which is located immediately next door to Lion One Metals Ltd(TSX:LLO)Tuvatu gold mine.As most of you would now be aware the Tuvatu gold min

23、e is now in full production,and this is seen by us as a major step forward in terms of exploration potential of the immediate area around Tuvatu but also for the mining industry in Fiji generally.Tuvatu is only Fijis second operating gold mine,behind Vatukoula,a world class gold mine that has been i

24、n production continuously for the last 75 years.During the reporting period we have also been preparing for further work at Horn Island to continue the exploration effort there.As you know we already have over half a million ounces of gold in combined indicated and inferred resource at Horn Island2,

25、so when the time is right,we will get back to a vigorous and aggressive plan to find the rest of the gold that we are confident exists at this highly prospective location.In NSW we continue to host discussions with a number of parties in relation to potential funding options.We look forward to updat

26、ing shareholders on this part of our portfolio as soon as we have firm commitments in place.All in all,the Gage Capital investment in Alice Queen Limited has provided a renaissance for the Company and I can assure all shareholders that Gage will be more aggressive in its exploration plans and activi

27、ties than the Company ever has been previously.I also take this opportunity to thank Andrew and Dale and the Executive team for their hard work during the year and finally,and most importantly I thank all of my fellow shareholders for their continuing support and look forward to a strong year ahead.

28、Yours faithfully,Jianying Wang Chairman ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 4 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2024 The Directors of Alice Queen Limited(“Alice Queen”and/or“the Company”)present their Report together with the financial report of the consolidated entity(referred to h

29、ereafter as the“Group”)consisting of Alice Queen Limited(the“Company”)and the entities it controlled at the end of,or during,the year ended 30 June 2024,unless otherwise stated.Directors The following persons held office as Directors of Alice Queen Limited during or since the end of the reporting pe

30、riod and up to the date of this report:Jianying Wang Non-Executive Chairman Date of Appointment:4 July 2024 Expertise and Experience Jianying Wang is a seasoned entrepreneur and investment banker.From 2007 to 2012,Mr Wang served as the General Manager of Beijing Derui Shitong Industrial Group Co.Ltd

31、.Since 2012,he has been the Chairman of Beijing Gage Capital Management Co.Ltd,a privately owned Beijing-based private equity firm.Mr Wang possesses extensive experience in overseas mergers and acquisitions and has made significant strides in the field of equity investment.Under his leadership,Beiji

32、ng Gage Capital Management Co.Ltd currently manages investments in over a hundred enterprises.Other current public company directorships Nil Former public company directorships in the last 3 years Ni Interest in shares and options Relevant interest in securities of Gage Resource Development Pty Ltd-

33、Mr Wang is a Director of Gage Resource Development Pty Ltd and is a Director of and holds a relevant interest in its holding company,Gage(Hong Kong)Capital Management Limited.Details of the securities held by Gage Resource Development Pty Ltd are set out below:584,877,226 fully paid ordinary shares;

34、and 55,000,000 quoted options(AQXOC)with an exercise price of$0.02 expiring 19 August 2026.Andrew Buxton Managing Director Date of appointment:13 November 2015 Expertise and Experience Andrew has over 25 years of experience across a broad range of industries including media,gaming,property and resou

35、rces.He has specific experience in the area of corporate finance,capital raisings and generation of resources exploration projects.Andrew was the founder of Alice Queen Limited in 2012.Prior to this he was the founding Managing Director of Kidman Resources Limited(ASX:KDR).Other current public compa

36、ny directorships Nil Former public company directorships in the last 3 years Nil ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 5 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2024 Directors(continued)Interest in shares and options 2,866,225 fully paid ordinary shares held directly in the Company;and 842,

37、350 fully paid ordinary shares held indirectly in the Company.Dale McCabe Executive Director Date of Appointment:3 February 2020 Expertise and Experience Dale McCabe was instrumental in supporting the foundation of Alice Queen Limited in 2012 with both operational support and seed capital raising ef

38、forts.He joined the Company formally in 2015 establishing the operational aspects of the exploration projects and continuing to support capital raising.Prior to his tenure at Alice Queen Limited,Dale spent more than 20 years in the IT industry across various industry sectors.Other current public com

39、pany directorships Nil Former public company directorships in the last 3 years Nil Interest in shares and options Nil James Myers Non-Executive Director Date of Appointment:30 May 2022 Expertise and Experience James Myers has 15 years capital markets experience across numerous roles,with particular

40、focus on equities dealing,corporate structuring and corporate actions.Mr Myers founder of boutique corporate advisory&capital firm,Molo Capital.Mr Myers is a Non-Executive Director at C29 Metals Limited(ASX:C29)and Chairman of unlisted company,Aero Green Energy Pty Ltd.Other current public company d

41、irectorships C29 Metals Limited Former public company directorships in the last 3 years Resource Base Limited Pathfinder Resources Ltd Roto-Gro International Limited Interest in shares and options 20,000,000 fully paid ordinary shares held indirectly in the Company;and 10,000,000 quoted options(AQXO

42、C)held indirectly in the Company with an exercise price of$0.02 expiring 19 August 2026.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 6 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2024 Directors(continued)Michele Alessandro Bina Non-Executive Director Date of Appointment:19 February 2024 Expertise and

43、Experience Michele Alessandro Bina is a former investment banker based in Hong Kong and is an adviser to Beijing Gage,the parent company of Gage Resource Development Pty Ltd(Gage).Mr Bina joined the Board of Alice Queen Limited as a Non-Executive Director as the nominee of Beijing Gage Capital Manag

44、ement Co.Ltd(Beijing Gage).Other current public company directorships Golden Mile Resources Ltd(ACN 614 538 402)since 26 April 2024.Former public company directorships in the last 3 years Nil Interest in shares and options Nil Company Secretary Anne Adaley Date of Appointment:25 November 2015.Anne h

45、as more than 25 years experience in the resources sector,including senior management roles with a number of listed public Australian exploration and mining companies.Anne is principal of Australian Mining Corporate and Administrative Services Pty Ltd(AMCAS)which provides a full range of consulting s

46、ervices and business support to management including accounting,financial services and company secretarial.Anne has also spent more than a decade as Company Secretary for several ASX listed public companies.Anne has served as Chief Financial Officer and Company Secretary to Mobecom Limited,Global Fo

47、rtune Investment Limited,Tellus Resources Ltd and Monaro Mining NL,Company Secretary to Gulf Industrials Limited,Chief Financial Officer to Tectonic Gold Plc and Estrella Resources Ltd,Finance and Administration Manager to Climax Mining Limited and Company Secretary and Group Financial Controller to

48、 Gympie Gold Limited.Principal Activity The principal activity of the Company during the reporting period was mineral exploration.The Company continued exploration activities at its Sabeto projects in in Fiji,in addition the Company maintained its projects at Horn Island,Queensland and on the Lachla

49、n Fold Belt in New South Wales.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 7 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2024 Review of Operations and Financial Results Exploration activities Alice Queen Limited is a gold and copper exploration company that has a portfolio of projects in Fiji,Torres

50、Strait and the Lachlan Fold Belt(see Figure 1).Figure 1:AQX Portfolio of Projects Sabeto(SPL1518),Fiji The Sabeto Project in Fiji is located on the Sabeto range,a 15 km east-west trending metallogenic zone that hosts several known areas of epithermal gold and porphyry gold copper style mineralisatio

51、n including:Lion One Metals,Tuvatu gold mine Vuda project The Sabeto mineralisation is hosted in the same alkaline rock formation(i.e.Nawainiu Intrusive Complex(NIC)which hosts the gold mineralisation at Tuvatu.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 8 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE

52、2024 Review of Operations and Financial Results Exploration activities(continued)Figure 2:Sabeto Project(see ASX release,ASX:LLO,1 July 2024,“Record Gold Production,Plant Expansion and Technical Report for Tuvatu”)During field activities early in 2024,a diatreme breccia outcropping over an area of a

53、pproximately 100m,open to the north and south,was identified at Sabeto and a conceptual porphyry copper gold alkaline breccia target was emerging.These geological observations of mineralised diatreme vent breccia,with the Companys previous observations of mineralised carapace breccias and mineralise

54、d highly evolved felsic intrusive in drill core are vectors to potential deeper gold+/-copper mineralisation.The conceptual target envisaged at Sabeto is an alkaline subvolcanic breccia hosted gold/copper ore body of some 80-100 million tonnes in a pipe like geometry(i.e.250-350m in diameter),that w

55、ould be extracted by underground block cave mining.Exploration drilling is planned to test the conceptual porphyry,copper-gold alkaline breccia target.See ASX releases.21 December 2023,SABETO EXPLORATION UPDATE 26 February 2024,PORPHYRY TARGET EMERGING AT SABETO ALICE QUEEN LIMITED ANNUAL REPORT 30

56、JUNE 2024 9 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2024 Review of Operations and Financial Results Exploration activities(continued)Viani(SPL1513)The Viani Project is located on Vanua Levu and is Fijis second largest island.Viani is a highly prospective low sulphidation epithermal(LSE)gold project

57、which contains a 5km by 1.5km surface gold-in soil geochemical anomaly-the footprint of the epithermal mineralisation is comparable to other economically productive gold epithermal deposits globally.Whilst the greater project area remains under explored,extensive sampling,trenching and(historic)limi

58、ted drilling of the Dakuniba prospect area has been previously completed by Japanese International Cooperation Agency(JICA)in 1997.The drilling focused on a small,shallow part of the overall system and intersected high grade epithermal gold mineralisation.Epithermal gold mineralisation was recorded

59、in outcrop samples over a 3km strike length.Multiple epithermal veins were recorded from the JICA shallow drilling which intersected six vein zones and included 0.6m 27.6 g/t Au (see ASX release 6 March 2023,“ALICE QUEEN UPGRADES VIANI EPITHERMAL PROJECT”1)at 50 to 100m below surface.The JICA drilli

60、ng was limited to only 600m of strike-length of the 5km long gold-in-soil anomaly(10ppb Au)supported by epithermal geochemistry i.e.,Ag and As.No exploration activities were undertaken at Viani during the reporting period.Alice Queen is planning an aggressive program of surface geochemical sampling

61、and drilling on this highly prospective gold project.Post reporting period,the Mineral Resources Department of Fiji notified Alice Queen that SPL1513(Viani)has been renewed for a further three years from 3 July 2024(see ASX release 24 July 2024,VIANI EPITHERMAL GOLD PROJECT RENEWED.).Figure 3 Viani

62、project ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 10 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2024 Review of Operations and Financial Results Exploration activities(continued)Nabila(SPL 1514)The Nabila project located on Viti Levu in Fiji is currently in its final stage of renewal with the Miner

63、al Resources Department of Fiji.Further updates will be provided upon successful grant of the license.Horn Island(EPM25520)and(EPM 25418)Torres Strait,Queensland The Horn Island Project is an Intrusive Related Gold System(IRGS)located in the Torres Strait Queensland.The Southern Silicified Ridge pro

64、spect at Horn Island presents potential for discovery and additional deposits.The historical pit area has an existing Mineral Resource Estimate(MRE),Indicated and Inferred,of 16.7Mt at 0.98 g/t Au for 524,000 ounces Au(see ASX release 11 November 2021,“Horn Island Scoping Study Outcomes and Mineral

65、Resource Estimate”)2 with further potential extensions open to the NW(see ASX release 30 June 2021,“Drilling Confirms New Gold Zone at Horn Island”)4.The Companys Kaiwalagal(EPM25418)Project is adjacent to Horn Island covering a number of islands of the Kaurareg Archipelago.No exploration activities

66、 occurred at the Companys Horn Island or Kaiwalagal projects during the reporting period.Figure 4:Horn Island and Kaiwalagal licence areas ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 11 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2024 Review of Operations and Financial Results Exploration activities(

67、continued)Byrock(EL9568)and Gongolgon(EL9569),New South Wales Figure 5:Byrock and Gongolgon Projects After obtaining the requisite land access agreement,Alice Queen completed its maiden reconnaissance program in January 2024 at the tenements(primarily Gongolgon)to assess the landscape,access and inf

68、rastructure.Due to considerable sedimentary cover,extensive mulga scrub and native grasses,there was limited opportunity to sample the Gongolgon granites.The Company plans to further assess and consider future field exploration programs that will likely require clearing prior to any mapping and samp

69、ling of the Gongolgon granite area.Historical sampling of the“Gongolgon Granite”indicates that it outcrops over a 7km length and reported anomalous Rare Earth Elements(REE)3.The Gongolgon Granite is part of a larger gravity low anomaly indicative of a very extensive granite intrusion complex that is

70、 under shallow younger regolith cover and is completely unexplored.Byrock is prospective for REE being adjacent to the Sky Metals(ASX:SKY)Doradilla Project and Legacy Minerals(ASX:LGM).ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 12 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2024 Review of Operations

71、 and Financial Results Exploration activities(continued)The project area also includes the“Compton Downs Granite”,illustrated by the NSW geological survey(source Minview)over a 7km x 3km area,described as“Granodiorite with local pegmatite and variably altered”and is therefore prospective for lithium

72、-caesium-tantalum in pegmatites.Lachlan Fold Belt,New South Wales Mendooran(EL 8469)and Boda East,Yarindury(EL8646)The Mendooran Project is prospective for a largescale copper gold porphyry system.Plans to drill the highest ranked targets at Mendooran were put on hold in late 2021 due to funding con

73、straints.Boda East(Yarindury)is located adjacent to Alkanes(ASX:ALK)Boda and Kaiser porphyry copper gold deposits on the Lachlan Fold Belt and is also prospective for a large scale copper gold porphyry system.Eleven holes have been drilled to date with further drilling planned however,the program wa

74、s put on hold in late 2022 due to funding constraints.(see ASX release 13 December 2023,BODA EAST DRILL RESULTS AND PROJECT UPDATE5).Early in the reporting period the Company rationalised its Lachlan Fold Belt projects which saw the relinquishment of the EL8985 Yarindury South and EL9126 and EL9185

75、Wongarbon tenements,owing to either being adequately tested or not being core to the Companys LFB strategy.Tenement Summary TENEMENT LOCATION CURRENT HOLDER(I)INTEREST AREA(BLOCKS/KM)GRANT DATE EXPIRY DATE EL 9568 Byrock NSW Monzodiorite Pty Ltd 100%1,632 sq km 19-May-23 19-May-25 EL 9569 Gongolgon

76、NSW Monzodiorite Pty Ltd 100%1,440 sq km 23-May-23 23-May-25 EL 8469 Mendooran NSW Monzonite Metals Pty Ltd 100%100 30-Sep-16 30-Sep-26 EL 8646 Yarindury NSW Monzonite Metals Pty Ltd 100%86 12-Sep-17 12-Sep-25 SPL 1513 Viani Fiji Alice Exploration Pte Ltd 100%208.54 sq.km 6-Jan-21 03-Jul-27 SPL 1518

77、 Sabeto Fiji Alice Exploration Pte Ltd 100%13.71 sq km 13-Dec-22 12-Dec-25 SPL 1514(ii)Nabila Fiji Alice Exploration Pte Ltd 100%27.3 sq.km 6-Jan-21 6-Jan-24 EPM 25520(i)Horn Island QLD Kauraru Gold Pty Ltd 100%19 8-Oct-14 7-Oct-24 EPM 25418(i)&(iii)Kaiwalagal QLD Kauraru Gold Pty Ltd 100%73 25-Jan-

78、16 24-Jan-26(i)Alice Queen Limited holds a majority interest in Kauraru Gold Pty Ltd(84.5%equity interest),Monzonite Metals Pty Ltd(90%equity interest),and 100%interest in both Monzodiorite Pty Ltd and Alice Exploration Pte Ltd.(ii)SPL 1514(Nabila)is currently under the renewal process with the Mine

79、rals Resources Department in Fiji.(iii)EPM 25520 is currently under the renewal process with the Department of Resources,Queensland.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 13 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2024 ASX Listing Rule 5.23 Statements 1.These exploration results are extracte

80、d from and were reported in the Companys ASX announcement titled Alice Queen Upgrades Viani Epithermal Gold-Silver Potential dated 6 March 2023,which is available at .au the competent person being Mr Melvyn Levrel.The Company confirms that it is not aware of any new information or data that material

81、ly affects the information included in the original market announcement and,in the case of mineral resources or ore reserves,that all material assumptions and technical parameters underpinning the estimates in those announcements continue to apply and have not materially changed.The form and context

82、 in which the competent persons findings are presented have not been material modified.2.The information in this ASX Release that relates to the Companys Mineral Resource estimate is extracted from and was reported in the Companys ASX announcement titled“Horn Island Scoping Study Outcomes and Minera

83、l Resource Estimate”dated 11th November 2021,which is available at .au the competent person being Mr.Dale Sims who is a chartered Professional Fellow of the Australian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientist.The Company confirms that it is not awar

84、e of any new information or data that materially affects the information included in the original market announcement and,In the case of mineral resources or ore reserves,that all material assumptions and technical parameters underpinning the estimates in those announcements continue to apply and ha

85、ve not materially changed.The form and context in which the competent persons findings are presented have not been material modified.3.These exploration results are extracted from and were reported in the Companys ASX announcement titled LFB Portfolio Rationalised for Diversification into Battery Me

86、tals-Update dated 24 April 2023,which is available at .au the competent person being Mr John Holliday.The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and,in the case of mineral resources or

87、ore reserves,that all material assumptions and technical parameters underpinning the estimates in those announcements continue to apply and have not materially changed.The form and context in which the competent persons findings are presented have not been material modified.4.These exploration resul

88、ts are extracted from and were reported in the Companys ASX announcement titled Drilling Confirms New Broad Gold Zone at Horne Island dated 30 June 2021,which is available at .au the competent person being Mr Adrian Hell.The Company confirms that it is not aware of any new information or data that m

89、aterially affects the information included in the original market announcement and,in the case of mineral resources or ore reserves,that all material assumptions and technical parameters underpinning the estimates in those announcements continue to apply and have not materially changed.The form and

90、context in which the competent persons findings are presented have not been material modified.5.These exploration results are extracted from and were reported in the Companys ASX announcement titled BODA EAST DRILL RESULTS AND PROJECT UPDATE dated 13 December 2023,which is available at .au the compe

91、tent person being Mr John Holliday.The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and,in the case of mineral resources or ore reserves,that all material assumptions and technical parameters

92、 underpinning the estimates in those announcements continue to apply and have not materially changed.The form and context in which the competent persons findings are presented have not been material modified.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 14 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 20

93、24 Review of Operations and Financial Results(continued)Corporate Operating Results The Group incurred a loss after tax for the reporting period of$2,254,004(2023:$20,062,913 loss)which includes exploration and evaluation expenditure expensed amounting to$470,019(2023:Impairment and exploration expe

94、nditure expensed$17,596,400).Financial Position At the end of the financial year,the Group had net assets of$62,008(2023:deficiency in net assets of$547,205)and held$123,090 in cash(2023:$41,934).Corporate activities On 14 July 2023,the Company announced that as approved by shareholders at the Gener

95、al Meeting held on 5 July 2023,the issued capital of Alice Queen had been consolidated on a 20 for 1 basis(with fractional entitlements rounded up)and its register updated.Refer to Note 16 on page 46 of this report for further detail.On 8 August 2023,the Company announced that it had procured a debt

96、 facility of$400,000 from GTT Ventures Pty Ltd(unrelated third party),for a period of three months.The debt facility was advanced on 4 August 2023.Interest accrued on the debt facility at a rate of 2%per month commencing on the date of the drawdown.On 2 October 2023,this debt facility was extended f

97、or a further period of two months on the same terms and conditions.The debt was repaid in full on 2 January 2024.On 14 November 2023,the Company announced that it had received a subscription from Gage Resource Development Pty Ltd(Gage),a subsidiary of Beijing Gage Capital Management Co Ltd(Gage Capi

98、tal),a Beijing based private equity group with US$1.6 billion in funds under management,for 18,977,226 shares at$0.014 per share to raise$265,681.These shares were issued on 14 November 2023 under the Companys available placement capacity under Listing Rule 7.1.Furthermore,on 14 November 2023 the Co

99、mpany announced that it had received binding commitment from unrelated sophisticated and professional investors for a placement of 400,000,000 shares at an issue price of$0.005(0.5 cents)per Share to raise$2,000,000 before costs(Placement).One free-attaching Option($0.02 exercise price and expiry da

100、te of 26 August 2026(Placement Options)was to accompany every two Shares issued under the Placement(200,000,000 Placement Options).Gage committed to the Company to take up 110,000,000 Shares($550,000)on the same terms as other participants under the Placement.James Myers(and/or his nominee(s)also co

101、mmitted to take up 20,000,000 Shares($100,000)under the Placement.The issue of the Shares and free-attaching Options under the Placement was subject to shareholder approval which was received at the Annual General Meeting on 30 November 2023.The Placement Shares and Placement Options were issued on

102、14 December 2023.In addition,and subject to Gage participating in the Placement as described above,the Company agreed to appoint Michele Alessandro Bina as a Director,subject to customary conditions.Mr Bina was appointed to the Board of Alice Queen Limited on 19 February 2024.On 14 November 2023,the

103、 Company also announced a fully underwritten non-renounceable pro-rata rights issue offer of one(1)fully paid ordinary new share(New Share)for every one(1)fully paid ordinary share held by shareholders with a registered address in Australia or New Zealand as at the Record Date of 7.00pm(Melbourne ti

104、me)on 17 November 2023(Eligible Shareholders)at an issue price of$0.005(0.5 cents)per New Share to raise up to approximately$727,500 before costs(Rights Issue).Every two(2)New Shares were to be accompanied by one(1)free-attaching option with the same terms as Placement Options(New Option).The Rights

105、 Issue was fully underwritten by GBA Capital Pty Ltd ACN 643 039 123(Corporate Authorised Representative(AFS Representative Number:001285020)of GBA Capital Holdings Pty Ltd AFSL 544680)(Underwriter).On 8 December 2023,the Company issued 75,825,990 Shares and 37,912,996 New Options subscribed under t

106、he Rights Issue by Eligible Shareholders.The shortfall of the entitlement offer(comprising 69,666,075 New Shares and 34,833,038 New Options)were subscribed for by and issued to the Underwriter or unrelated investors identified by the Underwriter on 14 December 2023.ALICE QUEEN LIMITED ANNUAL REPORT

107、30 JUNE 2024 15 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2024 Review of Operations and Financial Results(continued)Corporate(continued)As part fees for capital raising and underwriting services rendered in connection with the Placement and the Rights Issue,the Company agreed to issue the Underwriter(

108、and/or its nominee(s)an aggregate of 75,000,000 options with the same terms as Placement Options.The issue of these options was subject to shareholder approval which was received at the Annual General Meeting held on 30 November 2023.The options were issued on 14 December 2023 at the same time as th

109、e securities under the Placement and the shortfall under the Rights Issue.As announced on 19 December 2023,the Convertible Notes with a face value of$400,000(plus interest)were redeemed,at the election of holders,for cash in accordance with their terms.Further details of the Convertible Notes were s

110、et out in the announcement to ASX on 3 May 2023.As announced on 8 April 2024,Alice Queens largest shareholder,Gage agreed it would invest a further$3.6 million,through the subscription of a further 450 million ordinary shares at$0.008(Placement).The pricing of the Placement represented a 60%premium

111、to the AQX 30-day volume-weighted average price(VWAP).The Placement funds were to support the rapid advancement of the Companys gold exploration activities.The Placement was subject to approval by Alice Queen Limited shareholders at a General Meeting which was held on 28th June 2024,where the resolu

112、tion was duly passed.Under the terms of,and subject to completion of,the Placement,Gage held the right to appoint a second director(in addition to Mr Michele Alessandro Bina)to the Alice Queen board of directors,being Mr Jianying Wang,Chairman of Gage Capital.On 4 July 2024,the Company announced tha

113、t:Gage had completed a further investment of$3.64 million to take its total shareholding of Alice Queen Limited to 51%of the total shares on issue.These funds were received on 3 July 2024;and Mr Jianying Wang,Chairman of Gage Capital joined the Board of Alice Queen Limited.Mr Wang was appointed Chai

114、rman of the Board of Alice Queen Limited on 2 August 2024.Business strategies and prospects for future years Gage has advised the Company that it has reached its target equity stake in Alice Queen Limited of 51%and is now ready,willing and has indicated to the Company that Gage is able to support th

115、e Company in whatever way is required to make a significant discovery in the near term and expand its existing gold resources.Mr Jianying Wang and Mr Michele Alessandro Bina have recently joined the Companys board of directors as nominees of Gage and,along with the Companys existing Directors,the Bo

116、ard believes it is now in a very strong position to be able to increase the value of the Company for the benefit of all shareholders.The investment that Gage has made in Alice Queen Limited(over AUD$4 million so far)is not insignificant and underpins Gages vision of Alice Queen Limited becoming a si

117、gnificant player in the Asia-Pacific gold space.Since the initial investment by Gage in late C2023,the Companys focus has initially been on endeavouring to make a significant discovery in Fiji.The Company recently confirmed the renewal of Viani(SPL1513)which is exciting news given the previous high

118、grade gold results that exist on that project from the JICA 1990s drilling.These results included 21g/t Au over 0.6 metres and confirmed the existence of a high grade low sulphidation epithermal gold system.At the time of writing,the Company,via its wholly owned subsidiary Alice Exploration(Fiji)Pte

119、 Ltd,has a drill rig in transit and due to arrive in Fiji shortly.The proposed drill program will include 3 holes at Viani,as described above,and a further three holes at our Sabeto project(SPL1518)which is located immediately next door to Lion One Metals Ltd(TSX:LLO)Tuvatu gold mine.The Tuvatu gold

120、 mine is now in full production and this is seen as a major step forward in terms of exploration potential of the immediate area around Tuvatu but also for the mining industry in Fiji generally.Tuvatu is only Fijis second operating gold mine,behind Vatukoula,a world class gold mine that has been in

121、production continuously for the last 75 years.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 16 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2024 Review of Operations and Financial Results(continued)Corporate(continued)During the period the Company has also been preparing for further work at Horn Island

122、to continue the exploration effort there.Alice Queen Limited,via its subsidiary Kauraru Gold Pty Ltd,already has over half a million ounces of gold in resource at Horn,so when the time is right,the Company will get back to a vigorous and aggressive plan to find the rest of the gold that it is confid

123、ent exists at this highly prospective location.In NSW,the Company continues to host discussions with a number of parties in relation to potential funding options and looks forward to updating shareholders on this part of the portfolio just as soon as firm commitments are in place.All in all,the Gage

124、 Capital investment in Alice Queen Limited has provided a platform for a renewed energy,a strong financial backing and a positive future outlook such that a significantly more aggressive exploration program can be deployed across all of the Companys tenements.Accordingly,the Companys prospects in fu

125、ture years are,therefore,vastly improved from previous recent years where the sentiment,the capital flows and the outlook for gold companies was subdued.With the recent strong performance in the gold spot price,the Company believes it is in a very good position to capitalise on the combination of fa

126、vourable market conditions for gold and from the financial strength and operational experience of its new major shareholder,Gage Capital.Strategic Partnerships On 8 April 2024,the Company announced that it had entered into a binding but conditional subscription agreement with Gage Resource Developme

127、nt Pty Ltd(Gage),a substantial shareholder of the Company,under which Gage agreed to subscribe for 455,900,000 fully paid ordinary shares(Placement Shares)at an issue price of$0.008(0.8 cents)per Placement Share to raise approximately$3.6 million before costs.Further details were set out in the noti

128、ce of general meeting released to ASX on 28 May 2024.Shareholders approved the issue of the Placement Shares at the general meeting of the shareholders of the Company held on 28 June 2024.The Placement Shares were issued on 4 July 2024.Upon issue of the Placement Shares,Gage acquired a relevant inte

129、rest in 51%of the issued voting shares of the Company and an increase its voting power from 18.67%to 51%.As a term of the Gage Subscription,Gage nominated Mr Jianying Wang(being the Nominee Director)to be appointed a Director of the Company with effect upon completion of the Gage Subscription.Mr Wan

130、g was appointed a Director of the Company on 4 July 2024.The following table shows the net loss and the factors considered to affect shareholders return for the five years to 30 June 2024.2024 2023 2022 2021 2020 Net loss(2,053,898)(20,062,913)($8,241,418)($1,878,149)($1,575,315)Diluted loss per sha

131、re(cents per share)(0.39)(0.76)(0.52)(0.17)(0.19)Share price at year end(cents)0.006 0.02*0.003 0.012 0.034*Share price as at 30 June 2023 is 0.001(Pre-consolidation of equity)and 0.02(Post-consolidation of equity).Changes in the State of Affairs There were no significant changes in the state of aff

132、airs of the Group during the reporting period ended 30 June 2024 other than as referred to in this report and the Financial Statements or notes thereto.Dividends The Directors recommend that no dividend be paid for the reporting period ended 30 June 2024(2023:Nil)nor have any amounts been paid or de

133、clared by way of dividend during the reporting period.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 17 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2024 Environmental Regulations The Group is subject to environmental regulations under the laws of the Commonwealth and State.The Board of Directors monitor

134、s compliance with environmental regulations and as at the date of this report the Directors are not aware of any breach of such regulations during the reporting period.Share options Details of unissued shares or interests of Alice Queen under option at the date of this report are:Details of options

135、issued by the Company are set out in the capital and reserves note to the financial report.The names of persons who currently hold options are entered in the register of options kept by the Company pursuant to the Corporations Act 2001.This register may be inspected free of charge.The persons entitl

136、ed to exercise the options do not have,by virtue of the options,the right to participate in a share issue of any other body corporate.Shares issued on exercise of options During or since the end of the financial year,the Company issued 5,938 fully paid ordinary shares(2023:Nil)as a result of the exe

137、rcise of quoted options.Indemnities given and insurance premiums paid to auditors and officers During the reporting period,the Company paid an insurance premium to insure the Directors and Officers of the Group.The Officers of the Company covered by the insurance policy include all Directors and the

138、 Company Secretary.The liabilities insured are legal costs that may be incurred in defending civil or criminal proceedings that may be brought against the officers in their capacity as officers of the Company,and any other payments arising from liabilities incurred by the officers in connection with

139、 such proceedings,other than where such liabilities arise out of conduct involving a wilful breach of duty by the officers or the improper use by the officers of their position or of information to gain advantage for themselves or someone else to cause detriment to the Company.Details of the amount

140、of the premium paid in respect of the insurance policies are not disclosed as such disclosure is prohibited under the terms of the contract.The Company has entered into an agreement with the Directors and Officers to indemnify them against any claim and related expenses,which arise as a result of wo

141、rk completed in their respective capabilities.The Company has not otherwise,during or since the end of the financial year,except to the extent permitted by law,indemnified or agreed to indemnify any current or former officer or auditor of the Company against a liability incurred as such by an office

142、r or auditor.Likely Future Developments The Directors intend that the Group will continue exploration activities at Sabeto and Viani in Fiji.In addition,the Company will continue to maintain its projects at Horn Island,Queensland and on the Lachlan Fold Belt in New South Wales,as well as seek furthe

143、r opportunities.NUMBER OF SHARES UNDER OPTION CLASS OF SHARES EXERCISE PRICE OF OPTION EXPIRY DATE OF OPTIONS UNLISTED OPTIONS 1,500,000 Ordinary$0.06 05 May 2026 QUOTED OPTIONS 7,268,408 Ordinary$0.26 23 Sep 2025 20,942,634 Ordinary$0.16 09 Dec 2025 368,580,104 Ordinary$0.02 19 Aug 2026 ALICE QUEEN

144、 LIMITED ANNUAL REPORT 30 JUNE 2024 18 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2024 Material Business Risks The future activities of the Group are subject to a number of risks and other factors which may impact its future performance.Some of these risks can be mitigated by the use of safeguards and

145、appropriate controls.However,many of the risks are outside the control of the directors and management of the Company and cannot be mitigated.Exploration Mineral exploration activities are high-risk undertakings.The future exploration activities of the Company may be affected by a range of factors,i

146、ncluding geological conditions,seasonal weather patterns,unanticipated operational and technical difficulties,industrial and environmental accidents and other factors beyond the control of the Company.There can be no assurance that exploration will result in the discovery of further mineral deposits

147、.Even if an apparently viable deposit is identified,there is no guarantee that it can be economically exploited.Capital and liquidity In order to successfully fulfill the Companys exploration objectives and targets,the Company will continue to incur expenditures.The Company may require additional ca

148、pital or other types of financing in the future to further its exploration activities.While previous capital raises have been well-supported,there can be no assurance of the availability of future capital or favourable financing options if and when required.Licenses,permits and approvals The Company

149、 has necessary statutory operational and environmental licenses,permits and approvals to conduct ongoing exploration activities at its projects.Delays in obtaining,or the inability to obtain the required licenses,permits and approvals may significantly impact on the Companys exploration activities.T

150、hird Party risks The Company and its group entities have contracted with,or will in the future need to contract with,various parties to enable the implementation of its exploration plans on the tenements.Such counterparties include service contractors,consultants,suppliers and landowners.There is a

151、risk counterparties may fail to perform their obligations under existing or future agreements.This could lead to delays,increase in costs,disputes and even litigation.These factors could negatively affect the Companys operations and there is no assurance the Company will be successful in seeking rem

152、edies or enforcement of its rights through legal actions.Cyber Security A cyber security breach has the potential to disrupt the operations of the Company,including by access to confidential information of the Company.The Company mitigates this risk by maintaining and regularly updating its informat

153、ion technology security measures to restrict access to operation systems,including multi-factor authentication,firewalls and cloud hosted solutions.The Company educates its workforce on cyber security threats and ensures its security measures remain up to date in accordance with market standards.Cli

154、mate Risks As an entity engaged in exploration activities,the Company anticipates that it will be subject to climate risks and in particular:(a)The emergence of new or expanded regulations associated with transitioning to a lower carbon economy including market changes associated with climate change

155、 mitigation.The Company may be impacted by local and international compliance regulations,or specific taxes or penalties associated with carbon emissions or environmental damage.Given the uncertainty with respect to the future regulatory framework regarding climate change mitigation,the Company may

156、be subject to further restrictions,conditions and risks.(b)Climate change may cause physical and environmental risks that cannot be predicted,including extreme weather patterns and events that may directly or indirectly impact the operations of the Company and may significantly disrupt the industry

157、in which the Company operates.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 19 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2024 Remuneration Report(Audited)This report details the nature and amount of each element of the emoluments of the key management personnel of the Group.At the Companys Annual Gen

158、eral Meeting held on 30 November 2023,in respect of the resolution put to shareholders for the adoption of the remuneration report as reported in the 2023 Annual Report,the Company received 42,781,873 or 95.65%votes in favour,1,944,817 or 4.35%against and 180,325 votes abstained out of 534,369,677 t

159、otal votes received.The Company did not receive any specific feedback at the Annual General Meeting held on 30 November 2023.The policy of remuneration of Directors and other key management personnel is to ensure the remuneration package properly reflects the persons duties and responsibilities,and

160、that remuneration is competitive in attracting,retaining and motivating people of the highest quality.Relationship between remuneration and the Groups performance The Board has structured its remuneration arrangements in such a way it believes is in the best interests of building shareholder wealth

161、in the longer term.Directors remuneration is set by reference to other companies of similar size and industry,and by reference to the skills and experience of directors.Fees paid to Non-Executive Directors are not linked to the performance of the Group.The following table shows the net loss,loss per

162、 share and share price for the last five financial years.2024 2023 2022 2021 2020 Net loss(2,053,898)(20,062,913)($8,241,418)($1,878,149)($1,575,315)Diluted loss per share(cents per share)(0.39)(0.76)(0.52)(0.17)(0.19)Share price at year end(cents)(0.006)0.02*0.003 0.012 0.034*Share price as at 30 J

163、une 2023 is 0.001(Pre-consolidation of equity)and 0.02(Post-consolidation of equity).Long-term incentives are provided to Key Management Personnel in the form of options over ordinary shares of the Company and are considered to promote continuity of employment and provide additional incentive to rec

164、ipients to increase shareholder wealth.Options may only be issued to directors subject to approval by shareholders in a general meeting.Outstanding business and individual performance are required to achieve the maximum level of remuneration.This includes financial;health and safety;and environmenta

165、l,social&governance components.During the reporting period and the 2022 comparative period there were no options issued to Directors.Names and positions held by Key Management Personnel in office at any time during the reporting period are:Director A Buxton Managing Director(appointed 13 November 20

166、15)D McCabe Executive Director(appointed 3 February 2020)J Myers Non-Executive Director(appointed 30 May 2022)M A Bina Non-Executive Director(appointed 19 February 2024)ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 20 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2024 Remuneration Report(Audited)(continu

167、ed)KEY MANAGEMENT PERSONNEL POSITION DATE APPOINTED CONTRACT DETAILS(DURATION&TERMINATION NOTICE PERIOD PROPORTION OF ELEMENTS OF REMUNERATION RELATED TO PERFORMANCE PROPORTION OF ELEMENTS OF REMUNERATION NOT RELATED TO PERFORMANCE Non-Salary cash-based incentives%Shares /Units%Options /Rights%Share

168、s /Units%Fixed salary /Fees%Total%A Buxton Managing Director 13 Nov 2015 2-year contract/6 months notice for termination-100 100 D McCabe Executive Director 03 Feb 2020 2-year contract-100 100 J Myers Non-Executive Director 30 May 2022 No fixed term-100 100 M A Bina Non-Executive Director 19 Feb 202

169、4 No fixed term-100 100 (i)Key Management Personnel Remuneration Details of remuneration Details of the nature and amount of each element of the emoluments of each of the key management personnel of the Group for the reporting period ended 30 June 2024 are set out in the following table:SHORT-TERM B

170、ENEFITS POST-EMPLOYMENT BENEFITS NAME SALARY&FEES$EQUITY$SUPER-ANNUATION$TOTAL$DIRECTORS A Buxton(i)207,841-207,841 D McCabe(ii)164,851-164,851 J Myers(iii)100,000-100,000 M A Bina 18,750-18,750 Total 491,442-491,442 ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 21 DIRECTORS REPORT FOR YEAR ENDED 3

171、0 JUNE 2024 Remuneration Report(Audited)(continued)(i)Key Management Personnel Remuneration(continued)(i)A Buxton:During the reporting period,$207,841(exclusive of GST)was paid to ATB Trust,a trust in which Mr.Buxton has an interest,for providing management services to the Alice Queen Group.The cons

172、ulting fees of$207,841 as reported above is comprised of fees paid to ATB Trust for the period:1 July 2023 to 30 September 2023 totalling$62,841 being fees paid to ATB Trust for this period at$20,947 per month(exclusive of GST);1 October 2023 to 30 April 2024 totalling$105,000 being fees paid to ATB

173、 Trust for this period at$15,000 per month(exclusive of GST);and 1 May 2024 to 30 June 2024 totalling$40,000(exclusive of GST)being fees paid to ATB Trust for this period at$20,000 per month(exclusive of GST)following an internal review by the Board in July 2024.This arrangement is based on normal c

174、ommercial terms and conditions.(ii)D McCabe:During the reporting period,$164,851(exclusive of GST)was paid to PHX Holdings Pty Ltd(PHX Holdings),a company in which Mr.McCabe has an interest in providing management services to the Alice Queen Group.The consulting fees of$164,851 as reported above is

175、comprised of fees paid to PHX Holdings for the period:1 July 2023 to 30 September 2023 totalling$53,182 being fees paid to PHX Holdings for this period at$17,727 per month(exclusive of GST);1 October 2023 to 30 April 2024 totalling$81,669 being fees paid to PHX Holdings for this period at$11,667 per

176、 month(exclusive of GST);and 1 May 2024 to 30 June 2024 totalling$30,000(exclusive of GST)being fees paid to PHX Holdings for this period at$15,000 per month(exclusive of GST)following an internal review by the Board in July 2024.This arrangement is based on normal commercial terms and conditions.(i

177、ii)J Myers:During the reporting period,$100,000(exclusive of GST)was paid or payable to Molo Capital Pty Ltd,a company in which Mr.Myers has an interest for providing his services to the Company.Total fees of$100,000 includes$50,000 of fees paid for consultancy services provided to the Company in ad

178、dition to annual fees of$50,000 for acting as a director.(iv)M A Bina:Total remuneration of$18,750 was paid or payable to Relisuco Renewables Ltd,a company in which Mr.Bina has an interest for providing his services to the Company for the period from the date when Mr.Bina joined the Board on 19 Febr

179、uary 2024 to 30 June 2024.Details of the nature and amount of each element of the emoluments of each of the key management personnel of the Group for the 2023 comparative period are set out in the following table:SHORT-TERM BENEFITS POST-EMPLOYMENT BENEFITS NAME SALARY&FEES$EQUITY$SUPER-ANNUATION$TO

180、TAL$DIRECTORS A Buxton(i)268,030-268,030 D McCabe(ii)212,727-212,727 J Myers(iii)50,000-50,000 Total 530,757-530,757(i)A Buxton:During the reporting period,$268,030(exclusive of GST)was paid to ATB Trust,a trust in which Mr.Buxton has an interest,for providing management services to the Alice Queen

181、Group.The consulting fees of$268,030 as reported above is comprised of fees paid to ATB Trust for the period:1 July 2022 to 31 October 2022 totalling$83,333 being fees paid to ATB Trust for this period at$20,833 per month(exclusive of GST);and 1 November 2022 to 30 June 2023 totalling$184,697 which

182、was comprised of$133,333 being fees paid to ATB Trust for this period at$16,667 per month(exclusive of GST)and 51,364(exclusive of GST)which was backpay paid to Mr Buxton following an internal review by the Board in June 2023.This arrangement is based on normal commercial terms and conditions.(ii)D

183、McCabe:During the reporting period,$212,727(exclusive of GST)was paid to PHX Holdings Pty Ltd,a company in which Mr.McCabe has an interest in providing management services to the Alice Queen Group.Total fees of$212,727 includes an amount of$29,127 which was backpay paid to McCabe following an intern

184、al review by the Board in June 2023.This arrangement is based on normal commercial terms and conditions.(iii)J Myers:During the reporting period,$50,000(exclusive of GST)was paid or payable to Molo Capital Pty Ltd,a company in which Mr.Myers has an interest for providing his services to the Company.

185、ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 22 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2024 Remuneration Report(Audited)(continued)(ii)Performance income as a proportion of total income During the reporting period,there were no bonuses paid(2023:Nil)to Key Management Personnel.(iii)Options issued

186、 as part of remuneration There were no options granted to Key Management Personnel during the reporting period or in the comparative reporting period.(iv)Shares Issued on Exercise of Compensation Options There were no options exercised during the reporting period or the comparative period that were

187、granted as compensation in prior periods.(v)Other Information On 14 July 2023,the Company announced that as approved by shareholders at the General Meeting held on 5 July 2023,the issued capital of Alice Queen had been consolidated on a 20 for 1 basis(with fractional entitlements rounded up)and its

188、register updated.The number of securities in the Company held by each of the Key Management Personnel,including their related parties,during the 2024 reporting period and the 2023 comparative period,is set out below on a Pre and Post Consolidation basis.Shares held by Key Management Personnel 2024 B

189、ALANCE 30 JUNE 2023 POST CONSOLIDATION PURCHASED/SOLD BALANCE 30 JUNE 2024 POST CONSOLIDATION DIRECTORS A Buxton 3,708,575-3,708,575 D McCabe-J Myers-20,000,000 20,000,000 M A Bina*-Total 3,708,575 20,000,000 23,708,575 *M A Bina was appointed a Non-Executive Director of the Company on 19 February 2

190、024.2023 BALANCE 01 JULY 2022 PRE-CONSOLIDATION PURCHASED/SOLD BALANCE 30 JUNE 2023 PRE-CONSOLIDATION BALANCE 30 JUNE 2023 POST CONSOLIDATION DIRECTORS A Buxton 57,504,489 16,667,000 74,171,489 3,708,575 D McCabe-J Myers-Total 57,504,489 16,667,000 74,171,489 3,708,575 No shares were granted as comp

191、ensation to key management personnel during the 2024 reporting period nor during the 2023 comparative period.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 23 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2024 Remuneration Report(Audited)(continued)(v)Other Information(continued)Options and right holdings

192、 held by Key Management Personnel 2024 BALANCE 01 JULY 2023 POST CONSOLIDATION OPTIONS ACQUIRED OPTIONS EXPIRED UNEXERCISED BALANCE 30 JUNE 2024 POST CONSOLIDATION DIRECTORS A Buxton 400,000-(400,000)-D McCabe 400,000-(400,000)-J Myers(i)96,154 10,000,000(96,154)10,000,000 M A Bina-Total 896,154 10,

193、000,000(896,154)10,000,000 2023 BALANCE 01 JULY 2022 PRE-CONSOLIDATION OPTIONS ACQUIRED OPTIONS EXPIRED BALANCE 30 JUNE 2023 PRE-CONSOLIDATION BALANCE 30 JUNE 2023 POST CONSOLIDATION DIRECTORS A Buxton 19,413,960-(11,413,960)8,000,000 400,000 D McCabe 16,705,563-(8,705,563)8,000,000 400,000 J Myers(

194、i)1,923,077-1,923,077 96,154 Total 38,042,600-(20,119,523)17,923,077 896,154 END OF AUDITED REMUNERATION REPORT ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 24 DIRECTORS REPORT FOR YEAR ENDED 30 JUNE 2024 Proceedings on behalf of the Group No person has applied to any court pursuant to section 237

195、 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Group or intervene in any proceedings to which the Group is a party for the purpose of taking responsibility on behalf of the Group for all or any part of those proceedings.The Group was not a party to any such proceedings

196、 during the year.Events Subsequent to Reporting Date On 8 April 2024,the Company announced that it had entered into a binding but conditional subscription agreement with Gage Resource Development Pty Ltd(Gage),a substantial shareholder of the Company,under which Gage agreed to subscribe for 455,900,

197、000 fully paid ordinary shares(Placement Shares)at an issue price of$0.008(0.8 cents)per Placement Share to raise approximately$3.6 million before costs.Further details were set out in the notice of general meeting released to ASX on 28 May 2024.Shareholders approved the issue of the Placement Share

198、s at the general meeting of the shareholders of the Company held on 28 June 2024.The Placement Shares were issued on 4 July 2024.Upon issue of the Placement Shares,Gage acquired a relevant interest in 51%of the issued voting shares of the Company and an increase its voting power from 18.67%to 51%.As

199、 a term of the Gage Subscription,Gage nominated Mr Jianying Wang(being the Nominee Director)to be appointed a Director of the Company with effect upon completion of the Gage Subscription.Mr Wang was appointed a Director of the Company on 4 July 2024.Other than as stated elsewhere in this report,Dire

200、ctors are not aware of any other matters or circumstances at the date of this report that have significantly affected or may significantly affect the operations,the results of the operations or the state of affairs of the Group in subsequent financial years.Non-Audit Services There were no non-audit

201、 services provided during the financial year ended 30 June 2024 by the auditor.A copy of the auditors independence declaration as required under S307C of the Corporations Act 2001 is included on page 25 of this financial report and forms part of this Directors report.Signed in accordance with a reso

202、lution of the Directors,pursuant to section 298(2)(a)of the Corporation Act 2001.Andrew Buxton Managing Director 27 September 2024AUDITORS INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 TO THE DIRECTORS ALICE QUEEN LIMITED AND CONTROLLED ENTITIES ABN 71 099 247 408 In accor

203、dance with section 307C of the Corporations Act 2001,I am pleased to provide the following declaration of independence to the directors of Alice Queen Limited and controlled entities.As the auditor for the audit of the financial report of Alice Queen Limited and controlled entities for the year ende

204、d 30 June 2024,I declare that,to the best of my knowledge and belief,there have been no contraventions of:i.the auditor independence requirements of the Corporations Act 2001 in relation to the audit;andii.any applicable code of professional conduct in relation to the audit.MNSA Pty Ltd Allan Facey

205、Director Sydney Dated this 27th of September 2024 25 ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 26 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2024 NOTE 2024$2023$Revenue from continuing operations 5,769 3,289 Expenses from continuing operat

206、ions:Other operating expenses 5(368,384)(411,921)Compliance costs (202,264)(157,530)Consultancy expenses (243,718)(228,077)Depreciation&amortisation (92,363)(88,450)Employee benefits,management fees and on costs (556,197)(535,103)Impairment expense -(17,596,400)Exploration expenditure (470,019)(884,

207、770)Interest on leased assets (4,182)(2,451)Interest on convertible note 15(270,633)(102,255)Other costs (52,013)(59,245)Loss before income tax (2,254,004)(20,062,913)Income tax expense relating to the ordinary activities 6-Net loss for the year (2,254,004)(20,062,913)Loss of non-controlling interes

208、t 48,692 2,821,473 Loss attributable to parent entity shareholders (2,205,312)(17,241,440)Other comprehensive income,net of tax 3,684 15,563 Total comprehensive loss (2,201,628)(17,225,877)Earnings/Loss per Share:Basic loss per share(cents per share)18(0.43)(0.76)Diluted loss per share(cents per sha

209、re)18 (0.43)(0.76)The accompanying notes form part of these financial statements.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 27 16CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2024 NOTE 2024$2023$ASSETS Current Assets Cash and cash equivalents 21 123,090 41,934 Trade and other receiv

210、ables 7 119,591 45,695 Prepayments 8 40,843 25,879 Security deposits 11 65,813-Total Current Assets 349,337 113,508 Non-Current Assets Property,plant&equipment 9 29,513 51,970 Exploration and evaluation expenditure 10-Security deposits 11 41,759 167,786 Right-of use-assets 14 178,623 26,515 Total No

211、n-Current Assets 249,895 246,271 Total Assets 599,232 359,779 LIABILITIES Current Liabilities Trade and other payables 12 355,053 566,232 Provision for annual leave 13-130,031 Lease Liability 71,501 26,515 Borrowings 15-159,087 Total Current Liabilities 426,554 881,865 Non-Current Liabilities Lease

212、Liability 110,670-Provisions for Long Service Leave 13-25,119 Total Non-Current Liabilities 110,670 25,119 Total Liabilities 537,224 906,984 Net Liabilities/Assets 62,008(547,205)EQUITY Share capital 16 38,507,305 35,649,420 Reserves 17 1,751,182 1,945,956 Minority interest (3,682,040)(3,633,348)Acc

213、umulated losses (36,514,439)(34,509,233)Total Equity 62,008(547,205)The accompanying notes form part of these financial statements.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 28 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2024 2024 ISSUED CAPITAL$OPTION RESERVE$FOREIGN

214、TRANSLATION RESERVE$ACCUMULATED LOSSES$NON-CONTROLLING INTEREST$TOTAL$Balance 1 July 2023 35,649,420 1,962,741(16,785)(34,509,233)(3,633,348)(547,205)Total loss for the period (2,205,312)(48,692)(2,254,004)Issue of share capital 2,993,141-2,993,141 Issue of shares on exercise of options 119-119 Fair

215、 value of options issued-698,250-698,250 Re-classification of options expired that were issued to staff&management and in connection with capital raisings 689,234(889,340)-200,106-Foreign Translation-(3,684)-(3,684)Share issue costs(824,609)-(824,609)Balance 30 June 2024 38,507,305 1,771,651(20,469)

216、(36,514,439)(3,682,040)62,008 2023 ISSUED CAPITAL$OPTION RESERVE$FOREIGN TRANSLATION RESERVE$ACCUMULATED LOSSES$NON-CONTROLLING INTEREST$TOTAL$Balance 1 July 2022 34,041,618 1,632,043(1,222)(17,793,996)(811,875)17,066,568 Total loss for the period-(17,241,440)(2,821,473)(20,062,913)Issue of share ca

217、pital 2,249,469-2,249,469 Fair value of options issued-1,101,901-1,101,901 Re-classification of options expired that were issued to staff&management and in connection with capital raisings 245,000(771,203)-526,203-Foreign Translation-(15,563)-(15,563)Share issue costs(886,667)-(886,667)Balance 30 Ju

218、ne 2023 35,649,420 1,962,741(16,785)(34,509,233)(3,633,348)(547,205)The accompanying notes form part of these financial statements.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 29 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024 NOTE 2024$2023$Cash Flows from Operating Activitie

219、s Payments to suppliers (1,919,634)(1,148,833)Payments for exploration and evaluation expenditure (374,118)(847,361)Interest received 5,769 3,289 Interest and other costs of finance paid (67,308)(2,707)Net cash used in operating activities 21(2,355,291)(1,995,612)Cash Flows from Investing Activities

220、 Payments for exploration and evaluation expenditure -(657,785)Payments for property,plant and equipment -(16,253)Security deposits refunded 60,000 10,000 Payments for security deposits -(43,161)Net cash from/(used)in investing activities 60,000(707,199)Cash Flows from Financing Activities Proceeds

221、from issue of shares 2,993,260 2,215,429 Proceeds from convertible notes -400,000 Repayment of convertible notes (400,000)-Proceeds from borrowings 400,000-Repayment of borrowings (400,000)-Principal lease repayments (70,551)(60,860)Payments for share issue costs (142,578)(127,934)Net cash from fina

222、ncing activities 2,380,131 2,426,635 Net/increase/(decrease)in cash held and cash equivalents 84,840(276,176)Cash and cash equivalents at the beginning of the period 41,934 333,673 Effects of exchange rate on cash and cash equivalents (3,684)(15,563)Cash and cash equivalents at the end of the period

223、 21 123,090 41,934 The accompanying notes form part of these financial statements.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 30 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 1.Nature of operations Alice Queen Limited is a public company,limited by shares,domicile

224、d and incorporated in Australia and listed on the Australian Securities Exchange.The consolidated entity(the“Group”)consists of Alice Queen Limited(the“Company”)and the entities it controlled at the end of,or during,the year ended 30 June 2024.The principal activity of the Group during the reporting

225、 period was mineral exploration in Fiji,Queensland and New South Wales.2.Basis of preparation Statement of Compliance The consolidated general purpose financial statements of the Group have been prepared in accordance with Australian Accounting Standards,Australian Accounting Interpretations and oth

226、er authoritative pronouncements of the Australian Accounting Standards Board.Australian Accounting Standards incorporate International Financial Reporting Standards(IFRS)as issued by the International Accounting Standards Board.Compliance with Australian Accounting Standards ensure that the financia

227、l statements and notes also comply with IFRS.The consolidated financial statements for the year ended 30 June 2024(including comparatives)were approved and authorised for issue by the board of Directors on 27 September 2024.Historical Cost Convention The financial report has been prepared on an accr

228、ual basis and is based on the historical costs modified,where applicable by the measurement at fair value of selected non-current assets,financial assets and financial liabilities.Functional and presentation currency Both the functional and presentation currency of the Group is in Australian dollars

229、.Critical accounting estimates and judgements The preparation of the financial statements requires the use of certain critical accounting estimates.It also requires management to exercise its judgement in the process of applying the consolidated entitys accounting policies.The areas involving a high

230、er degree of judgement or complexity,or areas where assumptions and estimates are significant to the financial statements,are disclosed in Note 3.Basis of consolidation All intra-group balances,transactions,income and expenses and profit and losses between entities in the consolidated group have bee

231、n eliminated in full on consolidation.The non-controlling interest in the results and equity of subsidiaries is shown separately in the consolidated statement of profit or loss and other comprehensive income,consolidated statement of financial position and consolidated statement of changes in equity

232、 respectively.Non-controlling interests,presented as part of equity,represent the portion of the subsidiary companies profit or loss and net assets that is not held by the Group.The Group attributes total comprehensive income or loss of subsidiaries between the owners of the parent and the non-contr

233、olling interest based on their respective ownerships.Subsidiaries are entities controlled by the Company.Control exists when the Company has the power,directly or indirectly,to govern the financial and operating policies of an entity so as to obtain benefits from its activities.In assessing control,

234、potential voting rights that presently are exercisable or convertible are taken into account.The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.Transaction costs Transaction costs that

235、 the Group incurs in connection with a business combination,such as finders fees,legal fees,due diligence fees,and other professional and consulting fees,are expensed as incurred.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 31 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JU

236、NE 2024 3.Significant accounting policies(continued)Transactions eliminated and consolidation Intra-group balances and any unrealised gains and losses or income and expenses arising from intra-group transactions,are eliminated in preparing the consolidated financial statements.Where a controlled ent

237、ity issues shares to non-controlling interests which does not result in loss of control by the Company,any gain or loss arising on the Companys interest in the controlled entity is recognised directly in equity.New and amended accounting standards and interpretations a)New and amended standards and

238、interpretations adopted by the Group In the current period,the Group has adopted all of the new and revised Standards and Interpretations issued by the Accounting Standards Board(the AASB)that are relevant to its operations and effective for reporting periods beginning on 1 July 2023.The Group has n

239、ot elected to early adopt any new standards or amendments.b)New and Amended Accounting Policies Not Yet Adopted by the Group AASB 2020-1:Amendments to Australian Accounting Standards Classification of Liabilities as Current or Non-current The amendment amends AASB 101 to clarify whether a liability

240、should be presented as current or non-current.The Group plans on adopting the amendment for the reporting period ending 30 June 2025 along with the adoption of AASB 2023-6.The amendment is not expected to have a material impact on the financial statements once adopted.AASB 2021-7c:Amendments to Aust

241、ralian Accounting Standards Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections AASB 2021-7c defers the application of AASB 2014-10 Amendments to Australian Accounting Standards Sale or Contribution of Assets between an Investor and its Associate or Joint Venture so that t

242、he amendments are required to be applied for annual reporting periods beginning on or after 1 January 2025 instead of 1 January 2018.The Group plans on adopting the amendments for the reporting periods ending 30 June 2026.The impact of initial application is not yet known.AASB 2022-6:Amendments to A

243、ustralian Accounting Standards Non-current Liabilities with Covenants AASB 2022-6 amends AASB 101:Presentation of Financial Statements to improve the information an entity provides in its financial statements about liabilities arising from loan arrangements for which the entitys right to defer settl

244、ement of those liabilities for at least 12 months after the reporting period is subject to the entity complying with conditions specified in the loan arrangement.It also amends an example in Practice Statement 2 regarding assessing whether information about covenants is material for disclosure.The G

245、roup plans on adopting the amendment for the reporting period ending 30 June 2025.The amendment is not expected to have a material impact on the financial statements once adopted.Going concern basis During the year ended 30 June 2024 the Group recorded a total comprehensive loss of$2,201,628(2023:$1

246、7,225,877)after tax and minority interests and had net cash outflows from operating activities of$2,355,291(2023:$1,995,612).As at 30 June 2024,the Company reports working capital deficiency of$77,217(2023:$768,357 deficiency)with$123,090 cash held.Notwithstanding the Groups loss-making position and

247、 financial position at the end of the reporting period,the financial report has been prepared using the going concern basis.The Directors believe that it is appropriate to prepare this financial report on a going concern basis because the Directors have an appropriate plan to ensure the Group has su

248、fficient cash levels to meet its operating and investing activities for at least 12 months from the signing of the financial report and/or the ability to secure additional funding through future capital raisings.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 32 NOTES TO THE CONSOLIDATED FINANCIAL ST

249、ATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 3.Significant accounting policies(continued)Furthermore,on 8 April 2024,the Company announced that it had entered into a binding but conditional subscription agreement with Gage Resource Development Pty Ltd(Gage),a substantial shareholder of the Company,under

250、 which Gage agreed to subscribe for 455,900,000 fully paid ordinary shares(Placement Shares)at an issue price of$0.008(0.8 cents)per Placement Share to raise approximately$3.6 million before costs.These funds were received by the Company on 3 July 2024.Further details were set out in the notice of g

251、eneral meeting released to ASX on 28 May 2024.Shareholders approved the issue of the Placement Shares at the general meeting of the shareholders of the Company held on 28 June 2024.The Placement Shares were issued on 4 July 2024.Upon issue of the Placement Shares,Gage acquired a relevant interest in

252、 51%of the issued voting shares of the Company and an increase its voting power from 18.67%to 51%.Critical Accounting Estimates and Judgements When preparing the financial statements,management undertakes a number of judgements,estimates and assumptions about recognition and measurement of assets,li

253、abilities,income and expenses.The actual results may differ from the judgements,estimates and assumptions made by management,and will seldom equal the estimated results.Key estimates.Share-based payment transactions The Group measures the cost of equity-settled transactions with suppliers and employ

254、ees by reference to the fair value of the equity instruments at the date at which they are granted.The fair value is determined by using either the Binomial or Black-Scholes model taking into account the terms and conditions upon which the instruments were granted.The accounting estimates and assump

255、tions relating to equity-settled share-based payments would have no impact on the carrying amounts of assets and liabilities within the next annual reporting period but may impact profit or loss and equity.Refer to note 24 for further information.Property,plant and equipment Owned assets Items of pr

256、operty,plant and equipment are stated at cost less accumulated depreciation(see below)and impairment losses(see impairment accounting policy below).Depreciation Depreciation is charged to the profit or loss using the straight-line method from the date of acquisition.Computer,office furniture and equ

257、ipment,field equipment,motor vehicles and boat are depreciated at rates between 20%and 33%.The assets residual values and useful lives are reviewed,and adjusted if appropriate,at each reporting date.Cash and cash equivalents Cash and cash equivalents comprise cash balances and at call deposits.Share

258、 capital Ordinary Shares are classified as equity.Transaction costs Transaction costs of an equity transaction are accounted for as a deduction from equity,net of any related income tax benefit.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 33 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE Y

259、EAR ENDED 30 JUNE 2024 3.Significant accounting policies(continued)Trade and other payables Trade and other payables are stated at their amortised cost.Trade payables are non-interest bearing and are normally settled on 30-day terms.Share based payment transactions The grant date fair value of share

260、-based payment awards granted to employees is recognised as an employee expense,with a corresponding increase in equity,over the period that the employees unconditionally become entitled to the awards.The amount recognised as an expense is adjusted to reflect the number of awards for which the relat

261、ed service and non-market vesting conditions are expected to be met,such that the amount ultimately recognised as an expense is based on the number of awards that do not meet the related service and non-market performance conditions at the vesting date.For share-based payment awards with non-vesting

262、 conditions,the grant date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes.Leases Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease(i.e.,the date

263、 the underlying asset is available for use).Right-of-use assets are measured at cost,less any accumulated depreciation and impairment losses,and adjusted for any remeasurement of lease liabilities.The cost of right-of-use assets includes the amount of lease liabilities recognised,initial direct cost

264、s incurred,and lease payments made at or before the commencement date less any lease incentives received.Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term,the recognised right-of-use assets are depreciated on a straight-line basis over the sh

265、orter of its estimated useful life and the lease term.Right-of-use assets are subject to impairment.At the commencement date of the lease,the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term.The lease payments include fixed payments(in

266、cluding in-substance fixed payments)less any lease incentives receivable,variable lease payments that depend on an index or a rate,and amounts expected to be paid under residual value guarantees.The lease payments also include the exercise price of a purchase option reasonably certain to be exercise

267、d by the Group and payments of penalties for terminating a lease,if the lease term reflects the Group exercising the option to terminate.The variable lease payments that do not depend on an index or a rate are recognised as expense in the period on which the event or condition that triggers the paym

268、ent occurs.In calculating the present value of lease payments,the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable.After the commencement date,the amount of lease liabilities is increased to reflect the ac

269、cretion of interest and reduced for the lease payments made.In addition,the carrying amount of lease liabilities is remeasured if there is a modification,a change in the lease term,a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset.Leases

270、-Estimating the incremental borrowing rate When the Group cannot readily determine the interest rate implicit in the lease,it uses its incremental borrowing rate(IBR)to measure lease liabilities.The IBR is the rate of interest that the Group would have to pay to borrow over a similar term,and with a

271、 similar security,the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment.The IBR therefore reflects what the Group would have to pay,which requires estimation when no observable rates are available(such as for subsidiaries that do not en

272、ter into financing transactions)or when they need to be adjusted to reflect the terms and conditions of the lease(for example,when leases are not in the subsidiarys functional currency).The Group estimates the IBR using observable inputs(such as market interest rates)when available and is required t

273、o make certain entity-specific estimates(such as the subsidiarys stand-alone credit rating).ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 34 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 3.Significant accounting policies(continued)Short-term leases and leases of low

274、-value assets The Group applies the short-term lease recognition exemption to its short-term leases(i.e.,leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option).It also applies the lease of low-value assets recognition exemption to leases t

275、hat are considered of low value.Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.Finance income and finance expense Finance income and finance expense comprises interest payable on borrowings calculated using th

276、e effective interest method,interest earned,dividend income,unwind of discount on provisions are recognised in profit or loss.Interest income is recognised in the statement of comprehensive income as it accrues,using the effective interest method.Impairment Financial assets The Group recognises a lo

277、ss allowance for expected credit losses on financial assets which are either measured at amortised cost or fair value through other comprehensive income.The measurement of the loss allowance depends upon the Group entitys assessment at the end of each reporting period as to whether the financial ins

278、truments credit risk has increased significantly since initial recognition,based on reasonable and supportable information that is available,without undue cost or effort to obtain.Where there has not been a significant increase in exposure to credit risk since initial recognition,a 12-month expected

279、 credit loss allowance is estimated.This represents a portion of the assets lifetime expected credit losses that is attributable to a default event that is possible within the next 12 months.Where a financial asset has become credit impaired or where it is determined that credit risk has increased s

280、ignificantly,the loss allowance is based on the assets lifetime expected credit losses.The amount of expected credit loss recognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls over the life of the instrument discounted at the original effective

281、interest rate.For financial assets mandatorily measured at fair value through other comprehensive income,the loss allowance is recognised in other comprehensive income with a corresponding expense through profit or loss.In all other cases,the loss allowance reduces the assets carrying value with a c

282、orresponding expense through profit or loss.Non-financial assets The carrying amounts of the Groups non-financial assets are reviewed at each balance sheet date to determine whether there is any indication of impairment.If any such indication exists,the assets recoverable amount is estimated.An impa

283、irment loss is recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount.Impairment losses are recognised in the statement of comprehensive income,unless an asset has previously been revalued,in which case the impairment loss is recognised as a re

284、versal to the extent of that previous revaluation with any excess recognised through profit or loss.Impairment losses recognised in respect of cash generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the

285、other assets in the unit(group of units)on a pro rata basis.Exploration and evaluation assets Exploration and evaluation assets are assessed for impairment if sufficient data exists to determine technical feasibility and commercial viability or facts and circumstances suggest that the carrying amoun

286、t exceeds the recoverable amount.Exploration and evaluation assets are tested for impairment when any of the following facts and circumstances exist:the term of exploration licence in the specific area of interest has expired during the reporting period or will expire in the near future,and is not e

287、xpected to be renewed;ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 35 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 3.Significant accounting policies(continued)Impairment(continued)substantive expenditure on further exploration for and evaluation of mineral resourc

288、es in the specific area are not budgeted nor planned;exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the decision was made to discontinue such activities in the specified area;or suffici

289、ent data exists to indicate that,although a development in the specific area is likely to proceed,the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale.Calculation of recoverable amount The recoverable amount of assets

290、is the greater of their fair value less costs to sell and value in use.In assessing value in use,the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset

291、.For an asset that does not generate largely independent cash inflows,the recoverable amount is determined for the cash-generating unit to which the asset belongs.Reversals of impairment An impairment loss is reversed only to the extent that the assets carrying amount does not exceed the carrying am

292、ount that would have been determined,net of depreciation or amortisation,if no impairment loss had been recognised.An impairment loss in respect of goodwill is not reversed.Exploration and evaluation expenditure Exploration and evaluation expenditure comprises costs that are directly attributable to

293、:Researching and analysing existing exploration data;Conducting geological studies,exploratory drilling and sampling;Examining and testing extraction and treatment methods;and/or Compiling pre-feasibility and feasibility studies.Exploration expenditure relate to the initial search for deposits with

294、economic potential.Evaluation expenditure relates to a detailed assessment of deposits or other projects that have been identified as having economic potential.In accordance with the Groups change in accounting policy as mentioned above,it is the policy of the Group to expense all exploration and ev

295、aluation expenditure as it is incurred.Furthermore,due to a change in the accounting policy as mentioned above and in compliance with AASB 6,a decision was made by the Directors to impair all of its exploration and evaluation capitalised costs that were carried forward as at 30 June 2022 as well as

296、certain exploration costs incurred during the reporting period and capitalised at the time.This results in impairment charge of$17,596,400 for the comparative year ended 30 June 2023.Segment reporting The Group determines and presents operating segments based on the information that internally is pr

297、ovided to the Managing Director,who is the Groups chief operating decision maker.An operating segment is a component of the Group that engages in business activities from which it may earn revenue and incur expenses,including revenues and expenses that relate to transactions with any of the Groups o

298、ther components.An operating segments results are reviewed regularly by the Managing Director to make decisions about resources to be allocated to the segment and assess its performance,and for which discrete financial information is available.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 36 NOTES

299、TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 3.Significant accounting policies(continued)Segment results that are reported to the Managing Director include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.The Groups pri

300、mary format for segment reporting is on the same basis as is used internally for evaluating operating segment performance and deciding how to allocate resources to operating segments.Borrowings The convertible notes issued by the Company during the 2023 comparative reporting period were classified a

301、s compound financial instruments consisting of two components:Liability component initially measured at the fair value,net of costs and subsequently measured on amortised costs basis Option reserve Convertible notes are initially recognised at the fair value of the consideration(amount)received,net

302、of transaction costs.They exhibit characteristics of a borrowing and are recognised as a liability in the Statement of Financial Position,net of transaction costs.They are subsequently measured at amortised cost using the effective interest method.The liability component of convertible note is recog

303、nised at the fair value,determined using a market rate for an equivalent non-convertible bond and this amount is then carried as a current liability on the amortised cost basis until extinguished on conversion or redemption.The increase in the liability due to the passage of time is recognised as a

304、finance cost.The corresponding interest on convertible notes is expensed to profit or loss.The remainder of the proceeds were allocated to the freestanding option that is recognised and included in shareholders equity as an option reserve.The carrying amount of the conversion option is not remeasure

305、d in the subsequent periods.Convertible notes are classified as current liabilities unless the Company has an unconditional obligation to settle the liability within 12 months after the reporting date.Income tax Income tax expense for the year comprises current and deferred tax.Income tax is recogni

306、sed in the profit or loss,except to the extent that it relates to items recognised directly in equity or in other comprehensive income.Current tax is the expected tax payable on the taxable income for the year,using tax rates enacted or substantially enacted at the balance sheet date,and any adjustm

307、ent to tax payable in respect of previous years.Deferred tax is provided using the balance sheet liability method,providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.The following tempo

308、rary differences are not provided for:the initial recognition of assets or liabilities that affect neither accounting nor taxable profit and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.The amount of deferred tax prov

309、ided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities,using tax rates enacted or substantively enacted at the balance sheet date.A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be

310、available against which the asset can be utilised.Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.Tax consolidation Alice Queen Limited and its wholly owned Australian resident entities have formed a tax-consolidated Group wit

311、h Alice Queen Holding Pty Ltd joining the existing tax consolidated group with effect from 13 November 2015 and are therefore taxed as a single entity from that date.The Head entity within the tax-consolidated group is Alice Queen Limited.Kauraru Gold Pty Ltd,Monzonite Metals Pty Ltd are not part of

312、 the Alice Queen Limited tax consolidated group as these companies are not wholly owned by Alice Queen Holdings Pty Ltd.Alice Exploration Pte Ltd is a wholly owned enity of Alice Queen Limited registered in Fiji and does not form part of the Alice Queen Limited tax consolidation group.ALICE QUEEN LI

313、MITED ANNUAL REPORT 30 JUNE 2024 37 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 3.Significant accounting policies(continued)Income tax(continued)Goods and services Revenue,expenses and assets are recognised net of the amount of goods and services tax(GST),except wh

314、ere the amount of GST incurred is not recoverable from the taxation authority.In these circumstances,the GST is recognised as part of the cost of acquisition of the asset or as part of the expense.Receivables and payables are stated with the amount of GST included.The net amount of GST recoverable f

315、rom,or payable to,the Australian Taxation Office is included as a current asset or liability in the statement of financial position.Cash flows are included in the statement of cash flows on a gross basis.The GST components of cash flows arising from investing and financing activities which are recov

316、erable from,or payable to,the Australian Taxation Office are classified as operating cash flows.Employee benefits Wages,salaries,annual leave,sick leave and non-monetary benefits Liabilities for employee benefits for wages,salaries,annual leave and sick leave that are expected to be settled within 1

317、2 months of the reporting date represent present obligations resulting from employees services provided to reporting date,are calculated at undiscounted amounts based on remuneration wage and salary rates that the Group expects to pay as at reporting date including related on-costs,such as workers c

318、ompensation insurance and payroll tax.Liabilities recognised in respect of long-term employee benefits are measured at the present value of the estimated future cash outflows to be made by the Group in respect of services provided by employees up to reporting date.Earnings per share The Group presen

319、ts basic and diluted earnings per share(EPS)data for its ordinary shares.Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period.Diluted EPS is determined by adjusting

320、the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares.Site restoration Mine rehabilitation costs will be incurred by the Group should the projects at the occupied mining sites

321、be abandoned.The Group assesses its mine rehabilitation provision at each reporting date.The ultimate rehabilitation costs are uncertain and cost estimates can vary in response to many factors.These uncertainties may result in future actual expenditure differing from the amount provided.Due to the e

322、arly stages of the drilling and overall project life,an amount of$36,000 has been recorded at balance date and an additional amount of$114,000 has been disclosed as a contingent liability.Determination of fair values Fair value measurement hierarchy The consolidated entity is required to classify al

323、l assets and liabilities,measured at fair value,using a three-level hierarchy,based on the lowest level of input that is significant to the entire fair value measurement,being:Level 1:Quoted prices(unadjusted)in active markets for identical assets or liabilities that the entity can access at the mea

324、surement date;Level 2:Inputs other than quoted prices included within Level 1 that are observable for the asset or liability,either directly or indirectly;and Level 3:Unobservable inputs for the asset or liability.Considerable judgement is required to determine what is significant to fair value and

325、therefore which category the asset or liability is placed in can be subjective.ALICE QUEEN LIMITED ANNUAL REPORT 30 JUNE 2024 38 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 3.Significant accounting policies(continued)The fair value of assets and liabilities classif

326、ied as level 3 is determined by the use of valuation models.These include discounted cash flow analysis or the use of observable inputs that require significant adjustments based on unobservable inputs.Refer to Note 23 for further information.A number of the Groups accounting policies and disclosure

327、s require the determination of fair value,for both financial and non-financial assets and liabilities.Fair values have been determined for measurement and/or disclosure purposes based on the following methods.When applicable,further information about the assumptions made in determining fair values i

328、s disclosed in the notes specific to that asset or liability.Trade and other receivables The fair value of trade and other receivables is estimated as the present value of future cash flows,discounted at the market rate of interest at the reporting date.Share based payment transactions The fair valu

329、e of the options granted is measured using a Binomial or Black-Scholes formula taking into account the terms and conditions upon which the options were granted.Measurement inputs include share price at grant date,exercise price of the instrument,expected volatility(based on historic share performanc

330、e),risk-free interest rate(based on government bonds),and dividend yield.Foreign currency Functional and presentation currency Items included in the financial statements of each entity are measured using the currency of the primary economic environment in which the Entity operates(the functional cur

331、rency).The financial statements are presented in Australian dollars,which is the Companys functional and presentation currency.Transaction balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions.Foreign e

332、xchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.Group companies and foreign operations The results and financial

333、 position of all Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of the balance sheet;Income and expenses for each income statement are translated at average exchange rates(unless th