EV Resources Limited (EVR) 2024年年度報告「ASX」.pdf

《EV Resources Limited (EVR) 2024年年度報告「ASX」.pdf》由會員分享，可在線閱讀，更多相關《EV Resources Limited (EVR) 2024年年度報告「ASX」.pdf（78頁珍藏版）》請在三個皮匠報告上搜索。

1、Annual Report For the Year Ended 30 June 2024 Letter to Shareholders 2 Contents ContentsCorporateDirectory.1ChairmansReport.2ReviewofOperations.3AnnualMineralResourceStatement.9DirectorsReport.10AuditorsIndependenceDeclaration.28.29.33IndependentAuditReportFinancialReport.68AdditionalInformationforL

2、istedCompanies.69DirectorsDeclaration.67Consolidated Entity Disclosure Statement Corporate Information EV Resources Limited ABN 66 009 144 503 Annual Report 2024 1 CorporateDirectoryDirectorsMrLukeMartinoNon-ExecutiveChairmanMrHughCallaghanManagingDirectorMrAdrianPaulExecutiveDirectorMrNavinderjeetS

3、inghExecutiveDirectorMsLynetteSuppiahNon-ExecutiveDirectorCompanySecretaryMs.LouisaMartinoRegisteredoffice311-313HayStreetSUBIACO,WESTERNAUSTRALIA6008Tel:+61(8)64890600Website:www.EVR.auAuditorGrantThorntonAuditPtyLtdLevel43,CentralPark152-158StGeorgesTerracePERTH,WESTERNAUSTRALIA6000BankersNational

4、AustraliaBank1238HayStreetWESTPERTH,WESTERNAUSTRALIA,6005ShareRegistryAutomicLevel5,126PhillipStreetSydneyNSW2000E:.auT:1300288664(withinAustralia)or+61296985414(outsideAustralia)SecuritiesExchangeListingASXLimited20BridgeStreetSYDNEY,NEWSOUTHWALES2000ASXCodeEVRFrankfurtExchange;R1E.FBerlinExchange;

5、R1E.BStuttgartExchange;R1E.SG Chairmans Letter EV Resources Limited ABN 66 009 144 503 Annual Report 2024 2 DearEVResourcesshareholders.ItiswithgreatpleasurethatIpresentthe2024AnnualReportfor EV Resources Limited(ASX:EVR)(EVResourcesortheCompany).The 2024 Financial Year has been one ofdeliveryonallo

6、bjectivesfortheParagandDonEnriqueprojectsinPeru.Deliveryandexecutionaretheessentiallifeofanyminingcompanyandinthisregard,theachievementswithcommunity agreements,drill permits,andsuccessful drilling have been an outstandingsuccesswithintimeframesfewcouldmatch.In my last report I mentioned our interna

7、lcultureisonewhereweplacegreatprideina“hands on”management culture.This hasdeliveredtheoutcomesweplanned,andwearegrateful to Gonzalo Lemuz,our Head ofExploration,GiorgioAlbertiniourLegalCounselandourLimabasedmanagementteam.ConditionsforjuniorminingcompaniesontheASX have been extremely challenging in

8、 thisFinancialYear,withmanycompaniesexperiencing difficulties in raising capital andmaintainingvaluationsonthesharemarketthatreflectthevalueoftheirprojects.YourCompanyhasfeltthisasmuchasanyothercompany.Weremainresoluteinourconvictionthat copper-based portfolios are the correctpositionforaseriousmini

9、ngcompanyagainstabackgroundofageingminesanddecliningheadgradesintheindustry.Theidentificationofmarket-leading grades of copper productmolybdenum(andmorerecentlysilver)strengthen the Parag project as an enviableprojectforajuniorminertohold.O.auhasincreasedourconvictionthatmolybdenumisanimportantandgr

10、owingindustrythatisutterlydependent upon the fortunes of the copperindustry in the Americas.The strength ofmolybdenumpricingintheperiodunderreviewisimpressive.PricestradedconsistentlyaboveUS$22.00/lbinthesecondhalfoftheyearwhichrepresents a metal approximately five timesmorevaluablethancopper.It doe

11、s seem perplexing that copper focusedcompaniesontheASXhavenotbeenembracedby investors at a time of widely heldinternational concern over future supplies,risingcostsandscarcenewprojects.ThisonlyencouragesusthatthecopperindustrywillseenewpricehighsinthenextFinancialYearafterscalinglevelsofaboveUS$11,0

12、00pertonneinMay2024,beforeretreatinginthelatterweeksoftheperiodunderreview.Ithasbeenextremelypleasing,asChairmantowitnesstheexcitingexecutionoftheCompanysstrategicplaninthe2024FinancialYear.Yourcontinuedsupportthroughtheyearisgreatlyappreciated,andIhopethattheCompanywillcontinuetoprovidevaluetoitssh

13、areholdersintheyearahead.Iwouldalsoliketothankmyfellowboardmembers,especiallyourManagingDirector,Mr Hugh Callaghan.Under hisleadership,the Company has been able toadvancetheseveryprospectiveprojects,leadingaworldclassin-countryteam;mythankstoallofthem.I would also like to thank our corporatemanageme

14、ntteamandconsultantsforalltheirhardworkoverthepastyear.YoursSincerely,LukeMartinoNon-ExecutiveChairman Review of Operations EV Resources Limited ABN 66 009 144 503 Annual Report 2024 3 ReviewofOperationsThe2024FinancialYearwasayearthatourmanagementteamwilllookbackonwithpride,asayearwedelivereduponou

15、rstrategicandoperatingplanstotransitionthecompanytoacoppercompanyatatimewhentheglobalcopperindustryneedsnewdiscoveriesandprojectsandwhenthestrengthofmolybdenumpricingconfirmedaneedfornewsourcesofmolybdenum.Duringtheperiodunderreview,theCompanyfocusedontheParagandDonEnriqueprojectsinPeru.ParagCopperM

16、olybdenumProject(EVR70%)EVRclosedthetransactiontoacquire70%oftheprojectinearlyAugust2023,andimmediatelyembarkeduponanintensivecommunityrelationsanddrillpermittingprogramme.Thisprovedhighlysuccessful,andtheCompanywasgratifiedtoforgeagreementswithsurroundingcommunitiesfora5-yearperiodandcommittoaprogr

17、ammeofinvestmentinthecommunity.Weshareadeepconvictionthatcommunitiesareatthefrontandcentreofourday-to-dayactivitiesandoursupportfromthecommunitiesischerished.EVRwasabletosecurepermitsthatalloweddrilling,beforetheendofDecember2023.ItwouldbehardtooverstatewhatanachievementthiswasforourLimabasedmanagem

18、entteam.EVRcommenceddrillingattheendofJanuary2024,intherainyseasonwhichpresentsanumberofchallenges.TheimmaculatesafetyrecordofourdrillingcontractorAKDrillingistobecommended.Thededication,determinationandfortitudeofourteaminmanagingandexecutingtheprogrammeandmovingcoretothecoreshedwithanimpeccablesaf

19、etyrecordwasremarkable.EVRreleasedtheresultsofthe1980metrediamonddrillingcampaignduringthelatterstagesoftheyearunderreview.TheresultsexceededexpectationsandproducednotonlylengthyhighgradeinterceptsofcopperandmolybdenumfromtheTrincheraEstebreccia,butalsodemonstratedsignificantinterceptsofadjacentporp

20、hyryintrusivehighgrademineralisationwhichsuggestsashallowerporphyrysystemthanpreviouslythoughttobethecase.Figure1:CrossSectionalongA-AlookingWest.Copperassayvaluesona2minterval.Review of Operations EV Resources Limited ABN 66 009 144 503 Annual Report 2024 4 Theassaysalsorevealedthepresenceofsilveri

21、nquantitiesthataresignificantassilverpricestradedconsistentlyatoraboveUS$30/ozinthelatterstagesoftheperiodunderreview.FurtherworkwillbedoneonreviewingsilverfromolddrillcoresintheearlystagesofthenextFinancialYear.Sixoftheoutcroppingbrecciastructureshavebeendrilledtodate,ofwhichTrincheraEstaisthesmall

22、est.Evidenceofthestronglymineralisedsurroundingporphyryintrusiverocksissimilartothatidentified1200metrestothewestatthePaylacochabrecciaandsuggeststhepotentialscaleofthesystematsurfacewillincludefarmoremineralisationthanthehighgradebreccias.Figure2:Asummaryofkeydrillinterceptsisasfollows(forafullsumm

23、aryofdrillingresultsseetheASXAnnouncementsdated22ndApril2024,29thApril2024,20thMay2024,and9thJuly2024)Hole APG-001 476m(metres)at 0.31%Cu and 0.14%Mo from 3.2m.This includesintersectionsof 348mgrading0.40%Cuand0.20%Mofrom3.2mto351.2m,includingintersectionsof 44mat0.64%Cuand0.31%Mo,from3.2mto47.2m.24

24、mat0.81%Cuand0.43%Mo,from7.2mto31.2m.86mat0.30%Cuand0.40%Mo,from55.2mto141.2m.50mat0.40%Cuand0.24%Mo,from209.2mto259.2m HoleAPG-002258.8mat0.40%Cuand0.14%Mofrom1m.Thisincludesintersectionsof 130mat0.60%Cuand0.30%Mo,from1mto131m 80mat0.80%Cuand0.30%Mo,from1mto81m.58mat0.90%Cuand0.30%Mo,from23mto81m.R

25、eview of Operations EV Resources Limited ABN 66 009 144 503 Annual Report 2024 5 HoleAPG-003211.5m(metres)at0.40%Cuand0.20%Mofrom3m.Thisincludesanintersectionof 160m grading 0.50%Cu and 0.20%Mo from 3m to 163m,includingintersectionsof 104mat0.60%Cuand0.40%Mo,from3mto107m.32mat1.20%Cuand0.40%Mo,from3

26、mto35m.16mat0.70%Cuand0.30%Mo,from43mto59m.18mat1.70%Cuand0.40%Mo,from11mto29m.Hole APG-006 218m at 0.30%Cu and 0.10%Mo from surface.This includesintersectionsof 186mat0.30%Cuand0.20%Mo,fromsurfaceto186m 122mat0.40%Cuand0.20%Mo,fromsurfaceto122m 56mat0.50%Cuand0.20%Mo,fromsurfaceto56m.HoleAPG-DDH-00

27、5atParagassayed148mat0.54%Cu,0.35%Mo,and8.87gAgfrom0.2m.including:120mgrading0.62%Cu,0.43%Moand10.45gAgfrom0.2to120.2m.HoleAPG-DDH-007atParagassayed180mat0.31%Cu,0.09%Moand4.20gAgfromsurfaceincluding:58mgrading0.78%Cu,0.27%Moand11.12gAgfrom0to58m.36mgrading1.08%Cu,0.36%Moand15.61gAgfrom0to36m.30mgra

28、ding1.18%Cu,0.39%Moand17.05gAgfrom0to30m.HoleAPG-DDH-004atParagassayed62m(meters)at0.36%Cu,0.03%Moand5.98ppmAgfrom1.7m.including:50mgrading0.43%Cu,0.03%Moand7.12gAgfrom1.7to51.7m 26mgrading0.74%Cu,0.06%Moand12.75gAgfrom1.7to27.7m.20mgrading0.92%Cu,0.08%Moand16.10gAgfrom1.7to21.7m.AGeophysicscampaign

29、wasplannedtocommenceduringJuly2024,andongoingworkcontinuedonthelongtermdrillpermitformoreextensivedrillingtofollowthe20drillplatformsalreadypermittedwhichwillbesufficientforEVRsrequirementsuntillate2025.Review of Operations EV Resources Limited ABN 66 009 144 503 Annual Report 2024 6 DonEnriqueCoppe

30、rProject(EVR50%)EVRspenttheearlypartofthe2024FinancialYearworkingoncommunityrelationsanddrillpermitting,andhaveestablishedexcellentrelationswiththelocalcommunity,withwhomamulti-yearagreementwasreached.DrillpermittingapprovalinlateOctober2023wasawelcomeachievement,andanumberofroadsanddrillpadswerepre

31、paredforamaidendrillingprogrammelaterin2024.Duringthelatterhalfoftheyearunderreview,EVRagreedaoneyearextensionoftheoption(to4thMay2025)topurchasetheremaining50%oftheprojectforUS$850,000,inreturnforacommitmenttoeitherspendUS$500,000duringtheoptionperiod,ormakeaUS$100,000paymenttotheJVpartnerattheendo

32、ftheoptionperiod.EVRisplanningtodrillatDonEnriqueinthesecondhalfofcalendaryear2024.EVRsecuredbywayofapplication,the“Estrella”licencetothewestofDonEnriqueafternotingthatthelargechargeabilityhighanomalyappearstoextendwestintothisarea.ThisisafollowuptargetformappingandIPlaterincalendaryear2024.Review o

33、f Operations EV Resources Limited ABN 66 009 144 503 Annual Report 2024 7 Figure3:Chargeabilitycontours,500mdepthOtherProjectsEVRcommencedadatareviewatthe100%ownedKhartoumpolymetallicprojectinNorthernQueenslandwithsurfacerockchipsamplesofupto71%Cuand874g/tAgdemonstratingpreviouslyunknowncopperandpre

34、ciousmetalspotentialattheKhartoumProjectinnorthernQueensland.High-gradecoppervaluesincluded10.9%Cu,9.11%Cu,8.6%Cuand4.16%Cu.EVRdidnotcompleteanyactivitiesatitsremainingprojectsandhascommencedaprocessofdisposalofitsnon-coreholdings,bywayofoutrightsaleorJointVenture.CorporateActivityMrHughCallaghanwas

35、appointedasManagingDirectoroftheCompanyon5July2023.Convertible Notes DuringtheyeartheCompanysecuredfirmfundingcommitmentsviaseniorsecuredconvertiblenotestoraiseuptoUS$3.4million(ConvertibleNotes)fromObsidianGlobalGPLLC(Obsidian)comprisingtwotranchesofUS$850,000(A$1,300,000)eachandathirdtrancheofUS$1

36、,700,000(A$2,600,000).Tranche1fundsofUS$850,000(A$1,300,000)werereceivedduringtheperiod.Review of Operations EV Resources Limited ABN 66 009 144 503 Annual Report 2024 8 Redemption of Convertible Notes Duringthereportingperiod,theConvertibleNotesissuedtoObsidianVenturesLLCwereredeemedaftertheCompany

37、agreeda$1.2munsecuredloanfromadirectorrelatedentity,AllgreenHoldingsPtyLtdonmorefavourabletermsthantheConvertibleNotes.Repaymentoftheloanistotakeplaceatthenextplacement,assumingadequatefundsareraisedorwhentheCompanyisabletorepaywithin12months.TheloanfacilitycanbedrawdownbytheCompanyimmediatelywithal

38、lfundsfromtheloantobeappliedtowardspayingouttheConvertibleNotesissuedtoObsidianGlobalGPLLC(Obsidian).Thematerialtermsoftheloanfacilityagreementareasfollows:Loanfacilityamount:A$1,200,000.Loanterm:12months.InterestRate:10%perannum.Security:Nil.TheagreementdoesnotincludeanyrighttoconverttheloantoEVRsh

39、ares.Theagreementalsocontainswarrantyclausesstandardforanagreementofthisnature.Placement of Shares Duringtheyear,theCompanyconcludedaplacementofordinarysharesthatraisedatotalofA$2minfundsatasharepriceofA$0.01withanattachingoptionatA$0.02,tobeappliedtoprojectdrilling,paymentsduetothevendoroftheParagp

40、roject,andgeneralworkingcapital.145,000,000shareswereissuedimmediatelyundertheCompanysplacementcapacity,while215,000,000OptionsExpiring30November2026and55,000,000EVRordinaryfullypaidshareswereissuedfollowingshareholderapprovalbeingreceivedattheGeneralMeetingheldon31stJanuary2024.TheCompanyconcludeda

41、furtherplacementof2,166,881ordinarysharesthatraisedatotalofA$2.2minfundsatasharepriceofA$0.013withanattachingoptionatA$0.02,tobeappliedtocontinuingthedrillprogramatthehigh-gradeParagcopper-molybdenumproject.166,683,154shareswereissuedimmediatelyundertheCompanysplacementcapacity,while188,351,964Optio

42、nsExpiring30November2026wereissuedfollowingshareholderapprovalbeingreceivedattheGeneralMeetingheldon17thApril2024.ComplianceStatementsParagProjectThisannualreportcontainsinformationontheParagProjectextractedfromanASXmarketannouncementsdated22ndApril2024,29thApril2024,20thMay2024,and9thJuly2024andrep

43、ortedinaccordancewiththe2012editionofthe“AustralasianCodeforReportingofExplorationResults,MineralResourcesandOreReserves”(2012JORCCode).EVRconfirmsthatitisnotawareofanynewinformationordatathatmateriallyaffectstheinformationincludedintheoriginalASXmarketannouncement.KhartoumProjectThisannualreportcon

44、tainsinformationontheKhartoumProjectextractedfromanASXmarketannouncementdated22ndJuly2024andreportedinaccordancewiththe2012editionofthe“AustralasianCodeforReportingofExplorationResults,MineralResourcesandOreReserves”(2012JORCCode).EVRconfirmsthatitisnotawareofanynewinformationordatathatmateriallyaff

45、ectstheinformationincludedintheoriginalASXmarketannouncement.Annual Mineral Resource Statement EV Resources Limited ABN 66 009 144 503 Annual Report 2024 9 TheCompanysMineralResourceStatementhasbeencompiledandisreportedinaccordancewiththeAustralasianCodeofReportingofExplorationResults,MineralResourc

46、esandOreReserves(theJORC2012edition)andChapter5oftheASXListingRules.Asat30June,theYanaminaProjecthasaMineralResourceEstimateasdefinedinTable1below.TheCompanysotherprojectsdonothavearesourceestimate.EVRsgovernancearrangementsandinternalcontrolsforreportingitsMineralResourceEstimateincludesreportingon

47、anannualbasisandincompliancewiththe2012EditionofJORCandtheASXListingRules.TheCompetentPersonissuitablyqualifiedandexperiencedasdefinedinthe2012EditionofJORC.TheannualMineralResourceEstimateinrespectoftheYanaminaProjectisbasedon,andfairlyrepresents,informationandsupportingdocumentationpreparedbyacomp

48、etentpersonandannouncedonASXon10February2020:“MaidenJORC2012Resourceof265,987ozsGoldand934,528ozsSilveratYanamina”.TheCompanyconfirmsthatitisnotawareofanynewinformationordatathatmateriallyaffectstheinformationincludedintheannouncementof10February2020.TheCompanyconfirmsthatallmaterialassumptionsandte

49、chnicalparametersunderpinningtheestimatesinthe10February2020announcementcontinuetoapplyandhavenotmateriallychanged.Table1:YanaminaProjectestimatedtotalresourcesat0.5g/tcut-off.LocationPerureferASXrelease10February2020ResourcesTonnesGrade(Aug/t)Grade(Agg/t)Totalozs(Au)Totalozs(Ag)2024202320242023Indi

50、cated2,790,6201.354.34121,136121,136389,431389,431Inferred3,951,6401.144.29144,851144,851545,097545,097Total/average 6,742,2601.254.31265,987 265,987 934,528 934,528 Directors Report EV Resources Limited ABN 66 009 144 503 Annual Report 2024 10 DIRECTORSREPORTTheDirectorspresenttheirreporttogetherwi

51、ththefinancialreportofEVResourcesLimited(“theCompany”)(ASX:EVR)anditscontrolledentities(“theGroup”,“EVR”or“ConsolidatedEntity”)fortheyearended30June2024.DirectorsThenamesandtheparticularsoftheDirectorswhoheldofficeduringorsincetheendofthefinancialyearanduntilthedateofthisreportaredisclosedbelow.Name

52、StatusAppointment/ResignationMrLukeMartinoNon-ExecutiveChairmanAppointedon22December2017MrAdrianPaulExecutiveDirectorAppointedon14April2020MrNavinderjeetSinghExecutiveDirectorAppointedon20July2020MsLynetteSuppiahNon-ExecutiveDirectorAppointedon28May2021MrHughCallaghanManagingDirectorAppointedon5July

53、2023PrincipalactivitiesDuringtheyeartheprincipalactivityoftheGroupwasmineralisationexplorationinAustralia,Austria,PeruandUnitedStates.OperatingandfinancialreviewTheGroupmadealossfortheyearended30June2024of$3,308,234(2023:lossof$5,423,080).Asat30June2024,theGrouphadcashandcashequivalentsof$403,186(20

54、23:$513,841)andnetassetsof$6,824,064(2023:$5,785,879).RefertothemanagementdiscussionandanalysiscontainedintheReviewofOperationsonpage3oftheAnnualReportforareviewoftheresultandoperations,whichformspartofthisDirectorsReport.DividendspaidorrecommendedTherewerenodividendspaidorrecommendedduringthefinanc

55、ialyearended30June2024(2023:Nil).SignificantchangesinstateofaffairsIntheopinionoftheDirectors,therewerenosignificantchangesinthestateofaffairsoftheGroupwhichhavenotbeendisclosedelsewhereintheAnnualReport.SignificanteventsafterreportingdateSubsequenttoyearend:TheCompanyraised$375,000at$0.005persharet

56、ofundfurtherworkontheKhartoumproject.TheCompanys108,333,332listedoptionsexercisableat$0.045each(ASX:EVRO)expiredonSaturday,31August2024.Directors Report EV Resources Limited ABN 66 009 144 503 Annual Report 2024 11 InformationonDirectorsLukeMartinoNon-ExecutiveChairman(appointedon22December2017)Expe

57、rienceMrMartinoholdsaBachelorofCommerce(BCom)isaFellowoftheInstituteofCharteredAccountantAustraliaandNewZealand(FCA)andamemberoftheInstituteofCompanyDirectors(FAICD).Hisareaofexpertiseincludescorporatefinanceandbusinessgrowthconsultingadvicetotheminingandresourcessectorandawiderangeofotherindustries

58、.InterestinShares,OptionsandPerformanceShares22,159,640ordinaryfullypaidshares11,000,000listedoptionsexpiring30November202610,000,000performancesharesSpecialResponsibilities MemberofAudit&RiskCommitteeandNominations&RemunerationCommitteeDirectorshipsheldinotherlistedentitiesMagnumMiningandExploratio

59、nLimited(current)CycloneMetalsLimited(current)BalkanMiningandMineralsLimited(previous)SkinElementsLimited(previous)HughCallaghanManagingDirector(appointedon5July2023)ExperienceMrCallaghanhasextensiveexperienceandexpertiseoperatinginLatinAmerica,thatincludesamanagementroleatEscondidainChileandthenasC

60、EOofanASXlistedcompany,buildinga3000tpdoperatingmineinChile.Morerecently,hebuiltasilverzincandleadmineinMexicoandgeneratedseveralprojectsinMexicoheldwithinTSXandprivateportfolios.InterestinShares,OptionsandPerformanceShares3,500,000ordinaryfullypaidshares10,000,000performancesharesSpecialResponsibil

61、ities NotApplicableDirectorshipsheldinotherlistedentitiesHomerunResources,Inc(TSX-V:HMR)AdrianPaulExecutiveDirector(appointedon14April2020)ExperienceMrPaulhasover30yearsofexperienceinthesecuritiesindustryandwaspreviouslyapartnerintheAustralianstockbrokingfirmD.J.Carmichael&Co.MrPaulhasheldvariousnon

62、-executivedirectorshipsofpubliccompanieslistedonASXsuchasChrysalisResourcesLimited.MrPaulcurrentlymanagesaprivateinvestmentcompanyandutiliseshisextensivenetworksestablishedinstockbrokingandinvestmentbankingInterestinShares,OptionsandPerformanceShares94,210,683ordinaryfullypaidshares45,683,719listedo

63、ptionsexpiring30November202610,000,000performanceshares Directors Report EV Resources Limited ABN 66 009 144 503 Annual Report 2024 12 SpecialResponsibilities MemberofAudit&RiskCommitteeandNominations&RemunerationCommitteeDirectorshipsheldinotherlistedentitiesBalkanMiningandMineralsLimited(previous)

64、NavinderjeetSingh(NavinSidhu)ExecutiveDirector(appointedon20July2020)ExperienceMrSidhusexperienceextendsover20yearsinequityandderivatives,withover10yearsintheminingandresourceindustry,includingdealinginphysicalcommoditiessuchasgold,silverandzinc.MrSidhuhasextensiveexperienceinseniormanagementpositio

65、nsandhassetuplisted,andrunmultiple,successfulcompaniesintheUK,Malaysia,Singapore,HongKongandEurope.Hisforteissuccessfullyturningcompaniesaroundandbuildingshareholdervalue.Withafirmgraspandunderstandingofbonds,swapsandfinancialinstruments,hehaswrittenarticlesforfinanceandinvestmentmagazines,newspaper

66、sandhasappearedonfinancialTVprograms.Hehasahistoryofgrowingthevalueofmultiplecompaniesandenhancingshareholdervalue.InhispreviousroleasGroupCEO,MrSidhusignificantlygrewthevalueoftheUKlistedcompanywithinatwo-yearperiod.InterestinShares,OptionsandPerformanceShares77,000,000ordinaryfullypaidshares11,000

67、,000listedoptionsexpiring30November202610,000,000performancesharesSpecialResponsibilities MemberofAudit&RiskCommitteeandNominations&RemunerationCommitteeDirectorshipsheldinotherlistedentitiesNotApplicableLynetteSuppiahNon-ExecutiveDirector(appointedon28May2021)ExperienceMsSuppiahhasbeeninvolvedinthe

68、basemetalsandcommoditiestradingindustryforover10yearsandholdssignificantexperienceintradingofmetalstradedontheLondonMetalsExchange(LME).MsSuppiahunderstandsthewholespectrumofcommoditiestradingincludingnegotiatingandhedgingcontractsandtradingofthephysicalcommodities.MsSuppiahhadbeenelectedtotheboardt

69、ooverseetheinterestsofthestreamingcompany.InterestinShares,OptionsandPerformanceShares2,500,000performancesharesSpecialResponsibilities NotApplicableDirectorshipsheldinotherlistedentitiesNotApplicable Directors Report EV Resources Limited ABN 66 009 144 503 Annual Report 2024 13 InformationonCompany

70、SecretaryLouisaMartinoMsMartinohasprovidedcompanysecretarialandaccountingservicesforthepast15years.PriortothisshewastheChiefFinancialOfficerofaprivatecompanyduringitsstageseekinginvestorfinancing.MsMartinopreviouslyworkedforacorporatefinancecompany,assistingcompanycompliance(ASICandASX)andcapitalrai

71、sings.ShealsohasexperienceworkingforagovernmentorganisationinitsBusinessDevelopmentdivisionwheresheperformedreviewsofbusinessopportunitiesandpreparedbusinesscasedocumentsseekingGovernmentfunding.MsMartinoalsoworkedforamajoraccountingfirminPerth,LondonandSydneywheresheprovidedcorporateadvisoryservice

72、s,predominantlyonIPOsandmergersandacquisitionsandalsoperformedduediligencereviews.ShehasaBachelorofCommercefromtheUniversityofWesternAustralia,isamemberofCharteredAccountantsAustraliaandNewZealand,amemberofFinancialServicesInstituteofAustralasia(FINSIA)andaFellowoftheGovernanceInstituteAustralia(FGI

73、A).DirectorsMeetings&CommitteeMeetingsThefollowingtablesetsoutthenumberofDirectorsmeetingsheldduringthefinancialyearandthenumberofmeetingsattendedbyeachDirector(whiletheywereaDirectororcommitteemember)oftheCompany.Duringthefinancialyear,twoBoardmeetingswereheld.DirectorsMeetingsAudit&RiskCommitteeMe

74、etingsNomination&RemunerationCommitteeMeetingsEligibletoattendAttendedEligibletoattendAttendedEligibletoattendAttendedLukeMartino222211HughCallaghan22-AdrianPaul222211NavinSidhu222211LynetteSuppiah22-MembersoftheAudit&RiskandNomination&Remunerationcommitteesasatthedateofthisreportarenotedinthetableb

75、elow.Audit&RiskCommitteeNomination&RemunerationCommitteeLukeMartinoLukeMartinoAdrianPaulAdrianPaulNavinSidhuNavinSidhu Directors Report EV Resources Limited ABN 66 009 144 503 Annual Report 2024 14 ShareOptionsAtthedateofthisreport,theun-issuedordinarysharesofEVResourcesLimitedunderoptionareasfollow

76、s:IssueDateExpiryDateExercisePriceNumberofsharesunderoption16/02/202430/11/2026$0.02215,000,00030/04/202430/11/2026$0.02188,351,964403,351,964Optionholdersdonothaveanyright,byvirtueoftheoption,toparticipateinanyshareissueoftheCompanyoranyrelatedbodycorporate.MovementinOptionsDuringtheyearended30June

77、2024theCompanyissued403,351,964optionswithanexercisepriceof$0.02andexpirydateof30November2026(2023:Nil).Nooptionswereexercisedduringtheyear(2023:Nil).On31August2024,108,333,332optionswithanexercisepriceof$0.045expired.PerformanceRights(“PR”)Atthedateofthisreport,therearenoperformancerightsonissue.Mo

78、vementinPRsDuringtheyearended30June2024nil(2023:20,000,000)performancerightsexpired.PerformanceShares(“PS”)Atthedateofthisreport,thereare84,000,000(2023:nil)performancesharesonissue.ThePerformanceShareswillconverttoordinarysharesona1for1basissubjecttotheannouncementbytheCompanyontheASXmarketannounce

79、mentsplatformofthedeclarationbyanindependentconsultantofaMaidenResourceEstimate(inaccordancewithJORC)fortheParagprojectinPerupriortotheexpirydate.MovementinPSsDuringtheyearended30June202486,000,000(2023:nil)performanceshareswereissued.On18March20242,000,000(2023:nil)performanceshareslapsed.Securitie

80、sTradingPolicyThetradingofEVRssecuritiesbyDirectors,keymanagementpersonnel,theirassociatesandemployeesoftheCompanyissubjectto,andconditionalupon,compliancewiththeCompanysDealingsinSecuritiesPolicy(“SecuritiesTradingPolicy”).TheCompanyssecuritytradingpolicyappliestotradinginallCompanysecurities,which

81、includes:Companysecurities(suchasshares);anyothersecuritiesissuedbytheCompany,suchasoptions;derivativesandotherfinancialproductsissuedorcreatedoverorinrespectofCompanysecurities;and securitiesofanyothercompanyorentitythatmaybeaffectedbyinsideinformation.Directors Report EV Resources Limited ABN 66 0

82、09 144 503 Annual Report 2024 15 ThesecuritiestradingpolicydetailsacceptableandunacceptabletimesfortradinginCompanySecuritiesincludingdetailingpotentialcivilandcriminalpenaltiesformisuseof“insideinformation”.AnyDirector,executiveorkeymanagementpersonnelwishingtotradeintheCompanyssecuritiesmustconsul

83、ttheChairmanandCompanySecretarytogainapprovaltotradeandensurethattradingrestrictionsarenotinforce.AlltradesbyDirectorsduringthefinancialyearwereconductedincompliancewiththeCompanyssecuritiestradingpolicy.TheDirectorsareresponsiblefordisclosuretothemarketofalltransactionsorcontractsinvolvingtheCompan

84、ysshares.LikelyFutureDevelopmentsTheCompanysstrategyistoincreaseshareholdervaluebymaximisingthevalueofitsexplorationassetsinAustralia,Austria,PeruandUnitedStates.TheGroupintendstocontinuetoundertakeappropriateexplorationandevaluationactivitiessufficienttomaintaintenureofitsexplorationlicencesaswella

85、sdeterminethetechnicalprospectivelyoftheprojects,untilsuchtimethatinformeddecisionscanbemadeinordertocommerciallyexploitorrelinquishthem.IndemnifyingOfficersDuringthefinancialyear,theCompanypaidapremiuminrespectofacontractinsuringtheDirectorsoftheCompany(asnamedabove),thecompanysecretary,andallexecu

86、tiveofficersoftheCompanyandofanyrelatedbodycorporateagainstaliabilityincurredassuchaDirector,secretaryorexecutiveofficertotheextentpermittedbytheCorporationsAct2001.Thecontractofinsuranceprohibitsdisclosureofthenatureoftheliabilityandtheamountofthepremium.TheCompanyhasnototherwise,duringorsincethefi

87、nancialyear,excepttotheextentpermittedbylaw,indemnifiedoragreedtoindemnifyanofficerorauditoroftheCompanyorofanyrelatedbodycorporateagainstaliabilityincurredassuchanofficerorauditor.EnvironmentalRegulationsTheCompanysoperationsarenotregulatedbyanysignificantenvironmentalregulationundertheLawoftheComm

88、onwealthorofaStateorTerritoryofAustralia.However,thegroupsoperationsintheAustria,Peru,andUnitedStatesaresubjecttoenvironmentalregulationsundertheAustrian,Peruvian,andUnitedStatelaws.Thegrouphasapolicyofcomplyingwithitsenvironmentalperformanceobligationsandatthedateofthisreport,itisnotawareofanybreac

89、hofsuchregulations.Directors Report EV Resources Limited ABN 66 009 144 503 Annual Report 2024 16 RISKMANAGEMENTTheDirectorsareresponsibleforensuringthatrisksandopportunitiesareidentifiedonatimelybasisandthattheGroupsobjectivesandactivitiesarealignedwiththeserisksandopportunities.TheBoardscollective

90、experiencewillgenerallyenableidentificationoftheprincipalrisksthatmayaffecttheCompanysbusiness.TheCompanyhasaRiskManagementPolicyforoversightandmanagementofmaterialbusinessrisks.KeyoperationalrisksandtheirmanagementwillberecurringitemsfordeliberationatBoardmeetings.TheCompanyoperatesinachangingenvir

91、onmentandisthereforesubjecttofactorsandbusinessrisksthatwillaffectfutureperformance.SetoutbelowaretheprincipalrisksanduncertaintiesthatcouldhaveamaterialeffectonEVResourcesfutureresults,bothoperationallyandfinancially.Itisnotpossibletodeterminethelikelihoodoftheserisksoccurringwithanycertainty.Inthe

92、eventthatoneormoreoftheserisksmaterialise,EVResourcesreputation,strategy,business,operations,financialconditionandfutureperformancecouldbemateriallyandadverselyaffected.Theremayalsobeotherrisksthatarecurrentlyunknownoraredeemedimmaterial,butwhichmaysubsequentlybecomeknownand/ormaterial.Thesemayindiv

93、iduallyorinaggregateadverselyaffectEVResources.CompanyspecificExplorationRiskMiningexplorationanddevelopmentisahighriskundertaking.ThesuccessoftheCompanydependsonthedelineationofeconomicallyminablereservesandresources,accesstorequireddevelopmentcapital,movementinthepriceofcommodities,securingandmain

94、tainingtitletotheCompanysexplorationandminingtenementsandobtainingallconsentsandapprovalsnecessaryfortheconductofitsexplorationactivities.Tenure,accessandgrantofapplicationsTheCompanysoperationsaresubjecttoreceivingandmaintaininglicencesandpermitsfromappropriategovernmentalauthorities.Thereisnoassur

95、ancethatdelayswillnotoccurinconnectionwithobtainingallnecessaryrenewalsoflicences/permitsfromtheexistingoperations,additionallicences/permitsforanypossiblefuturechangestooperations,oradditionalpermitsassociatedwithnewlegislation.FuturecapitalrequirementsTheCompanyhasnooperatingrevenueandisunlikelyto

96、generateanyoperatingrevenueunlessanduntiltheCompanysprojectsaresuccessfullydevelopedandproductioncommences.ThefuturecapitalrequirementsoftheCompanywilldependonmanyfactorsincludingitsbusinessdevelopmentactivities.TheCompanybelievesitsavailablecashshouldbeadequatetofunditsbusinessactivitiesintheshortt

97、erm.InordertosuccessfullydeveloptheCompanysprojectsandforproductiontocommence,theCompanywillrequirefurtherfinancinginthefuture.AnyadditionalequityfinancingmaybedilutivetoShareholders,maybeundertakenatlowerpricesthanthethenmarketpriceormayinvolverestrictivecovenantswhichlimittheCompanysoperationsandb

98、usinessstrategy.Debtfinancing,ifavailable,mayinvolverestrictionsonfinancingandoperatingactivities.AlthoughtheDirectorsbelievethatadditionalcapitalcanbeobtained,noassurancescanbemadethatappropriatecapitalorfunding,ifandwhenneeded,willbeavailableontermsfavourabletotheCompanyoratall.IftheCompanyisunabl

99、etoobtainadditionalfinancingasneeded,itmayberequiredtoreducethescopeofitsactivitiesandthiscouldhaveamaterialadverseeffectonthe Directors Report EV Resources Limited ABN 66 009 144 503 Annual Report 2024 17 Companysactivitiesincludingresultinginthetenementsbeingsubjecttoforfeiture,andcouldaffecttheCo

100、mpanysabilitytocontinueasagoingconcern.TheCompanymayundertakeadditionalofferingsofSharesandofsecuritiesconvertibleintoSharesinthefuture.TheincreaseinthenumberofSharesissuedandoutstandingandthepossibilityofsalesofsuchsharesmayhaveadepressiveeffectonthepriceofShares.Inaddition,asaresultofsuchadditiona

101、lShares,thevotingpoweroftheCompanysexistingShareholderswillbediluted.OperationalrisksTheoperationsoftheCompanymaybeaffectedbyvariousfactors,including:(a)failuretolocateoridentifymineraldeposits;(b)failuretoachievepredictedgradesinexplorationandmining;(c)operationalandtechnicaldifficultiesencountered

102、inmining;(d)insufficientorunreliableinfrastructure,suchaspower,waterandtransport;(e)difficultiesincommissioningandoperatingplantandequipment;(f)mechanicalfailureorplantbreakdown;(g)unanticipatedmetallurgicalproblemswhichmayaffectextractioncosts;(h)adverseweatherconditions;(i)industrialandenvironment

103、alaccidents;(j)industrialdisputes;and(k)unexpectedshortagesorincreasesinthecostsofconsumables,spareparts,plantandequipment.Intheeventthatanyofthesepotentialriskseventuate,theCompanysoperationalandfinancialperformancemaybeadverselyaffected.GovernmentregulationandpoliticalriskintheminingindustryTheCom

104、panysoperatingactivitiesaresubjecttothelawsandregulationsofAustria,Australia,UnitedStatesandPerugoverningexpropriationofproperty,healthandworkersafety,employmentstandards,wastedisposal,protectionoftheenvironment,minedevelopment,landandwateruse,prospecting,mineralproduction,exports,taxes,labourstanda

105、rds,occupationalhealthstandards,toxicwastes,theprotectionofendangeredandprotectedspeciesandothermatters.Whererequired,obtainingnecessarypermitsandlicencescanbeacomplex,timeconsumingprocessandtheCompanycannotbesurewhetheranynecessarypermitswillbeobtainableonacceptableterms,inatimelymanneroratall.Thec

106、ostsanddelaysassociatedwithobtainingnecessarypermitsandcomplyingwiththesepermitsandapplicablelawsandregulationscouldstopormateriallydelayorrestricttheCompanyoritssubsidiariesfromproceedingwithanyfutureexplorationordevelopmentofitsproperties.Anyfailuretocomplywithapplicablelawsandregulationsorpermits

107、,evenifinadvertent,couldresultininterruptionorclosureofexploration,developmentorminingoperationsormaterialfines,penaltiesorotherliabilities.EnvironmentalriskTheoperationsandproposedactivitiesoftheCompanyaresubjecttolawsandregulationsconcerningtheenvironment.Aswithmostexplorationprojectsandminingoper

108、ations,theCompanysactivitiesareexpectedtohaveanimpactontheenvironment,particularlyifadvancedexplorationorminedevelopmentproceeds.Explorationandminingoperationshaveinherentrisksandliabilitiesassociatedwithsafetyanddamagetotheenvironmentandthedisposalofwasteproductsoccurringasaresultofmineral Director

109、s Report EV Resources Limited ABN 66 009 144 503 Annual Report 2024 18 explorationandproduction.Theoccurrenceofanysuchsafetyorenvironmentalincidentcoulddelayproductionorincreaseproductioncosts.Events,suchasunpredictablerainfallorbushfiresmayimpactontheCompanysongoingcompliancewithenvironmentallegisl

110、ation,regulationsandlicences.SignificantliabilitiescouldbeimposedontheCompanyfordamages,clean-upcostsorpenaltiesintheeventofcertaindischargesintotheenvironment,environmentaldamagecausedbypreviousoperationsornoncompliancewithenvironmentallawsorregulations.Thedisposalofminingandprocesswasteandminewate

111、rdischargeareunderconstantlegislativescrutinyandregulation.ThereisariskthatenvironmentallawsandregulationsbecomemoreonerousmakingtheCompanysoperationsmoreexpensive.Approvalsarerequiredforlandclearingandforgrounddisturbingactivitiesinmostinstances.Delaysinobtainingsuchapprovalscanresultinthedelaytoan

112、ticipatedexplorationprogrammesorminingactivities.MinedevelopmentriskPossiblefuturedevelopmentofaminingoperationatanyoftheCompanysfutureprojectsisdependentonanumberoffactorsincluding,butnotlimitedto,theacquisitionand/ordelineationofeconomicallyrecoverablemineralisation,favourablegeologicalconditions,

113、receivingthenecessaryapprovalsfromallrelevantauthoritiesandparties,seasonalweatherpatterns,unanticipatedtechnicalandoperationaldifficultiesencounteredinextractionandproductionactivities,mechanicalfailureofoperatingplantandequipment,shortagesorincreasesinthepriceofconsumables,sparepartsandplantandequ

114、ipment,costoverruns,accesstotherequiredleveloffundingandcontractingriskfromthirdpartiesprovidingessentialservices.IftheCompanycommencesproduction,itsoperationsmaybedisruptedbyavarietyofrisksandhazardswhicharebeyonditscontrol,includingenvironmentalhazards,industrialaccidents,technicalfailures,labourd

115、isputes,unusualorunexpectedrockformations,floodingandextendedinterruptionsduetoinclementofhazardousweatherconditionsandfires,explosionsoraccidents.NoassurancecanbegiventhattheCompanywillachievecommercialviabilitythroughthedevelopmentorminingofitsprojectsandtreatmentofore.MetallurgyMetaland/ormineral

116、recoveriesaredependentuponthemetallurgicalprocess,andbyitsnaturecontainelementsofsignificantrisksuchas:(a)identifyingametallurgicalprocessthroughtestworktoproduceasaleablemetaland/orconcentrate;(b)developinganeconomicprocessroutetoproduceametaland/orconcentrate;and(c)changesinmineralogyintheoredepos

117、itcanresultininconsistentmetal/mineralrecovery,affectingtheeconomicviabilityoftheproject.Directors Report EV Resources Limited ABN 66 009 144 503 Annual Report 2024 19 InsurancerisksTheCompanyinsuresitsoperationsinaccordancewithindustrypractice.Therearesignificantexplorationandoperatingrisksassociat

118、edwithexploringforminerals,includingadverseweatherconditions,environmentalrisksandfire,allofwhichcanresultininjurytopersonsaswellasdamagetoordestructionoftheextractionplant,equipment,productionfacilitiesandotherproperty.Inaddition,theCompanyssubsidiarieswillbesubjecttoliabilityforenvironmentalriskss

119、uchaspollutionandabuseoftheenvironment.TheoccurrencesofasignificanteventagainstwhichtheCompanyisnotfullyinsuredcouldhaveamaterialadverseeffectonitsoperationsandfinancialperformance.Inaddition,inthefuturesomeoralloftheCompanysinsurancecoveragemaybecomeunavailableorprohibitivelyexpensive.Commoditypric

120、evolatilityandexchangerateriskIf theCompanyachievessuccessleadingtomineralproduction,therevenueitwillderivethroughthesaleofcommoditiesexposesthepotentialincomeoftheCompanytocommoditypriceandexchangeraterisks.CommoditypricesfluctuateandareaffectedbymanyfactorsbeyondthecontroloftheCompany.Suchfactorsi

121、ncludesupplyanddemandfluctuationsforpreciousandbasemetals,technologicaladvancements,forwardsellingactivitiesandothermacroeconomicfactors.ThesefactorsmayhaveanadverseeffectontheCompanysexploration,developmentandproductionactivities,aswellasonitsabilitytofundthoseactivities.Furthermore,internationalpr

122、icesofvariouscommoditiesaredenominatedinUnitedStatesdollars,whereasexpendituresoftheCompanyareandwillbetakenintoaccountinAustralian,AustrianandPeruviancurrency,aswellasUnitedStatesdollars,exposingtheCompanytothefluctuationsandvolatilityoftherateofexchangebetweentheUnitedStatesdollarandothercurrencie

123、sasdeterminedininternationalmarkets.Asaresult,anysignificantand/orsustainedfluctuationsinexchangeratescouldhaveamateriallyadverseeffectontheCompanysoperations,financialposition(includingrevenueandprofitability)andperformance.TheCompanymayundertakemeasures,wheredeemednecessarybytheBoard,tomitigatesuc

124、hrisks.MarketrisksRegulatoryrisksTheCompanywillincurongoingcostsandobligationsassociatedwithcompliancewithnecessaryregulations.RegulatoryareaswhichareofparticularsignificancetotheCompanyincludeenvironmentalcomplianceandrehabilitation,mining,taxation,employeerelations,workerhealthandsafety,wastedispo

125、sal,nativetitleandheritagematters,protectionofendangeredandprotectedspeciesandothermatters.TheCompanyrequirespermitsfromregulatoryauthoritiestoauthorisetheCompanysoperations.Thesepermitsrelatetoexploration,development,productionandrehabilitationactivities.Anyfailuretocomplywithregulationsmayresultin

126、additionalcostsforcorrectivemeasures,penaltiesorinrestrictionsontheCompanysproposedbusinessoperations.Inaddition,changesinregulationscouldrequireextensivechangestotheCompanysoperations,increasedcompliancecostsorgiverisetomaterialliabilities,whichcouldhaveamaterialadverseeffectonthebusiness,resultsof

127、operationsandfinancialconditionoftheCompany.GeneralrisksSharePriceThepriceatwhichSecuritiesarequotedontheASXmayincreaseordecreaseduetoanumberoffactors.ThereisnoassurancethatthepriceoftheSecuritieswillincrease,eveniftheCompanys Directors Report EV Resources Limited ABN 66 009 144 503 Annual Report 20

128、24 20 earningsincrease.SomeofthefactorswhichmayaffectthepriceoftheSecuritiesincludefluctuationsinthedomesticandinternationalmarketforlistedstocks,generaleconomicconditionsincludinginterestrates,inflationrates,exchangerates,commodityandoilprices,changestogovernmentfiscal,monetaryorregulatorypolicies,

129、legislationorregulation,inclusioninorremovalfrommarketindices,theadditionordepartureofkeypersonnel,actualoranticipatedfluctuationsintheCompanysresultsandrecommendationsofanalystsinrelationtothoseresults,fluctuationsintheindustryinwhichtheCompanyoperatesandgeneraloperationalandbusinessrisks.Otherfact

130、orswhichmaynegativelyaffectinvestorsentimentandinfluencetheCompanyspecificallyorthestockmarketmoregenerallyincludeactsofterrorism,anoutbreakofinternationalhostilitiesorfires,floods,earthquakes,labourstrikes,civilwarsandothernaturaldisasters.Bribery,corruption,orotherimproperactsTheCompanymayincurfin

131、esorpenalties,damagetoitsreputationorsufferotheradverseconsequencesifitsDirectors,officers,employees,consultants,agents,serviceprovidersorbusinesspartnersviolate,orareallegedtohaveviolated,anti-briberyandcorruptionlawsinAustralia,Austria,Peru,UnitedStatesoranyofthejurisdictionsinwhichitoperates.TheC

132、ompanycannotguaranteethatitsinternalpoliciesandcontrolswillbeeffectiveineachcasetoensurethatitisprotectedfromrecklessorcriminalactscommittedbyitsDirectors,officers,employees,consultants,agents,serviceprovidersorbusinesspartnersthatwouldviolateAustralian,Austrian,American,Peruvianlawsorthelawsofanyot

133、hercountryinwhichtheCompanyoperates.AnysuchimproperactionscouldsubjecttheCompanytocivilorcriminalinvestigationsinthesecountriesoranyothercountythatcouldleadtosubstantialcivilorcriminalmonetaryandnon-monetarypenaltiesagainsttheCompany,andcoulddamagetheCompanysreputation.Eventheallegationorappearanceo

134、fimproperorillegalactionscoulddamagetheCompanysreputationandresultinsignificantexpendituresininvestigatingandrespondingtosuchactionsandmayinturnhaveanadverseeffectontheCompanysfuturefinancialperformanceandposition.TaxrulesTaxlawiscomplexandissubjecttoregularchange.Changesintaxlaw,includingvariouspro

135、posedbutasyetnotenactedchangesintaxlawmayadverselyimpacttheCompanysfuturefinancialperformanceandposition.ResultingchangesintaxarrangementsmayadverselyimpacttheCompanysfuturefinancialperformanceandposition.Inaddition,futurechangestootherlawsandregulationsoraccountingstandards,whichapplytotheCompanyfr

136、omtimetotime,couldmateriallyadverselyaffecttheCompanysfuturefinancialperformanceandposition.LitigationrisksTheCompanyisexposedtopossiblelitigationrisksincludingcontractualdisputes,occupationalhealthandsafetyclaimsandemployeeclaims.Further,theCompanymaybeinvolvedindisputeswithotherpartiesinthefuturew

137、hichmayresultinlitigation.Anysuchclaimordisputeifproven,mayimpactadverselyontheCompanysoperations,financialperformanceandfinancialposition.NoneoftheCompany,noritssubsidiariesarecurrentlyengagedinanylitigation.EconomicRisksGeneraleconomicconditions,movementsincommodityprices,interestandinflationrates

138、mayhaveanadverseeffectontheCompanysactivities,aswellasonitsabilitytofundthoseactivities.Further,sharemarketconditionsmayaffectthevalueoftheCompanyssecuritiesregardlessof Directors Report EV Resources Limited ABN 66 009 144 503 Annual Report 2024 21 theCompanysoperatingperformance.Sharemarketconditio

139、nsareaffectedbymanyfactorssuchas:(a)generaleconomicoutlook;(b)interestratesandinflationrates;(c)currencyfluctuations;(d)changesininvestorsentimenttowardparticularmarketsectors(suchastheexplorationindustryorthebatterymetalssectorwithinthatindustry);(e)thedemandfor,andsupplyof,capital;and(f)terrorismo

140、rotherhostilities.ForceMajeureTheCompany,noworinthefuturemaybeadverselyaffectedbyrisksoutsidethecontroloftheCompanyincludinglabourunrest,civildisorder,war,subversiveactivitiesorsabotage,extremeweatherconditions,fires,floods,explosionsorothercatastrophes,epidemicsorquarantinerestrictions.Enforcinglia

141、bilitiesagainstassetsoutsideofAustraliamaybedifficult.Asaresult,itmaybedifficulttoenforcejudgmentsobtainedinAustraliancourtsagainstthoseassetsoutsideofAustralia.Inaddition,thereisuncertaintyastowhetherthecourtsofanyotherjurisdictionsinwhichtheCompanyoperateswouldrecogniseorenforcejudgmentsofAustrali

142、ancourtsobtainedagainsttheCompanybasedonprovisionsofthelawsofAustralia.Furthermore,becausesomeoftheCompanysassetsareorwillbelocatedoutsideAustralia,itmayalsobedifficulttoaccessthoseassetstosatisfyanawardenteredagainsttheCompanyinAustralia.AcquisitionsAspartofitsbusinessstrategy,theCompanymaymakeacqu

143、isitionsof,orsignificantinvestmentsin,companies,assetsorprojectscomplementarytotheCompanysthenoperations.Anysuchfuturetransactionsareaccompaniedbytheriskscommonlyencounteredinmakingacquisitionsofcompanies,assetsandprojects,suchasintegratingculturesandsystemsofoperation,relocationofoperations,shortte

144、rmstrainonworkingcapitalrequirements,achievingtheshorttermoperationalgoalsandretainingkeystaffandcustomerandsupplierrelationships.PoliciesandlegislationAnymaterialadversechangesingovernmentpoliciesorlegislationofAustraliaoranyothercountrythattheCompanyhaseconomicinterestsmayaffecttheviabilityandprof

145、itabilityoftheCompany.ProceedingsonbehalfoftheCompanyNopersonhasappliedforleaveofCourttobringproceedingsonbehalfoftheGrouporinterveneinanyproceedingstowhichtheGroupisapartyforthepurposeoftakingresponsibilityonbehalfoftheGroupforalloranypartofthoseproceedings.TheGroupwasnotapartytoanysuchproceedingsd

146、uringtheyear.AuditorGrantThorntonAuditPtyLtdaretheCompanysAuditorandcontinueinofficeinaccordancewithsection327oftheCorporationsAct2001.Non-AuditServicesNonon-auditserviceswereprovidedduringthefinancialyear(2023:nil).Directors Report EV Resources Limited ABN 66 009 144 503 Annual Report 2024 22 Corpo

147、rateGovernanceStatementTheCompanysCorporateGovernanceStatementcanbefoundontheCompanyswebsiteatthefollowingURL:https:/.au/board-and-management/#corporate-governanceHistoricalInformationThetablebelowsetsoutsummaryinformationabouttheGroupsearningsandmovementsinsharepriceforthefiveyearsto30June2024.2020

148、2021202220232024Revenue($)40,91853,2741,701,45212,214484,572Netlossaftertax($)(1,972,726)(3,007,438)(2,353,320)(5,398,352)(3,572,196)Dividends($)-Basiclosspershare($cents)(0.39)(0.47)(0.28)(0.58)(0.30)Dilutedlosspershare($cents)(0.39)(0.47)(0.28)(0.58)(0.30)Sharepriceatthestartoftheyear(A$)0.0080.01

149、40.0220.0240.013Sharepriceattheendoftheyear(A$)0.0140.0220.0240.0130.006REMUNERATIONREPORT(AUDITED)Thisremunerationreport,whichformspartofthedirectorsreport,setsoutinformationabouttheremunerationoftheCompanysdirectorsandkeymanagementpersonnelforthefinancialyearended30June2024.Thekeymanagementpersonn

150、eloftheCompanyincludetheDirectorsandotherofficersoftheCompany.Forthepurposesofthisreport“keymanagementpersonnel”aredefinedasthosepersonshavingauthorityandresponsibilityforplanning,directingandcontrollingthemajoractivitiesoftheCompany.Theinformationprovidedinthisremunerationreporthasbeenauditedinacco

151、rdancewithsection300AoftheCorporationsAct2001.RemunerationPolicyTheCompanysguidingprinciplesforremunerationstrategyusedthroughoutthefinancialyear2024recognisesthat:RemunerationmustbestronglylinkedtoCompanyperformance;RemunerationmustbecompetitivetoenabletheCompanytoattractandretainqualityindividuals

152、whoarecapableandmotivatedtodeliverresultsforshareholders;RemunerationmustprovidesignificantincentivetodeliversuperiorperformanceagainsttheCompanysstrategyandkeybusinessgoals;Remunerationmustbefairandcompetitivewithbothpeersandcompetitoremployers;and Remunerationmustbetransparenttoshareholders.Thenat

153、ureandamountofremunerationforthenon-executiveDirectorsandexecutivesdependsonthenatureoftheroleandmarketratesfortheposition,withtheassistanceofexternalsurveysandreports,andtakingintoaccounttheexperienceandqualificationsofeachindividual.TheBoardensuresthattheremunerationofkeymanagementpersonneliscompe

154、titiveandreasonable.Feesandpaymentstothenon-executiveDirectorsreflectthedemandswhichare Directors Report EV Resources Limited ABN 66 009 144 503 Annual Report 2024 23 madeon,andtheresponsibilitiesoftheDirectors.DirectorsfeesandpaymentsarereviewedannuallybytheBoard.Inundertakingareviewoftheperformanc

155、eofbothdirectorsandexecutives,considerationisgiventotherespectiveperformanceofthepersonduringthereviewperiod;however,therearenoprescribedperformancemeasuresorhurdlesconnectedwiththelevelofremuneration.TheCompanysNominationandRemunerationCommitteehasresponsibilityandoversightformakingrecommendationst

156、otheBoardregardingremunerationfordirectorsandemployees.TheCompanywillcontinuetomonitoritsremunerationframeworkagainstmarketbenchmarksandensurethatthelinkagesbetweenremunerationandcompanyperformanceremainstrongbylinkingreturntoshareholderstomeaningfulremunerationoutcomesviatheuseofperformancerightsve

157、stinguponsharepriceoutcomes.KeyDevelopmentsGiventhecurrentsize,natureandrisksoftheCompany,havingtheabilitytoofferincentiveoptionsandperformancerightsisusefultoattractandretaindirectorsandexecutives.ThegrantofsuchoptionsorrightsisatthediscretionoftheBoardandsubject,asappropriate,toshareholderapproval

158、.TheBoardbelievesparticipationintheCompanysEmployeeSecuritiesIncentivePlan(incentivescheme)motivateskeymanagementandexecutiveswiththelong-terminterestsofshareholders.Pleaserefertofurtherinthisreportfordetailsonawardsmadeunderthisplanduringtheyear.Directorfixedbasedfeeshaveremainedunchangedduring2024

159、financialyear.ObtainingandconsideringshareholderfeedbackonremunerationstrategiesremainsacorefocusoftheNomination&RemunerationCommittee.EngagementofRemunerationConsultantsDuringthefinancialyear,theCompanydidnotengageanyremunerationconsultantstoreviewtheKeyManagementPersonnelremunerationfortheyearende

160、d30June2024.DirectorsRemunerationDirectorsareremuneratedbywayoffixedfeesandtheawardofperformancebasedLongTermIncentives(LTI)throughtheawardofPerformanceRightsandPerformanceSharesundertheCompanysPerformanceRightsandOptionPlan,asapprovedbyShareholders.Directorremunerationisreviewedperiodically.Feespai

161、dtodirectorsaredeterminedwithreferenceto:thenatureoftherole,responsibilitiesandtimecommitment,includingmembershipofboardcommittees;thepersonalperformance,skillsandexperienceoftheindividual;theindividualsoverallcontributiontothesuccessofthebusiness;industrybenchmarkingdataandmarketconditions;and then

162、eedtoattractadiverseandwell-balancedgroupofindividualswithrelevantexperienceandknowledge.Fixedfeesforthe2024financialyearwereasfollows:ManagingDirector$240,000 ExecutiveDirectors:$120,000 Non-executiveDirectors$48,000 Directors Report EV Resources Limited ABN 66 009 144 503 Annual Report 2024 24 The

163、Non-ExecutiveDirectorsfeesareapprovedbytheBoardwithintheaggregateapprovedbytheshareholdersatageneralmeeting.Thefeepoolcurrentlystandsat$350,000asapprovedattheCompanysAGMinNovember2019.TheCompanydoesnotprovideretirementbenefits,howeverDirectorsmaysalarysacrificeanelementoftheirtotalremunerationtosupe

164、rannuation.Inaddition,theBoardseeksshareholderapprovalforanyoptionsorperformancerightsthatmaybeissuedtoDirectors.TheamountofaggregateremunerationandthemannerinwhichitisapportionedamongstDirectorsisreviewedperiodically.Shareholderapprovalissoughtwherethereisaproposedchangeinthetotalremunerationpaidto

165、Non-executiveDirectors,togetherwiththeawardofsecuritiestoDirectors.TheBoardconsiderstheCompanysparticularcircumstancesaswellasthefeespaidtoExecutiveandNon-executiveDirectorsofcomparablecompanieswhenundertakingthereviewprocessanddeterminingthenatureandamountofkeymanagementremuneration.Directors Repor

166、t EV Resources Limited ABN 66 009 144 503 Annual Report 2024 25 DetailsoftheRemunerationTheKeyManagementPersonnelofEVResourcesLimitedincludestheDirectorsoftheCompany.Thefollowingtablesshowdetailsoftheremunerationreceivedbythekeymanagementpersonnelofthegroupforthecurrentandpreviousfinancialyear.Short

167、TermSalary&FeesPost-EmploymentSuperannuationOther/BonusShare-basedpaymentsTotalEquity-basedRemunerationPerformanceSharesLTI7PerformanceRightsLTI8$%LMartino1(Non-ExecutiveChairman)202448,000-29,235-77,23537.85%202348,000-48,000-HCallaghan2(ManagingDirector)20242023236,712-29,235-265,947-10.99%-APaul3

168、(ExecutiveDirector)2024120,000-29,235-149,23519.59%2023120,000-(279,616)(159,616)n/aNSidhu42024120,000-29,235-149,23519.59%(ExecutiveDirector)2023120,000-(279,616)(159,616)n/aLSuppiah5(Non-ExecutiveDirector)202448,000-7,309-55,30913.21%202348,000-48,000-SDellidis6(Non-ExecutiveDirector)2024-202340,0

169、00-40,000-Total2024572,712-124,249-696,96117.83%2023376,000-(559,232)(183,232)n/a1.FeespaidtoIndianOceanConsultingGroupPtyLtd.2.FeespaidtoIntermincoServicesLtd,appointed5July20233.FeespaidtothetrusteeforAllwiseTrust4.FeespaidtoValensInternationalPtyLtd5.FeespaidtoLynetteSuppiah6.FeespaidtoSDCCorpora

170、tePtyLtd,resigned1May20237.DuringtheyeartheCompanyissuedPerformanceSharestoDirectorsasapprovedbyshareholdersatthe2023AnnualGeneralMeeting8.DuringthepreviousyearPerformanceRightsheldbyAdrianPaulandNavinSidhulapsedresultinginawrite-backofsharebasedpaymentexpenserecognisedinpreviousyears9.Directorfeeso

171、wingtodirectorsasat30June2024total$193,032Directors Report EV Resources Limited ABN 66 009 144 503 Annual Report 2024 26 Share-basedpaymentsKMPPerformanceSharesDuringthefinancialyearended30June2024,theCompanyissued42,500,000performancesharestoKMP.DetailsGrantdateIssuedatePerformancePeriodEnd/Expiryd

172、ateNo.issuedGrantdatefairvalue%vestedat30Jun2024LMartino29/11/202322/12/202329/11/202510,000,000$0.010%HCallaghan29/11/202322/12/202329/11/202510,000,000$0.010%APaul29/11/202322/12/202329/11/202510,000,000$0.010%NSidhu29/11/202322/12/202329/11/202510,000,000$0.010%LSuppiah29/11/202322/12/202329/11/2

173、0252,500,000$0.010%Theseperformancesharesaresubjecttothefollowingperformancemilestone:(a)Milestone:ThePerformanceShareswillconverttoordinarysharesona1for1basissubjecttotheAnnouncementbytheCompanyontheASXmarketannouncementsplatformofthedeclarationbyanindependentconsultantofaMaidenResourceEstimate(ina

174、ccordancewithJORC)fortheParagprojectinPerupriortotheexpirydate.LoanstoKeyManagementPersonnelTherewerenoloanstoKeyManagementPersonnelduringthefinancialyear(2023:Nil).OtherRelatedPartyTransactionsPurchasesfromrelatedpartiesaremadeontermsequivalenttothosethatprevailinarmslengthtransactions.Duringtheyea

175、r,theGroupacquiredtheservicesfromentitiesthatarecontrolledbymembersoftheGroupskeymanagementpersonnel.Duringtheyeartransactionsof$83,629(2023:$70,596)weremadewithIndianOceanGroup(IOG)ofwhichMrLukeMartinoisadirector.Thetransactionsincludedtheprovisionofvariousprofessionalservices,notalldirectlyprovide

176、dbyMrMartinoandincludedthefollowing:corporateadvisoryandaccountingsupportAsat30June2024$17,952(2023:10,767)feesremainoutstanding.Inaddition,duringthereportingperiodtheCompanyagreeda$1.2munsecuredloanfromadirectorrelatedentity,AllgreenHoldingsPtyLtd,ofwhichAdrianPaulisthesoledirectorandshareholder.Re

177、paymentoftheloanistotakeplaceon12December2024.TheloanfacilitywasdrawndownbytheCompanyon13December2023andfundswereappliedtowardspayingouttheConvertibleNotesissuedtoObsidianGlobalGPLLC(Obsidian).Thematerialtermsoftheloanfacilityagreementareasfollows:Loanfacilityamount:A$1,200,000.Loanterm:12monthsto12

178、December2024.InterestRate:10%perannum.Security:Nil.Directors Report EV Resources Limited ABN 66 009 144 503 Annual Report 2024 27 KMPHoldingsTheBoardconsidersitimportantthattheDirectorsandseniormanagementholdEVResourcessharestoencouragethebehavioursoflong-termowners.Asat30June2024,KMPheldordinarysha

179、res,optionsandperformanceshares(PSs)aslistedbelow:DirectorBalanceatthestartoftheyearGrantedasRemunerationduringtheyearExercise/LapsedduringtheyearOtherchangesduringtheyearBalanceattheendoftheyearSharesOptionsPSsSharesOptionsPSsSharesOptionsPSsSharesOptionsPSsSharesOptions1PSs2LMartino12,159,6401,000

180、,000-10,000,000-10,000,00010,000,000-22,159,64011,000,00010,000,000HCallaghan-10,000,000-3,500,000-3,500,000-10,000,000APaul64,210,683-10,000,000-30,000,00045,683,719-94,210,68345,683,71910,000,000NSidhu57,500,0001,000,000-10,000,000-19,500,00010,000,000-77,000,00011,000,00010,000,000LSuppiah-2,500,

181、000-2,500,000Total133,870,3232,000,000-42,500,000-63,000,00065,683,719-196,870,32367,683,71942,500,0001LMartinoandNSidhueachheld1moptionsexerciseableat$0.04withanexpirydateof31August2024.Theremainingoptionsareexerciseableat$0.02withanexpirydateof30November20262Performancesharesconverttoordinaryshare

182、sona1for1basissubjecttotheannouncementbytheCompanyontheASXmarketannouncementsplatformofthedeclarationbyanindependentconsultantofaMaidenResourceEstimate(inaccordancewithJORC)fortheParagprojectinPerupriortotheexpirydate.REMUNERATIONREPORT(END)AuditorsIndependenceDeclarationTheleadauditorsindependenced

183、eclarationundersection307CoftheCorporationsAct2001issetoutonpage28fortheyearended30June2024.ThisreportismadeinaccordancewitharesolutionoftheBoardofDirectors.AdrianPaulExecutiveDirector30September2024Grant Thornton Audit Pty Ltd Level 43 Central Park 152-158 St Georges TerracePerth WA 6000PO Box 7757

184、Cloisters SquarePerth WA 6850T+61 8 9480 2000 .au ACN-130 913 594 Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389.Grant Thornton refers to the brand under which the Grant Thornton member firms provide

185、assurance,tax and advisory services to their clients and/or refers to one or more member firms,as the context requires.Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd(GTIL).GTIL and the member firms are not a worldwide partnership.GTIL and each member firm is a

186、separate legal entity.Services are delivered by the member firms.GTIL does not provide services to clients.GTIL and its member firms are not agents of,and do not obligate one another and are not liable for one anothers acts or omissions.In the Australian context only,the use of the term Grant Thornt

187、on may refer to Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389 and its Australian subsidiaries and related entities.Liability limited by a scheme approved under Professional Standards Legislation.Auditors Independence Declaration To the Directors of EV Resources Limited In accor

188、dance with the requirements of section 307C of the Corporations Act 2001,as lead auditor for the audit of EV Resources Limited for the year ended 30 June 2024,I declare that,to the best of my knowledge and belief,there have been:a no contraventions of the auditor independence requirements of the Cor

189、porations Act 2001 in relation to the audit;and b no contraventions of any applicable code of professional conduct in relation to the audit.GRANT THORNTON AUDIT PTY LTD Chartered Accountants B P Steedman Partner Audit&Assurance Perth,30 September 2024 28 Grant Thornton Audit Pty Ltd Level 43 Central

190、 Park 152-158 St Georges TerracePerth WA 6000PO Box 7757Cloisters SquarePerth WA 6850T+61 8 9480 2000 .au ACN-130 913 594 Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389.Grant Thornton refers to the br

191、and under which the Grant Thornton member firms provide assurance,tax and advisory services to their clients and/or refers to one or more member firms,as the context requires.Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd(GTIL).GTIL and the member firms are not

192、 a worldwide partnership.GTIL and each member firm is a separate legal entity.Services are delivered by the member firms.GTIL does not provide services to clients.GTIL and its member firms are not agents of,and do not obligate one another and are not liable for one anothers acts or omissions.In the

193、Australian context only,the use of the term Grant Thornton may refer to Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389 and its Australian subsidiaries and related entities.Liability limited by a scheme approved under Professional Standards Legislation.Independent Auditors Report

194、 To the Members of EV Resources Limited Report on the audit of the financial report Opinion We have audited the financial report of EV Resources Limited(the Company)and its subsidiaries(the Group),which comprises the consolidated statement of financial position as at 30 June 2024,the consolidated st

195、atement of profit or loss and other comprehensive income,consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended,and notes to the consolidated financial statements,including material accounting policy information,the consolidated entity disclosure

196、 statement and the directors declaration.In our opinion,the accompanying financial report of the Group is in accordance with the Corporations Act 2001,including:a giving a true and fair view of the Groups financial position as at 30 June 2024 and of its performance for the year ended on that date;an

197、d b complying with Australian Accounting Standards and the Corporations Regulations 2001.Basis for opinion We conducted our audit in accordance with Australian Auditing Standards.Our responsibilities under those standards are further described in the Auditors Responsibilities for the Audit of the Fi

198、nancial Report section of our report.We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Boards APES 110 Code of Ethics for Professional Accountants(inc

199、luding Independence Standards)(the Code)that are relevant to our audit of the financial report in Australia.We have also fulfilled our other ethical responsibilities in accordance with the Code.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for o

200、ur opinion.29 Grant Thornton Audit Pty Ltd Material uncertainty related to going concern We draw attention to Note 1 in the financial statements,which indicates that the Company incurred a net loss of$3,308,234 during the year ended 30 June 2024,and as of that date,the Groups current liabilities exc

201、eeded its total assets by$1,397,970.As at 30 June 2024 the Company recorded cash outflows from operating and investing activities totalling$5,073,509.As stated in Note 1,these events or conditions,along with other matters as set forth in Note 1,indicate that a material uncertainty exists that may ca

202、st doubt on the Companys ability to continue as a going concern.Our opinion is not modified in respect of this matter.Key audit matters Key audit matters are those matters that,in our professional judgement,were of most significance in our audit of the financial report of the current period.These ma

203、tters were addressed in the context of our audit of the financial report as a whole,and in forming our opinion thereon,and we do not provide a separate opinion on these matters.In addition to the matter described in the Material Uncertainty Related to Going Concern section,we have determined the mat

204、ters described below to be the key audit matters to be communicated in our report.Key audit matter How our audit addressed the key audit matter Exploration and Evaluation Assets Note 11 At 30 June 2024 the carrying value of exploration and evaluation assets was$8,159,886.In accordance with AASB 6 Ex

205、ploration for and Evaluation of Mineral Resources,the Group is required to assess at each reporting date if there are any triggers for impairment which may suggest the carrying value is in excess of the recoverable value.The process undertaken by management to assess whether there are any impairment

206、 triggers in each area of interest involves an element of management judgement.This area is a key audit matter due to the significant judgement involved in determining the existence of impairment triggers.Our procedures included,amongst others:Obtaining managements reconciliation by area ofinterest/

207、tenement,and:(i)comparing with prior period;(ii)reviewing for unusual items and/or identifykey fluctuations and discuss those withmanagement;and(iii)agreeing to general ledger.Vouching a sample of additions to underlyingsupporting documentation to validate amountscapitalised are in compliance with A

208、ASB 6 and theentitys capitalisation policies.Tracing projects to statutory registers,explorationlicences and third-party confirmations to determinewhether there are rights to tenure.Undertaking a detailed review of managementsassessment of trigger events and evaluate thecompetence,capabilities and o

209、bjectivity ofmanagements expert in the evaluation of potentialimpairment triggers.Enquiring of management regarding their intentionto conduct exploration and evaluation activity in therelevant exploration area,including review ofmanagements budgeted expenditure andunderstand whether any data exists

210、to suggest thecarrying value of exploration and evaluation assetsare likely to be recovered through development orsale.Assessing the accuracy of any impairment recordedas it pertains to exploration interests,if applicable;andAssessing the appropriateness of the relatedfinancial statement disclosures

211、.30 Grant Thornton Audit Pty Ltd Information other than the financial report and auditors report thereon The Directors are responsible for the other information.The other information comprises the information included in the Groups annual report for the year ended 30 June 2024,but does not include t

212、he financial report and our auditors report thereon.Our opinion on the financial report does not cover the other information and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial report,our responsibility is to read the other information and,in

213、doing so,consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.If,based on the work we have performed,we conclude that there is a material misstatement of this other informati

214、on,we are required to report that fact.We have nothing to report in this regard.Responsibilities of the Directors for the financial report The Directors of the Company are responsible for the preparation of:a)the financial report that gives a true and fair view in accordance with Australian Accounti

215、ng Standardsand the Corporations Act 2001(other than the consolidated entity disclosure statement);andb)the consolidated entity disclosure statement that is true and correct in accordance with theCorporations Act 2001,andfor such internal control as the directors determine is necessary to enable the

216、 preparation of:i)the financial report that gives a true and fair view and is free from material misstatement,whether dueto fraud or error;andii)the consolidated entity disclosure statement that is true and correct and is free of misstatement,whether due to fraud or error.In preparing the financial

217、report,the Directors are responsible for assessing the Groups ability to continue as a going concern,disclosing,as applicable,matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or to cease operations,or have no r

218、ealistic alternative but to do so.Auditors responsibilities for the audit of the financial report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement,whether due to fraud or error,and to issue an auditors report that incl

219、udes our opinion.Reasonable assurance is a high level of assurance,but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if,

220、individually or in the aggregate,they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board web

221、site at:http:/www.auasb.gov.au/auditors_responsibilities/ar1_2020.pdf.This description forms part of our auditors report.Report on the remuneration report Opinion on the remuneration report We have audited the Remuneration Report included in pages 22 to 27 of the Directors report for the year ended

222、30 June 2024.In our opinion,the Remuneration Report of EV Resources Limited,for the year ended 30 June 2024 complies with section 300A of the Corporations Act 2001.31 Grant Thornton Audit Pty Ltd Responsibilities The Directors of the Company are responsible for the preparation and presentation of th

223、e Remuneration Report in accordance with section 300A of the Corporations Act 2001.Our responsibility is to express an opinion on the Remuneration Report,based on our audit conducted in accordance with Australian Auditing Standards.GRANT THORNTON AUDIT PTY LTD Chartered Accountants B P Steedman Part

224、ner Audit&Assurance Perth,30 September 2024 32 Consolidated Statement of Profit or Loss and Other Comprehensive Income For the Year Ended 30 June 2024 EV Resources Limited ABN 66 009 144 503 Annual Report 2024 33 NOTE2024$2023$Interestincome16,03712,214Gainondisposalofinvestmentinassociate(12)468,53

225、5-Consultingfees(203,843)(183,177)Directorfees(572,712)(373,484)Depreciation(5,520)(2,993)Employeeexpenses(18,965)(105,496)Explorationexpenditurewrittenoff(627,828)(1,070,925)Explorationandevaluationexpenses(2,805)(163,038)FinanceCost(493,212)-Marketingandinvestorrelations(79,767)(91,694)Otherexpens

226、es(853,709)(713,269)Professionalfees(3)(605,014)(579,722)Shareregistryandlistingfees(150,687)(70,497)Sharebasedpayments(18)(216,955)(1,060,767)Shareoflossofassociatesforusingequitymethod(12)(225,752)(995,684)Lossbeforeincometaxexpense(3,572,197)(5,398,532)Incometaxexpense(4)-Lossfortheyear(3,572,197

227、)(5,398,532)Othercomprehensiveincome:ItemswhichmaybesubsequentlyreclassifiedtoprofitorlossExchangedifferencesontranslatingforeignoperations263,962(24,549)Totalothercomprehensiveincomefortheyear263,962(24,549)TotalComprehensivelossfortheyear(3,308,234)(5,423,081)Totallossfortheyearattributableto:Memb

228、ersoftheparententity(3,386,380)(5,223,571)Non-controllinginterest(185,816)(174,961)(3,572,196)(5,398,532)Totalcomprehensivelossfortheyearattributableto:Membersoftheparententity(3,102,660)(5,265,687)Non-controllinginterest(205,574)(157,394)(3,308,234)(5,423,081)Losspershareforlossattributabletotheord

229、inaryequityholdersoftheCompany:EarningspershareforlossattributabletotheordinaryequityholdersoftheCompany:CentsCentsBasicanddilutedlosspershare(7)(0.30)(0.58)TheaccompanyingnotesformpartofthesefinancialstatementsConsolidated Statement of Financial Position As at 30 June 2024 EV Resources Limited ABN

230、66 009 144 503 Annual Report 2024 34 NOTES2024$2023$CurrentAssetsCashandcashequivalents(8)403,186513,841Tradeandotherreceivables(9)230,969209,050Othercurrentassets(10)33,19832,069TotalCurrentAssets667,353754,960Non-CurrentAssetsPlantandequipment49,84511,840Explorationandevaluationasset(11)8,159,8864

231、,800,854Investmentinassociate(12)-665,752Othernon-currentassets(13)531,534215,732TotalNon-CurrentAssets8,741,2655,694,178TotalAssets9,408,6186,449,138CurrentLiabilitiesTradeandotherpayables(15)799,241622,871Borrowings(16)1,266,082-Employeeentitlements-32,842TotalCurrentLiabilities2,065,323655,713Non

232、-CurrentLiabilitiesTradeandotherpayables(15)511,915-Non-currentfinancialliabilities(15)7,3167,546TotalNon-CurrentLiabilities519,2317,546TotalLiabilities2,584,554663,259NetAssets6,824,0645,785,879EquityIssuedcapital(17)55,195,08151,211,301Reserves(18)1,763,9671,117,607Accumulatedlosses(49,775,269)(46

233、,388,889)Non-controllinginterest(359,714)(154,140)TotalEquity6,824,0645,785,879Theaccompanyingnotesformpartofthesefinancialstatements.Statement of Changes in Equity For the Year Ended 30 June 2024 EV Resources Limited ABN 66 009 144 503 Annual Report 2024 35 CONSOLIDATEDENTITYNoteIssuedCapital$Share

234、BasedPaymentReserve$Reserve-PerformanceRightsForeignCurrencyReserve$AccumulatedLosses$Non-ControllingInterest$Total$Balanceat1July202351,211,3011,220,564-(102,957)(46,388,889)(154,140)5,785,879Lossfortheyear-(3,386,380)(185,817)(3,572,197)Othercomprehensiveincome-283,719-(19,757)263,962Totalcomprehe

235、nsivelossfortheyear-283,719(3,386,380)(205,574)(3,308,235)Transactionswithowners,recogniseddirectlyinequityIssueofshares-placement17(a)4,166,881-4,166,881Issueofsharesconvertiblenote17(a)198,968-198,968Sharebasedpayments18(b)(145,686)145,686216,955-216,955Capitalraisingcosts17(a)(236,383)-(236,383)B

236、alanceat30June202455,195,0811,366,250216,955180,762(49,775,269)(359,714)6,824,064Statement of Changes in Equity For the Year Ended 30 June 2024 EV Resources Limited ABN 66 009 144 503 Annual Report 2024 36 CONSOLIDATEDENTITYNoteIssuedCapital$ShareBasedPaymentReserve$ForeignCurrencyReserve$Accumulate

237、dLosses$Non-ControllingInterest$Total$Balanceat1July202250,933,8011,901,240(60,842)(42,906,761)3,2549,870,692Lossfortheyear-(5,223,571)(174,961)(5,398,532)Othercomprehensiveincome-(42,115)-17,567(24,548)Totalcomprehensivelossfortheyear-(42,115)(5,223,571)(157,394)(5,423,081)Transactionswithowners,re

238、cogniseddirectlyinequityIssueofsharesShawRiver20%acquisition17(a)90,000-90,000IssueofsharesSapphirefacilityfee17(a)187,500-187,500Expiryofperformancerights18(b)-(1,620,000)-1,620,000-ExpiryofOptions-(121,443)-121,443-Sharebasedpayments18(b)-1,060,767-1,060,767277,500(680,676)-1,741,443-1,338,267Bala

239、nceat30June202351,211,3011,220,564(102,957)(46,388,889)(154,140)5,785,879Statement of Cash Flows For the Year Ended 30 June 2024 EV Resources Limited ABN 66 009 144 503 Annual Report 2024 37 NOTES2024$2023$CashFlowsfromOperatingActivitiesPaymentstosuppliersandemployees(2,622,010)(1,743,487)Paymentsf

240、orexplorationandevaluation(202,282)Rentalincomereceived10,726-Interestreceived5,31112,214Netcash(usedin)OperatingActivities(22)(2,605,973)(1,933,555)CashFlowsfromInvestingActivitiesPaymentsforacquisitionoftenements(525,763)(330,000)Paymentsforplantandequipment(43,525)(8,691)Paymentsforexplorationand

241、evaluation(2,806,784)(2,154,658)ProceedsfromthedisposalofInvestment908,535-Netcash(usedin)InvestingActivities(2,467,537)(2,493,349)CashFlowsfromFinancingActivitiesProceedsfromissueofsharesandoptions4,166,881-Proceedsfromissueofconvertiblenotes1,305,507-Capitalraisingcosts(587,271)-Proceedsfromborrow

242、ings1,200,000-Repaymentofconvertiblenotes(1,121,277)-NetcashprovidedbyFinancingActivities4,963,840-NetIncrease/(decrease)incashandcashequivalents(109,670)(4,426,904)Cashandcashequivalentsatthebeginningofthefinancialyear513,8414,940,745Subsidiarypettycashwrittenoff(985)-Foreignexchange-Cashandcashequ

243、ivalentsattheendofthefinancialyear(8)403,186513,841Theaccompanyingnotesformpartofthesefinancialstatements.Notes To and Forming Part of the Accounts For the Year Ended 30 June 2024 EV Resources Limited ABN 66 009 144 503 Annual Report 2024 38 1.StatementofMaterialAccountingPolicies(a)ReportingEntityE

244、VResourcesLimited(the“Company”)isalistedpubliccompany,incorporatedanddomiciledinAustralia.Thecompanyisafor-profitentityforthepurposeofpreparingfinancialstatements.TheconsolidatedfinancialreportoftheCompanyasatandfortheyearended30June2024comprisestheCompanyanditscontrolledentities(togetherreferredtoa

245、sthe“Group”).ThefinancialreportwasauthorisedforissuebytheDirectorson30September2024.(b)StatementofComplianceThefinancialreportisageneralpurposefinancialreportpreparedinaccordancewiththerequirementsoftheCorporationsAct2001,applicableaccountingstandardsincludingAccountingInterpretationsandotherauthori

246、tativepronouncementsoftheAustralianAccountingStandardsBoard(AASB).CompliancewithAustralianAccountingStandardsensuresthatthefinancialstatementsandnotesalsocomplywithInternationalFinancialReportingStandards.(c)BasisofPreparationThefinancialreporthasbeenpreparedonanaccrualsbasisandisbasedonhistoricalco

247、st,modified,whereapplicable,bythemeasurementatfairvalueofselectednon-currentassets,financialsassetsandfinancialliabilities.Costisbasedonthefairvalueoftheconsiderationgiveninexchangeforassets.TheCompanyisdomiciledinAustraliaandallamountsarepresentedinAustraliandollars,unlessotherwisenoted.Thefinancia

248、lreporthasbeenpreparedonagoingconcernbasis.GoingConcernBasisofPreparationTheGrouprecordedalossof$3,572,196forthe30June2024financialyear(30June2023:lossof$5,398,532)andacashbalanceof$403,186(30June2023:$513,841),anetworkingcapitaldeficitof$1,397,970(30June2023:$99,247surplus),anetcashoutflowsfromoper

249、atingactivitiesof$2,616,699(30June2023:$1,933,555)andnetcashoutflowfrominvestingactivitiesof$2,456,810(30June20232:$2,493,349).TheGroupsfinancialstatementsarepreparedonthegoingconcernbasiswhichassumescontinuityofnormalbusinessactivitiesandtherealisationofassetsandsettlementofliabilitiesandcommitment

250、sinthenormalcourseofbusiness.TheabilityoftheGrouptocontinuetoasagoingconcernisdependentonanumberofmattersincluding:ThecontinuedfinancialsupportofdirectorswhohaveprovidedshorttermloanstotheGroupandhaveagreedtonotrequiretheGrouptorepayamountsowingtothemof$1.493millionuntilsuchtimeasfundsareavailableor

251、haveotherwiseagreedtohavetheamountspayabletothemsatisfiedbywayofashareissue(subjecttoshareholderapproval);and Theimminentneedforthesuccessfulraisingofequityfundingsufficienttosustainplannedoperations;and/or Thepotentialcreationofajointventureforcertainprojects;and/or Theundertakingofapartialsaleofth

252、eGroupsprojects.IntheeventtheGroupisunabletoachievefurthersuccessfulcapitalraisingthiswillresultinthescalingbackofexplorationactivitiesorcreateamaterialuncertaintythatmaycastsignificantdoubtabouttheabilityoftheGrouptocontinueasagoingconcernandaccordinglytorealiseitsassetsandNotes To and Forming Part

253、 of the Accounts For the Year Ended 30 June 2024 EV Resources Limited ABN 66 009 144 503 Annual Report 2024 39 extinguishitsliabilitiesintheordinarycourseoftheoperationsandatamountstothosestatedinthefinancialstatements.Thefinancialstatementsdonotincludeanyadjustmentsrelatingtotherecoverabilityandcla

254、ssificationofassetscarryingamountsortotheamountsandclassificationofliabilitiesthatmightresultshouldtheGroupbeunabletocontinueasagoingconcernandmeetitsdebtsasandwhentheyfalldue.(d)PrinciplesofConsolidationTheGroupfinancialstatementsconsolidatethoseoftheParentCompanyandallofitssubsidiariesasof30June20

255、24.TheParentcontrolsasubsidiaryifitisexposed,orhasrights,tovariablereturnsfromitsinvolvementwiththesubsidiaryandhastheabilitytoaffectthosereturnsthroughitspoweroverthesubsidiary.Allsubsidiarieshaveareportingdateof30June.AlltransactionsandbalancesbetweenGroupcompaniesareeliminatedonconsolidationinful

256、l.Whereunrealisedlossesonintra-groupassetsalesarereversedonconsolidation,theunderlyingassetisalsotestedforimpairmentfromgroupperspective.AmountsreportedinthefinancialstatementsofsubsidiarieshavebeenadjustedwherenecessarytoensureconsistencywiththeaccountingpoliciesadoptedbytheGroup.Profitorlossandoth

257、ercomprehensiveincomeofsubsidiariesacquiredordisposedofduringtheyeararerecognisedfromtheeffectivedateofacquisition,oruptotheeffectivedateofdisposal,asapplicable.Non-controllinginterests,presentedaspartofequity,representtheportionofasubsidiarysprofitorlossandnetassetsthatisnotheldbytheGroup.TheGroupa

258、ttributestotalcomprehensiveincomeorlossofsubsidiariesbetweentheownersoftheparentandthenon-controllinginterestsbasedontheirrespectiveownershipinterests.(e)IncomeTaxTheincometaxexpense(revenue)fortheyearcomprisescurrentincometaxexpense(income)anddeferredtaxexpense(income).Currentincometaxexpensecharge

259、dtotheprofitorlossisthetaxpayableontaxableincomecalculatedusingapplicableincometaxratesenacted,orsubstantiallyenacted,asattheendofthereportingperiod.Currenttaxliabilities(assets)arethereforemeasuredattheamountsexpectedtobepaidto(recoveredfrom)therelevanttaxationauthority.Deferredincometaxexpenserefl

260、ectsmovementsindeferredtaxassetanddeferredtaxliabilitybalancesduringtheyearaswellunusedtaxlosses.Currentanddeferredincometaxexpense(income)ischargedorcrediteddirectlytoequityinsteadoftheprofitorlosswhenthetaxrelatestoitemsthatarecreditedorchargeddirectlytoequity.Deferredtaxassetsandliabilitiesareasc

261、ertainedbasedontemporarydifferencesarisingbetweenthetaxbasesofassetsandliabilitiesandtheircarryingamountsinthefinancialstatements.Deferredtaxassetsalsoresultwhereamountshavebeenfullyexpensedbutfuturetaxdeductionsareavailable.Nodeferredincometaxwillberecognisedfromtheinitialrecognitionofanassetorliab

262、ility,excludingabusinesscombination,wherethereisnoeffectonaccountingortaxableprofitorloss.Deferredtaxassetsandliabilitiesarecalculatedatthetaxratesthatareexpectedtoapplytotheperiodwhentheassetisrealisedortheliabilityissettled,basedontaxratesenactedorsubstantivelyenactedattheendofthereportingperiod.T

263、heirmeasurementalsoreflectsthemannerinwhichmanagementexpectstorecoverorsettlethecarryingamountoftherelatedassetorliability.Notes To and Forming Part of the Accounts For the Year Ended 30 June 2024 EV Resources Limited ABN 66 009 144 503 Annual Report 2024 40 Deferredtaxassetsrelatingtotemporarydiffe

264、rencesandunusedtaxlossesarerecognisedonlytotheextentthatitisprobablethatfuturetaxableprofitwillbeavailableagainstwhichthebenefitsofthedeferredtaxassetcanbeutilised.Wheretemporarydifferencesexistinrelationtoinvestmentsinsubsidiaries,branches,associates,andjointventures,deferredtaxassetsandliabilities

265、arenotrecognisedwherethetimingofthereversalofthetemporarydifferencecanbecontrolledanditisnotprobablethatthereversalwilloccurintheforeseeablefuture.Currenttaxassetsandliabilitiesareoffsetwherealegallyenforceablerightofset-offexistsanditisintendedthatnetsettlementorsimultaneousrealisationandsettlement

266、oftherespectiveassetandliabilitywilloccur.Deferredtaxassetsandliabilitiesareoffsetwherealegallyenforceablerightofset-offexists,thedeferredtaxassetsandliabilitiesrelatetoincometaxesleviedbythesametaxationauthorityoneitherthesametaxableentityordifferenttaxableentitieswhereitisintendedthatnetsettlement

267、orsimultaneousrealisationandsettlementoftherespectiveassetandliabilitywilloccurinfutureperiodsinwhichsignificantamountsofdeferredtaxassetsorliabilitiesareexpectedtoberecoveredorsettled.(f)Plant&EquipmentEachclassofplantandequipmentiscarriedatcostless,whereapplicable,anyaccumulateddepreciationandimpa

268、irmentlosses.Historicalcostincludesexpenditurethatisdirectlyattributabletotheacquisitionoftheitems.Thecostoffixedassetsconstructedwithintheconsolidatedentityincludesthecostofmaterials,directlabour,borrowingcostsandanappropriateproportionoffixedandvariableoverheads.Subsequentcostsareincludedintheasse

269、tscarryingamountorrecognisedasaseparateasset,asappropriate,onlywhenitisprobablethatfutureconsolidatedbenefitsassociatedwiththeitemwillflowtothegroupandthecostoftheitemcanbemeasuredreliably.Allotherrepairsandmaintenancearechargedtoprofitorlossduringthefinancialperiodinwhichtheyareincurred.Depreciatio

270、nThedepreciableamountofallfixedassetsincludingbuildingandcapitalisedleaseassets,butexcludingfreeholdland,isdepreciatedonastraight-linebasisovertheirusefullivestotheconsolidatedentitycommencingfromthetimetheassetisheldreadyforuse.Leaseholdimprovementsaredepreciatedovertheshorterofeithertheunexpiredpe

271、riodoftheleaseortheestimatedusefullivesoftheimprovements.Thedepreciationratesusedforeachclassofdepreciableassetsare:ClassofFixedAssetDepreciationRateOfficeFurniture6%-40%OfficeEquipment12.5%-40%Theassetsresidualvaluesandusefullivesarereviewed,andadjustedifappropriate,ateachreportingdate.Anassetscarr

272、yingamountiswrittendownimmediatelytoitsrecoverableamountiftheassetscarryingamountisgreaterthanitsestimatedrecoverableamount.Gainsandlossesondisposalsaredeterminedbycomparingproceedswiththecarryingamount.Thesegainsandlossesareincludedinprofitorloss.Notes To and Forming Part of the Accounts For the Ye

273、ar Ended 30 June 2024 EV Resources Limited ABN 66 009 144 503 Annual Report 2024 41(g)LeasesLeasepolicy-Withtheexceptionofleaseswithtermsoflessthan12monthsandleasesrelatingtolow-valueassets,right-of-useassetsandleaseliabilitiesarerecognisedinrelationtoallleases.Theleaseliabilitiesarerecognisedatthep

274、resentvalueoftheleasepaymentsthatareremainingtobepaidandinclude,whereapplicable,anypaymentsapplicableunderextensionoptionsexpectedtobeexercised.Theright-of-useassetsareinitiallyrecognisedastheamountoftheinitialleaseliabilityadjustedforanyleasepaymentsmadeatorbeforecommencement,leaseincentivesreceive

275、d,initialdirectcostsincurred,andanestimateofcostsofdismantling,removingorrestoringtheassetthatarerequiredtobeincurredunderthetermsofthelease.Theright-of-useassetisthendepreciatedonastraight-linebasisoverthetermofthelease.(h)FinancialInstrumentsRecognitionandderecognitionFinancialassetsandfinancialli

276、abilitiesarerecognisedwhentheGroupbecomesapartytothecontractualprovisionsofthefinancialinstrument.Financialassetsarederecognizedwhenthecontractualrightstothecashflowsfromthefinancialassetexpire,orwhenthefinancialassetandsubstantiallyalltherisksandrewardsaretransferred.AFinancialliabilityisrecognized

277、whenitisextinguished,discharged,cancelledorexpires.Classificationandmeasurementi.FinancialassetsExceptforthosetradereceivablesthatdonotcontainasignificantfinancingcomponentandaremeasuredatthetransactionpriceinaccordancewithAASB15,allfinancialassetsareinitiallymeasuredatfairvalueadjustedfortransactio

278、ncosts(whereapplicable).Financialassets,otherthanthosedesignatedandeffectiveashedginginstrumentsaccountedforatamortisedcostorfairvaluethroughprofitorloss(FTVPL).Financialassetsaremeasuredatamortisedcostiftheobjectiveofthefinancialassetistoholdandcollectitscontractualcashflowsandcontractualtermsofthe

279、financialassetsgiverisetocashflowsthataresolelypaymentsofprincipalandinterestontheprincipalamountoutstanding.Afterinitialrecognition,thesearemeasuredusingtheeffectiveinterestmethod.Financialassetsthatareheldwithinadifferentbusinessmodelotherthanholdtocollectorholdtocollectandsellarecategorizedatfair

280、valuethroughprofitandloss.Further,irrespectiveofbusinessmodelfinancialassetswhosecontractualcashflowsarenotsolelypaymentsofprincipalandinterestsareaccountedforaFTVPL.ii.FinancialliabilitiesTheGroupsfinancialliabilitiesincludetradeandotherpayablesandderivativefinancialinstruments.Financialliabilities

281、areinitiallymeasuredatfairvalue,andwhereapplicable,adjustedfortransactioncostsunlesstheGroupdesignatedafinancialliabilityatfairvaluethroughprofitorloss.Subsequently,financialliabilitiesaremeasuredatamortisedcostusingtheeffectiveinterestmethodexceptforderivativesandfinancialliabilitiesdesignatedatFVT

282、PL,whicharecarriedsubsequentlyatfairvaluewithgainsorlossesrecognizedinprofitorloss(otherthanderivativefinancialinstrumentsthataredesignatedandeffectiveashedginginstruments).Notes To and Forming Part of the Accounts For the Year Ended 30 June 2024 EV Resources Limited ABN 66 009 144 503 Annual Report

283、 2024 42(i)DerivativefinancialinstrumentsDerivativefinancialinstrumentsareaccountedforatfairvaluethroughprofitandloss(FTVPL)exceptforderivativesdesignatedashedginginstrumentsincashflowhedgerelationships,whichrequireaspecificaccountingtreatment.Toqualifyforhedgeaccounting,thehedgingrelationshipmustme

284、etthefollowingrequirements:Thereisaneconomicrelationshipbetweenthehedgeditemandthehedginginstrument Theeffectofcreditriskdoesnotdominatethevaluechangesthatresultfromthateconomicrelationship Thehedgeratioofthehedgingrelationshipisthesameasthatresultingfromthequantityofthehedgeditemthattheentityactual

285、lyhedgesandthequantityofthehedginginstrumentthattheentityactuallyusestohedgethatquantityofhedgeditem.(j)ImpairmentofNon-FinancialAssetsAteachreportingdate,thegroupreviewsthecarryingvaluesofitstangibleandintangibleassetstodeterminewhetherthereisanyindicationthatthoseassetshavebeenimpaired.Ifsuchanind

286、icationexists,therecoverableamountoftheasset,beingthehigheroftheassetsfairvaluelesscoststosellandvalueinuse,iscomparedtotheassetscarryingvalue.AnyexcessoftheassetscarryingvalueoveritsrecoverableamountisexpensedtotheStatementofprofitorlossandothercomprehensiveincome.Impairmenttestingisperformedannual

287、lyforgoodwillandintangibleassetswithindefinitelives.Whereitisnotpossibletoestimatetherecoverableamountofanindividualasset,thegroupestimatestherecoverableamountofthecash-generatingunittowhichtheassetbelongs.(k)ExplorationandevaluationExplorationandevaluationexpendituresinrelationtoeachseparateareaofi

288、nterestarerecognisedasanexplorationandevaluationassetintheyearinwhichtheyareincurredwherethefollowingconditionsaresatisfied:i.therightstotenureoftheareaofinterestarecurrent;andii.atleastoneofthefollowingconditionsisalsomet:a.theexplorationandevaluationexpendituresareexpectedtoberecoupedthroughsucces

289、sfuldevelopmentandexplorationoftheareaofinterest,oralternatively,byitssale;orb.explorationandevaluationactivitiesintheareaofinteresthavenotatthereportingdatereachedastagewhichpermitsareasonableassessmentoftheexistenceorotherwiseofeconomicallyrecoverablereserves,andactiveandsignificantoperationsin,or

290、inrelationto,theareaofinterestiscontinuing.Explorationandevaluationassetsareinitiallymeasuredatcostandincludeacquisitionofrightstoexplore,studies,exploratorydrilling,trenchingandsamplingandassociatedactivitiesandanallocationofdepreciationandamortisedofassetsusedinexplorationandevaluationactivities.G

291、eneralandadministrativecostsareonlyincludedinthemeasurementofexplorationandevaluationcostswheretheyarerelateddirectlytooperationalactivitiesinaparticularareaofinterest.Explorationandevaluationassetsareassessedforimpairmentwhenfactsandcircumstancessuggestthatthecarryingamountofanexplorationandevaluat

292、ionassetmayexceeditsrecoverableamount.Therecoverableamountoftheexplorationandevaluationasset(forthecashgeneratingunit(s)towhichithasbeenallocatedbeingnolargerthantherelevantareaofinterest)isestimatedtodeterminetheextentoftheimpairmentloss(ifany).Whereanimpairmentlosssubsequentlyreverses,thecarryinga

293、mountoftheassetisincreasedtotherevisedestimateofitsrecoverableamount,butonlytotheextentthattheincreasedcarryingamountdoesnotexceedthecarryingamountthatwouldhavebeendeterminedhadnoimpairmentlossbeenrecognisedfortheassetinpreviousyears.Notes To and Forming Part of the Accounts For the Year Ended 30 Ju

294、ne 2024 EV Resources Limited ABN 66 009 144 503 Annual Report 2024 43 Whereadecisionhasbeenmadetoproceedwithdevelopmentinrespectofaparticularareaofinterest,therelevantexplorationandevaluationassetistestedforimpairmentandthebalanceisthenreclassifiedtodevelopment.(l)ForeignCurrencyTransactionsandBalan

295、cesFunctionalandpresentationcurrencyThefunctionalcurrencyofeachofthegroupsentitiesismeasuredusingthecurrencyoftheprimaryconsolidatedenvironmentinwhichthatentityoperates.TheconsolidatedfinancialstatementsarepresentedinAustraliandollarswhichistheparententitysfunctionalandpresentationcurrency.Transacti

296、onandbalancesForeigncurrencytransactionsaretranslatedintofunctionalcurrencyusingtheexchangeratesprevailingatthedateofthetransaction.Foreigncurrencymonetaryitemsaretranslatedattheyear-endexchangerate.Non-monetaryitemsmeasuredathistoricalcostcontinuetobecarriedattheexchangerateatthedateofthetransactio

297、n.Non-monetaryitemsmeasuredatfairvaluearereportedattheexchangerateatthedatewhenfairvaluesweredetermined.Exchangedifferencesarisingonthetranslationofmonetaryitemsarerecognisedinprofitorloss,exceptwheredeferredinequityasaqualifyingcashflowornetinvestmenthedge.Exchangedifferencesarisingonthetranslation

298、ofnon-monetaryitemsarerecogniseddirectlyinequitytotheextentthatthegainorlossisdirectlyrecognisedinequity;otherwisetheexchangedifferenceisrecognisedinprofitorloss.GroupcompaniesThefinancialresultsandpositionofforeignoperationswhosefunctionalcurrencyisdifferentfromthegroupspresentationcurrencyaretrans

299、latedasfollows:Assetsandliabilitiesaretranslatedatyear-endexchangeratesprevailingatthatreportingdate;Incomeandexpensesaretranslatedataverageexchangeratesfortheperiod;and Retainedearningsaretranslatedattheexchangeratesprevailingatthedateofthetransaction.Exchangedifferencesarisingontranslationofforeig

300、noperationsaretransferreddirectlytothegroupsforeigncurrencytranslationreserveinthestatementoffinancialposition.Thesedifferencesarerecognisedinprofitorlossintheperiodinwhichtheoperationisdisposed.(m)EmployeeEntitlementsProvisionismadefortheCompanysliabilityforemployeebenefitsarisingfromservicesrender

301、edbyemployeestoreportingdate.Employeebenefitsthatareexpectedtobesettledwhollywithinoneyearhavebeenmeasuredattheamountsexpectedtobepaidwhentheliabilityissettled,plusrelatedon-costs.Employeebenefitspayablelaterthanoneyearhavebeenmeasuredatthepresentvalueoftheestimatedfuturecashoutflowstobemadeforthose

302、benefits.(n)CashCashandcashequivalentsincludecashonhand,depositsheldatcallwithbanks,othershort-termhighlyliquidinvestmentswithoriginalmaturitiesofonemonthorless,andbankoverdrafts.Bankoverdraftsareshownwithinshort-termborrowingsincurrentliabilitiesonthestatementoffinancialposition.Notes To and Formin

303、g Part of the Accounts For the Year Ended 30 June 2024 EV Resources Limited ABN 66 009 144 503 Annual Report 2024 44(o)RevenueandGrantIncomeInterestrevenueisrecognisedonaproportionalbasistakingintoaccounttheinterestratesapplicabletothefinancialassets.(p)TradeandOtherCreditorsTheseamountsrepresentlia

304、bilitiesforgoodsandservicesprovidedtotheConsolidatedEntitypriortotheendofthefinancialyearandwhichareunpaid.Theamountsareunsecuredandareusuallypaidwithin30daysofrecognition.(q)ContributedEquityOrdinarysharesareclassifiedasequity.Incrementalcostsdirectlyattributabletotheissueofnewsharesareshowninequit

305、yasadeduction,netoftax,fromtheproceeds.(r)EarningsPerShare Basicearningspershare:BasicearningspersharearedeterminedbydividingthenetlossattributabletoequityholdersoftheCompany,bytheweightedaveragenumberofordinarysharesoutstandingduringtheyear.Dilutedearningspershare:Dilutedearningspershareadjuststhef

306、iguresusedinthedeterminationofbasicearningspersharetotakeintoaccounttheafterincometaxeffectofinterestandotherfinancingcostsassociatedwithdilutivepotentialordinarysharesandtheweightedaveragenumberofsharesassumedtohavebeenissuedfornoconsiderationinrelationtodilutivepotentialordinaryshares.(s)Share-bas

307、edpaymenttransactionsTheGroupmeasuresthecostofequity-settledtransactionsbyreferencetothefairvalueoftheequityinstrumentsatthedateatwhichtheyaregranted.Thefairvalueisdeterminedusingappropriatevaluationmodels.(t)ComparativeFiguresWhenrequiredbyAccountingStandards,comparativefigureshavebeenadjustedtocon

308、formtochangesinpresentationforthecurrentfinancialyear.(u)CriticalAccountingEstimatesandJudgementsTheapplicationofaccountingpoliciesrequirestheuseofjudgements,estimatesandassumptionsaboutcarryingvaluesofassetsandliabilitiesthatarenotreadilyapparentfromothersources.Theestimatesandassociatedassumptions

309、arebasedonhistoricalknowledgeandexperience,bestavailableinformationandotherfactorsthatareconsideredtoberelevant.Actualresultsmaydifferfromtheseestimates.Theestimatesandunderlyingassumptionsarereviewedonanongoingbasis.Revisionsarerecognisedintheperiodinwhichtheestimateisrevisedifitaffectsonlythatperi

310、odorintheperiodoftherevisionandfutureperiodsiftherevisionaffectsbothcurrentandfutureperiods.Thecriticalaccountingestimatesandjudgementsapplicabletothisfinancialreportareasfollows:ExplorationandevaluationexpenditureTheGroupcapitalisesexpenditurerelatingtoexplorationandevaluationwhereitisconsideredlik

311、elytoberecoveredorwheretheactivitieshavenotreachedastagewhichpermitsareasonableNotes To and Forming Part of the Accounts For the Year Ended 30 June 2024 EV Resources Limited ABN 66 009 144 503 Annual Report 2024 45 assessmentoftheexistenceofreserves.Whiletherearecertainareasofinterestfromwhichnorese

312、rveshavebeenextracted,theDirectorsareofthecontinuedbeliefthatsuchexpenditureshouldnotbewrittenoffsincefeasibilitystudiesinsuchareashavenotyetconcluded.Suchcapitalisedexpenditureiscarriedatreportingdateatnilvalue.SegmentReportingOperatingsegmentsarereportedinamannerconsistentwiththeinternalreportingp

313、rovidedtothechiefoperatingdecisionmaker.Thechiefoperatingdecisionmaker,whoisresponsibleforallocatingresourcesandassessingperformanceoftheoperatingsegments,hasbeenidentifiedastheBoardofDirectorsofEVResourcesLimited.ThecurrentoperatingsegmentsoftheGroupareAustralia,Austria,PeruandUnitedStates.(v)New,r

314、evisedoramendingAccountingStandardsandInterpretationsadoptedTheDirectorshavereviewedallStandardsandInterpretationsinissuenotyetadoptedfortheyearended30June2024.AsaresultofthisreviewtheDirectorshavedeterminedthatthereisnomaterialimpactoftheStandardsandInterpretationsinissuenotyetadoptedontheGroupand,

315、therefore,nochangeisnecessarytoGroupaccountingpolicies.ThereareexpectedtobematerialimpactsfromAASB18PresentationandDisclosureinFinancialStatements:AASB18replacesAASB101asthestandarddescribingtheprimaryfinancialstatementsandsetsoutrequirementsforthepresentationanddisclosureofinformationinAASB-complia

316、ntfinancialstatements.Theamendmentsareeffectiveforannualreportingperiodsbeginningonorafter1January2027.Notes To and Forming Part of the Accounts For the Year Ended 30 June 2024 EV Resources Limited ABN 66 009 144 503 Annual Report 2024 46 2.FinancialRiskManagementPoliciesTheGroupsprincipalfinanciali

317、nstrumentscomprisemainlyofdepositswithbanks,receivableandpayables.TheGroupmanagesitsexposuretokeyfinancialrisks,includinginterestrateandcurrencyriskinaccordancewiththeGroupsfinancialriskmanagementpolicy.TheobjectiveofthepolicyistosupportthedeliveryoftheGroupsfinancialtargetswhilstprotectingfuturefin

318、ancialsecurity.PrimaryresponsibilityforidentificationandcontroloffinancialrisksrestswiththeBoard.TheBoardreviewsandagreespoliciesformanagingeachoftherisksidentifiedbelow.a.a.TreasuryRiskManagementDuetothesizeoftheGroup,responsibilityforidentificationandcontroloffinancialrisksrestswiththeBoardofDirec

319、tors.Thisincludestheuseofhedgingderivativeinstruments,creditriskpoliciesandfuturecashflowrequirements.Thelevelofactivityduringthefinancialyeardidnotwarrantusingderivativefinancialinstrumentssuchasforeignexchangecontractsandinterestrateswapstohedgecertainriskexposures.b.b.FinancialRiskExposuresandMan

320、agementTheGroupsactivitiesexposeittofinancialrisks,marketrisk(includingcurrencyrisk,fairvalueinterestraterisk),creditrisk,liquidityriskandcashflowinterestraterisk.Thelevelofactivityduringthefinancialyeardidnotwarrantusingderivativefinancialinstrumentssuchasforeignexchangecontractsandinterestrateswap

321、stohedgecertainriskexposures.Whererelevantandappropriate,theCompanywillavailitselfofappropriatehedginginstrumentsinfuturefinancialyears.c.c.ForeignExchangeRiskForeignexchangeriskariseswhenfuturecommercialtransactionsandrecognisedassetsandliabilitiesaredenominatedinacurrencythatisnottheentitysfunctio

322、nalcurrency.AsaresultofoperationsinAustralia,Austria,PeruandUnitedStates,theGroupsstatementoffinancialpositioncanbeaffectedbymovementsintheEUR/AUD,PEN/AUD,MXN/AUD,USD/AUD,andexchangerates.TheGroupalsohastransactioncurrencyexposure.Suchexposurearisesfrompurchasesbyanoperatingentityincurrenciesotherth

323、anthefunctionalcurrency.ThefollowingtabledetailstheGroupsexposureatthereportingdatetoforeignexchangeriskarisingfromrecognizedassetsorliabilitiesdenominatedincurrenciesotherthanthefunctionalcurrencytowhichtheyrelate.Yearended30June2024AmountsinAUD2024EUR2024PEN2024MXN2024USDCashandcashequivalents5,14

324、4276,697-Tradeandotherreceivables8,373120,135-Tradeandotherpayables(16,452)(214,180)-Overallnetexposure(2,935)182,652-+/-10%inforeignexchangerates(294)18,265-Notes To and Forming Part of the Accounts For the Year Ended 30 June 2024 EV Resources Limited ABN 66 009 144 503 Annual Report 2024 47 Yearen

325、ded30June2023AmountsinAUD2023EUR2023PEN2023MXN2023USDCashandcashequivalents31,09941,0841,060-Tradeandotherreceivables4,442118,85738,212-Tradeandotherpayables(5,285)(121,113)(13,691)-Overallnetexposure30,25638,82825,581-+/-10%inforeignexchangerates3,0263,8832,558-Thepercentagechangeistheexpectedovera

326、llvolatilityofthesignificantcurrencies,whichisbasedonmanagementsassessmentofreasonablepossiblefluctuationstakingintoconsiderationmovementsoverthelast12monthseachyear.d.d.CreditRiskThemaximumexposuretocreditrisk,excludingthevalueofanycollateralorothersecurity,atreportingdatetorecognisedfinancialasset

327、s,isthecarryingamount,netofanyprovisionsforimpairmentofthoseassets,asdisclosedinthestatementoffinancialpositionandnotestothefinancialstatements.TheGroupdidnothaveanymaterialcreditriskexposuretoanysingledebtororgroupofdebtorsatreportingdate.e.e.LiquidityRiskPrudentliquidityriskmanagementimpliesmainta

328、iningsufficientcashtofundtheGroupsactivities.TheDirectorsregularlymonitortheCompanyscashpositionandonanon-goingbasisconsideranumberofstrategicinitiativestoensurethatadequatefundingcontinuestobeavailable.Thetablebelowreflectsallcontractuallyfixedpay-offsandreceivablesforsettlement,repaymentsandintere

329、stresultingfromrecognisedfinancialassetsandliabilities.Theundiscountedcashflowsfortherespectiveupcomingfiscalyearsarepresented.Cashflowsforfinancialassetsandliabilitieswithoutfixedamountortimingarebasedontheconditionsexistingat30June2024.Maturityanalysisoffinancialassetsandliabilitybasedonmanagement

330、sexpectationTheriskimpliedfromthevaluesshowninthetablebelow,reflectsabalancedviewofcashinflowsandoutflows.Tradepayablesandotherfinancialliabilitiesmainlyoriginatefromthefinancingofthedaytodayoperationsofthegroup.Theseassetsareconsideredinthegroupsoverallliquidityrisk.Yearended30June20246months$6-12m

331、onths$1-5years$5years$Total$ConsolidatedfinancialassetsCashandcashequivalents353,18650,000-403,186Tradeandotherreceivables230,969-315,945-546,914584,15550,000315,945-950,100ConsolidatedfinancialliabilitiesatamortisedcostTradeandotherpayables799,241-511,915-1,311,156799,241-511,915-1,311,156Notes To

332、and Forming Part of the Accounts For the Year Ended 30 June 2024 EV Resources Limited ABN 66 009 144 503 Annual Report 2024 48 Yearended30June20236months$6-12months$1-5years$5years$Total$ConsolidatedfinancialassetsCashandcashequivalents463,84150,000-513,841Tradeandotherreceivables209,050-209,050672,

333、89150,000-722,891ConsolidatedfinancialliabilitiesatamortisedcostTradeandotherpayables622,871-622,871622,871-622,871f.f.InterestRateRiskFromtimetotimetheGrouphassignificantinterestbearingassets,buttheyareasresultsofthetimingofequityraisingsandcapitalexpenditureratherthanarelianceoninterestincome.Theinterestrateriskarisesontheriseandfallofinterestrates.TheGroupsincomeandoperatingcashflowsarenotexpec