Macarthur Minerals Limited (MMS) 2024年年度報告「TSX-V」.pdf

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1、 MACARTHUR MINERALS LIMITED ABN 93 103 011 436 ANNUAL REPORT 31 March 2024 ASX:MIO TSXV:MMS All amounts are in Australian dollars unless otherwise stated Page|2 Annual Report-Year ended 31 March 2024 Contents Page Chairmans Letter 1 Corporate Directory 2 Report on Operations 3 Reissued Directors Rep

2、ort 11 Reissued Financial Report 24 Corporate Governance 66 Additional ASX Information 67 Page|1 Chairmans Letter Dear Fellow Shareholders,Macarthur Minerals(the Company)has made steady progress in advancing its strategic projects and overall company development over the past year.The Company has en

3、tered into a binding term sheet with Golden Valley.This agreement grants Golden Valley the right to extract hematite ore from Macarthurs Lake Giles Ularring Hematite Project and Treppo Grande Iron Project in Western Australia.The agreement explicitly excludes the mining of magnetite iron ore from th

4、e 1.3 billion tonne Lake Giles Moonshine Magnetite Project with both parties committed to negotiating,finalising and executing a detailed agreement within 45 days of the execution of the term sheet on 13 June 2024.Despite challenging equity market conditions for junior miners and a teetering global

5、economy,we have remained resilient and focused on our goals.Additionally,our exploration and development efforts have yielded promising results.We have identified significant prospects for lithium,rare earth elements,and key battery metals such as nickel and copper.These discoveries position Macarth

6、ur Minerals to play a crucial role in the growing demand for these essential resources.As the Company continues to focus on core fundamentals and project delivery,we look forward to sharing our progress with you.I would like to extend my heartfelt thanks to our shareholders for their continued and v

7、alued support.Yours faithfully Cameron McCall Executive Chairman Page|2 Corporate Directory Stock Exchange Listing Macarthur Minerals Limited(the“Company”or“Macarthur Minerals”)is an Australian public company and is quoted on the Official List of the TSX Venture Exchange(“TSX-V”)(symbol:MMS),on the

8、Australian Securities Exchange(“ASX”)(symbol:MIO)and on OTCQB Venture Market(“OTCQB”)(symbol:MMSDF).The Company is incorporated in Australia and registered in Queensland.Directors Cameron McCall,Executive Chairman and CEO Alan Phillips,Non-Executive Director Andrew Suckling,Non-Executive Director(In

9、dependent)Ryan Welker,Non-Executive Director(Independent)Company Secretary Mima Wirakara Macarthur Minerals Limited is a listed public company limited by shares,incorporated and domiciled in Australia.Its registered office and principal place of business are:Suite 1G,Building 1 Kings Row Office Park

10、 40 McDougall Street MILTON QLD 4064 Australia Telephone:+61 7 3221 1796 Fax:+61 7 3221 6152 Email: Website address: Corporate Governance Statement https:/ Share Registry Computershare Investor Services Inc.510 Burrard St,3rd Floor Vancouver,BC V6C 3B9 Canada Phone:+1 604 661 9400 Fax:+1 604 661 954

11、9 Website address: Australian Share Registry Computershare Investor Services Inc.117 Victoria St,West End Brisbane,QLD 4101 Australia Phone:1300 850 505 (within Australia)Phone:+61 3 9415 4000(outside of Australia)Website address:.au Auditors RSM Australia Partners Oracle Tower,Level 6,340 Adelaide

12、St,Brisbane QLD 4000 Telephone:+61 7 3225 7800 Fax:+61 7 3225 7880 Website address:www.rsm.global/australia/Page|3 Report on Operations WESTERN AUSTRALIAN IRON ORE PROJECTS Lake Giles Projects Macarthur Minerals Lake Giles Iron Ore Projects(“Lake Giles Projects”)are located on mining tenements cover

13、ing approximately 62 km2,175 kilometres(“km”)northwest of Kalgoorlie in Western Australia.Within the tenements,at least 33 km strike extent of outcropping banded iron formation(“BIF”)occurs as low ridges,surrounded by intensely weathered and mostly unexposed granites,basalts and ultramafic rocks.The

14、 Lake Giles Projects are situated in the Yilgarn Region of Western Australia.The Yilgarn Region is host to many significant mineral deposits that have been,or are being,mined for iron ore.The tenements cover the Yerilgee greenstone belt which is some 80 km in length and lies within the Southern Cros

15、s Province of the Yilgarn.The Lake Giles Projects are approximately 90 km from the existing Perth Kalgoorlie Railway that has a direct connection to the Port of Esperance in Western Australia,where it is intended that ore from the Projects will be shipped.Export is subject to available capacity,whic

16、h is not certain.The Lake Giles Projects(comprising the Moonshine Magnetite Project and the Ularring Hematite Project)is located approximately 450 km east north-east of the coastal city of Perth,Western Australia,and approximately 115 km west of the town of Menzies.Exploration at the Ularring Hemati

17、te and Moonshine Magnetite Projects has been sufficient to allow the estimation of Mineral Resources for both projects.Lake Giles Iron Project On August 12,2020,Macarthur Minerals released an updated Mineral Resource estimate for the Lake Giles Magnetite Project1.The Mineral Resource estimates inclu

18、de Measured Resources of approximately 53.9 Mt 30.8%Fe,Indicated Resources of 218.7 Mt 27.5%Fe and Inferred Resources of 997.0 Mt 28.4%Fe.The resource formed the basis of a Feasibility Study that was released to the market on April 11,2022.The feasibility study was based on a 3 Mtpa magnetite operat

19、ion incorporating the Moonshine and Moonshine North magnetite deposits.The Feasibility Study confirms the commercial viability of the Project to produce 3 Mtpa(dry basis)of high-grade magnetite concentrate over a long mine life of 25 years from Proven and Probable Ore Reserves.The key production and

20、 financial outcomes are presented in the following table 12.Table 1.Lake Giles Iron Project Feasibility Study Production and Financials Summary Production Ore mined 236.6 Mt Waste mined 624.9 Mt Total mined 861.5 Mt Strip ratio 2.64 Concentrate produced 74 Mt Concentrate iron grade 66.1 Plant recove

21、ry 31%Financials AUDm USDm Sales revenue 12,614 8,956 Operating Expenses 8,116 5,672 Initial Capital Expenditure Construction capex 801.1 568.8 Mining overburden pre-strip 61.6 43.8 Total initial capital 862.7 612.6 Future Capital Expenditure Sustaining capital 203 144.1 Deferred capital-Tailings 39

22、.8 28.3 1 Refer to the Companys news release dated August 12,2020,titled“Moonshine Magnetite Resource Upgrade.”2 Refer to the Companys news release dated March 21,2022,titled“Positive Feasibility Study Results for Lake Giles Iron Project.”Page|4 Capitalised non-operational waste mining 355.7 252.5 T

23、otal future capital 598.5 424.9 Closure Expenditure Closure and rehabilitation 58.2 41.3 Total Operating Cash Flows 3,625 2574 Taxes&Royalties Tax paid 873 620 Royalties 631 435 Valuation AUDm USDm NPV(6%)Pre-tax 816 579 NPV(6%)Post-tax 443 314 IRR Pre-tax 13.0%-IRR Post-tax 10.1%-The Feasibility St

24、udy published on March 21,2022,underpins a maiden Ore Reserve of 237 million tonnes,supporting a 25-year mine life.The independent technical report,entitled“NI 43-101 Technical Report and Feasibility Study,Lake Giles Iron Project,Menzies,Western Australia”with an issue date of April 11,2022 was prep

25、ared in accordance with the requirements of National Instrument 43-101(“NI 43-101”)and released to the market on April 11,20223 The technical report is filed under the Companys profile on the System for Electronic Document Analysis and Retrieval(“SEDAR”)website at (filing date:April 11,2022)and on t

26、he Companys website at .The Mineral Reserves are presented in Table 2.Table 2.Mineral Reserves Lake Giles Iron Project,Moonshine and Moonshine North,DTR 15%Category Tonnes(Mt)Head Grades(%)Concentrate Grades(%)Fe SiO2 AI2O3 P LOI DTR Fe SiO2 AI2O3 P LOI Moonshine Proven 34.2 28.1 51.6 1.2 0.04 1.7 3

27、0.5 65.9 6.8 0.2 0.02-0.6Probable 166.4 27.2 51.9 1.4 0.05 1.4 30.7 66.6 6.2 0.1 0.02 0.0 Sub-total 200.6 27.4 51.9 1.4 0.04 1.4 30.6 66.5 6.3 0.1 0.02-0.1Moonshine Nth Proven 17.8 35.4 35.4 2.2 0.06 4.2 34.3 66.5 5.0 0.3 0.03-0.9Probable 18.2 30.4 44.7 1.3 0.05 2.9 35.9 63.2 9.4 0.2 0.04-0.3Sub-tot

28、al 36.0 32.9 40.1 1.7 0.05 3.5 35.1 64.8 7.3 0.3 0.05-0.6Combined Proven 51.9 30.6 46.0 1.5 0.05 2.6 31.8 66.1 6.1 0.2 0.03-0.7Probable 184.7 27.6 51.2 1.4 0.05 1.5 31.2 66.2 6.6 0.1 0.02-0.1TOTAL 236.6 28.2 50.1 1.4 0.05 1.8 31.3 66.2 6.5 0.1 0.02-0.2The general site layout plan presented in Figure

29、 1.3 Refer to the Companys news release dated April 11,2022,titled“Technical Report for Lake Giles iron Project Feasibility Study.”Page|5 Figure 1 General site layout On March 26,2021,the Company made applications for two“water search miscellaneous licenses”for the purpose of exploring for groundwat

30、er to support magnetite processing for the Lake Giles Projects.The applications cover 533 km2 of the Rebecca Palaeovalley up to 35 km east of the Project.Prior to these applications,the Company engaged CGG to undertake an aerial electromagnetic(“EM”)survey of the palaeochannels as announced on March

31、 26,2021.The survey data will be used to define groundwater drilling targets.Page|6 Ularring Hematite Project The Ularring Hematite Projects Mineral Resources are comprised of Indicated Mineral Resources of approximately 54.5 Mt 47.2%Fe and approximately 26 Mt 45.4%Fe Inferred Resources.The Mineral

32、Resource estimates were prepared by CSA Global on behalf of Macarthur Minerals(NI43-101 Technical Report,20124)and reported in accordance with the CIM Definition Standards for Mineral Resources and Reserves 2014.The Company has received approval to develop an iron ore mine for the Ularring Hematite

33、Project and associated infrastructure at the project location under the Environmental Protection Act 1986 and the Environmental and Biodiversity Conservation Act 1999.Treppo Grande&Mt Jackson Iron Ore Project On February 15,2018,the Companys wholly owned subsidiary,Esperance Iron Ore Export Company

34、Pty Ltd(“EIOEC”)made an application for Exploration License E77/2521 for the Treppo Grande Iron Ore Project(“Treppo Grande Project”).The Treppo Grande Project covers an area of 68 km2 and is located approximately 32 km west of the Lake Giles Projects.The project is also 35 km east of Mineral Resourc

35、e Ltds(MRL)Koolyanobbing Iron Ore Operations and is in close proximity to the established rail infrastructure to the Port of Esperance.The Treppo project is located within the proposed Helena and Aurora Range National Park,part of the State Governments Plan for Our Parks initiative.Following a submi

36、ssion process facilitated by the Department of Mines,Industry Regulation and Safety(referred to in the Companys 2022 Annual Report),on August 15,2022,E77/2521 was refused by the Minister for Mines pursuant to the Ministers powers in section 111A of the Mining Act 1978(WA).The Company was notified of

37、 such refusal on September 16,2022.In the meantime,Macarthur applied for ELA 77/3004 on September 2,2022,as a result of the decision in True Fella Pty Ltd v Pantoro South Pty Ltd 2022 WAMW 19(True Fella).DMIRS has asserted that the relevant area was subject to a Section 19 exemption from mining at t

38、he time of the application(although the gazette had not yet been published)and that it intends to refuse ELA 77/3004 on the basis that there is no ground available for ELA 77/3004.On November 22,2023 EIOEC submitted a new application(ELA 77/3186)over the ELA 77/3004 and on November 29,2023 withdrew

39、the original application for ELA 77/3004 WESTERN AUSTRALIAN GOLD/LITHIUM/NICKEL PROJECTS Macarthur and Macarthur Australia Limited,a wholly owned subsidiary of Macarthur,are the substantial holder with 20.52%holding in Infinity Mining Limited(ASX:IMI).The company holds the Pilbara Projects in the Pi

40、lbara region of Western Australia and the Central Goldfields Projects located in and around the Leonora Goldfields region in Western Australia.56 Macarthur Iron Ore Pty Ltd,a wholly owned subsidiary of Macarthur,acquired two tenements E45/4735(Strelley Gorge)and E45/5324(North Tambourah)from Infinit

41、y under which all non-iron ore rights are retained by Infinity pursuant to a Tenement Sale and Non-Iron Ore Rights Agreement dated August 11,2021.Tenements EL 45/4735(Strelley Gorge)applied for and was granted a 5-year extension of term through to 20 March 2027.In October 2022 as part of an Infinity

42、 Mining VTEM Max 967.8-line kilometre,geophysical survey,60 late-time geophysical anomalies were identified across Strelley Gorge.Of these anomalies,two stand out(49 and 55);anomaly 55 has a noticeably higher amplitude to its surrounding anomalies.This tenement southeast corner borders the Sulphur S

43、prings VHMS deposit currently owned by Development Global Limited(Formerly Venture Resources Limited.)7 4 NI 43-101 Technical Report filed October 1,2012,titled“NI 43-101 Technical Report,Macarthur Minerals Limited,Pre-Feasibility Study,Ularring Hematite Project,Western Australia.”5 Refer to the Com

44、panys news release dated 27 July 2022,titled“Quarterly Activities Report for period ended 30 June 2022”.6 Refer to the Companys news release dated 28 October 2022,titled“Quarterly Activities Report for period ended 30 September 2022”.7 Refer Infinity Mining Limited New Release,Results of VTEM Max Su

45、rvey for precious and Base metals at Panorama,Strelley George and Hillside Projects,10 May 2023.Page|7 WESTERN AUSTRALIAN NICKEL AND COBALT PROJECTS The Lake Giles Project(“The Project”)is located approximately 150 km northwest of the town of Kalgoorlie,240km North of Poseidon Nickel Ltd Lake Johnst

46、on Nickel Project(ASX:POS)and 190km northwest of the Kambalda nickel province in WA(Figure 1).Additionally,the Lake Giles Project is surrounded by Dreadnought Resources Ltd Central Yilgarn Project(ASX:DRE)where they are actively exploring for nickel and gold.The Project is owned by Macarthur Iron Or

47、e Pty Ltd,a 100%owned subsidiary of Macarthur Minerals Limited(“Macarthur”or“the Company”).Figure 2:Lake Giles Project Location The Lake Giles tenements cover the Yerilgee greenstone belt located in the central part of the Southern Cross Province of the Yilgarn Archaean Craton.The region is characte

48、rized by lenticular greenstone belts often partly enveloped by foliated and gneissic granitoids.Regionally the greenstone belts consist of metamorphosed ultramafic,mafic and sediments,including BIF which are Archean in age and are commonly intruded by mafic,intermediate,and granitic rocks.The prospe

49、ctive ultramafic rocks of the Project are interpreted to be of Kambalda komatiite type.Serpentinised olivine cumulate rocks sometimes metamorphosed to talc-carbonate occur in many places and are considered to have a high potential for the discovery of nickel sulphides.These have similar characterist

50、ics to those of the Forrestania and Lake Johnston greenstone belts.The Lake Johnston nickel mineralised bodies such as Maggie Hays,are hosted within a Kambalda style ultramafic komatiite,which is an upturned volcanic flow against a basaltic basal unit.Page|8 In Geoscience Australias 2016 report8 on

51、the Potential for intrusion-hosted Ni-Cu-PGE sulfide deposits1 they highlighted the potential as moderate to high for either or both tholeiitic intrusion-hosted and komatiite-hosted Ni-Cu-PGE sulfide deposits within the Yerilgee Greenstone Belt and hence the Lake Giles Ni Project.During 2022/23 Maca

52、rthur completed a detailed review of the historic data and drill holes across this region and identified the following feature that would suggest a large nickel system in this region.Historical drilling assay data has identified 319 drill holes,within MIO tenure,with highly anomalous nickel 0.1%or g

53、reater,including 150 drill holes recording 0.2%and greater indicating that there is significant potential for nickel mineralisation.Previous drilling principally targeted iron ore with approximately 50%of the drilling not yet analysed for nickel and associated elements.(Figure 2).Significant Ni inte

54、rcepts from historical drilling and trench sampling highlight the potential for economic Ni mineralisation at Lake Giles,including:LGRC_0010(288m):128m 0.17%Ni(from 108m)including 1m 0.29%Ni;LGRC_0015(168m):106m 0.15%Ni(from 62m)finished in anomalous Ni;LGRC_0018(370m):103m 0.16%Ni(from 77m)and 23m

55、0.17%Ni(from 235m);LGDD_054(363m):23.5m 0.85%Ni(from 4.5m)including 11.5m 1.03%Ni(from 10.5m);and With Gossanous outcrop with grab samples assaying 2.61%Co and 2.01%Ni.Seven advanced targets have been identified that are considered highly prospective for nickel mineralisation and these remain comple

56、tely untested.9 8 Dulfer,H.,Skirrow,R.G.,Champion,D.C.,Highet,L.M.,Czarnota,K.,Coghlan,R.&Milligan,P.R.2016.Potential for intrusion-hosted Ni-Cu-PGE sulfide deposits in Australia:A continental-scale analysis of mineral system prospectivity.Record 2016/01.Geoscience Australia,Canberra.http:/dx.doi.or

57、g/10.11636/Record.2016.001 9 Refer to the Companys news release dated 9 May 2023,titled“Nickel Prospect Update:Early Indications of Significant Mineralisation”.Page|9 Figure 3:Nickel target areas within MIO Tenure and historical drilling over airborne magnetics(TMI with NE AGC Shade).Moving Forward

58、the Company intends to assay the 41 diamond drill holes completed by Macarthur in 2019 Page|10 across the Moonshine and Moonshine North targets have intersected numerous altered komatiites.In addition,Macarthur now plans to carry out specific nickel targeted exploration including assaying the geotec

59、hnical diamond drill core and selected anomalous RC chips for a broad analytical suite of elements,Downhole Electromagnetic surveying(DHEM)on targeted open holes,as well as further ground-based electromagnetic surveying upon recommendation from Newexco.NEVADA BRINE LITHIUM PROJECT Reynolds Springs L

60、ithium Brine Project The Reynolds Springs lithium brine project consists of 210 unpatented placer mining claims covering an area of 7 square miles(18 km2)located in Railroad Valley,near the town of Currant,in Nye County,Nevada(“Reynolds Springs Project”).The Reynolds Springs Project is located appro

61、ximately 180 miles(300 km)north of Las Vegas,Nevada,and 330 miles(531 km)southeast of Teslas new Gigafactory.A total of 206 soil samples were collected across the full extent of the Reynolds Springs Project.Lithium values in the soil samples ranged from a low of 39.3 ppm to a high of 405 ppm Li.Samp

62、les were consistently high averaging 168.3 ppm Li with 85%of samples recording over 100 ppm Li and 19%greater than 200 ppm Li.These results are considered high in comparison to the majority of non-lithium producing play as and amongst the highest we have seen outside of the Clayton Valley.In 2018 th

63、e Company completed an assessment of downhole geophysical logs for 12 15 abandoned oil and gas wells that are found both within(5 wells)and in the near vicinity of the project.Several zones of high conductivity were identified that are interpreted as being indicative of brine aquifers.The Company is

64、 looking for a partner to advance exploration of this project.Page|11 Reissued-Directors ReportYour directors present their report together with the financial statements of the consolidated entity(referred to hereafter as the Group)consisting of Macarthur Minerals Limited ACN 103 011 436 and the ent

65、ities it controlled at the end of,or during,the year ended 31 March 2024.All dollar amounts are presented in the Australian currency unless stated otherwise.Directors The following persons were Directors of the Company during the whole of the financial year and up to the date of this report,unless s

66、tated otherwise:Name,Independence Status and Special Responsibilities Experience,expertise and qualifications Mr Cameron McCall Executive Chairman and CEO Mr McCall has a wealth of experience across the financial services and commercial property industries within Australia and internationally.He has

67、 been providing investment,equity capital raising and share trading advice for over 18 years to corporate entities and private clients at Hartleys Limited and Macquarie Bank Limited.Mr McCall has during his 40-year career built an extensive network of international and Australian based high net wort

68、h individuals and corporate entities.Mr McCall is currently running a corporate advisory business providing advice on asset acquisition and capital raising to international and Australian based organisations.Mr McCall is currently an Executive Chairman of Macarthur Minerals Limited(substantial share

69、holder of Infinity Mining)and Non-Executive Director of Infinity Mining Limited and is not considered to be independent.Mr Alan Phillips Non-Executive Director Member of Audit and Risk Committee Mr Phillips was appointed to the board on 19 October 2005.Mr Phillips was President and CEO of the Compan

70、y from 31 August 2009 until his resignation from those positions on 28 April 2015.Mr Phillips continued as Executive Director until his resignation as Executive Director on 1 January 2017.Mr Phillips continues as Non-Executive Director.Mr Phillips has been a senior executive,director and chairman of

71、 ASX,TSX-V,TSX and AIM listed companies over a period of 40 years.Mr Phillips specializes in start-up and turnaround companies across a broad range of industries,but predominantly in the mining and exploration of copper,gold,ethanol and iron ore and technology sectors.Mr Andrew Suckling Independent

72、Director Chairman of Audit and Risk Committee Mr Suckling was appointed to the board on 21 May 2019.Mr.Suckling is Non-Executive Chairman of the Board of Cadence Minerals PLC and has over 25 years experience in the commodity industry.He began his career as a trader on the London Metal Exchange(LME)f

73、or Metallgesellschaft(MG).In that role,he established a trading presence in China for MG setting up a representative office in Shanghai in 1997.He then became a partner and trader with the New York based multi-billion fund manager Ospraie Management,LLC.In addition to his role as Executive Chairman

74、at Cadence he is the founding principal and portfolio manager for Verulam,a discretionary commodity fund.Mr.Suckling is a graduate of Brasenose College,Oxford University earning a BA(Hons)in Modern History in 1993 and an MA in Modern History in 2000.Page|12 Mr Ryan Welker Independent Director Member

75、 of Audit and Risk Committee Mr Welker was appointed to the board on 1 September 2022.Mr Welker is Chairman and Co-founder of Vitrinite,a tightly held,private,premium-hard coking coal producer in Queenslands Bowen Basin.Mr Welker brings a vast range of skills and experience to the board of Macarthur

76、 Minerals.He has worked for and supported mining and exploration companies all over the world in nearly every stage of the development and production cycle.His direct industry experience gives him a blend of capabilities where he understands the needs of mining companies of all sizes,but particularl

77、y publicly listed junior mining companies.His previous and current positions include management,corporate development,and finance.Prior to moving back to Australia in 2019,Mr Welker worked for EAS Advisors in New York,where he advised and raised more than$2bn for dozens of ASX,LSE,TSX and AIM listed

78、 companies.Prior to EAS,he held positions at Rio Tinto,Hancock Prospecting,Standard Bank and served as a Non-Executive Director of Mineral Resources Limited.Directorships of other Listed Companies Directorships of other listed companies held by directors in the last 3 years immediately before the en

79、d of the financial year are as follows:Directors Company Company Cameron McCall Infinity Mining Limited 6 Feb 2018-Current Alan Phillips-Andrew Suckling Cadence Minerals PLC 21 Dec 2015-Current Ryan Welker Tonogold Resources Inc.13 Apr 2022-Current Company Secretary Principal Activities Macarthur Mi

80、nerals is an Australian public company listed in Canada on the TSX-V(symbol:MMS)and Australian Securities Exchange(“ASX”)(symbol:MIO).Macarthur Minerals has three iron ore projects in the Yilgarn region of Western Australia.In addition,Macarthur Minerals has significant lithium brine interests in th

81、e Railroad Valley,Nevada,USA.There was no change in the nature of the Groups principal activities,being mineral resource exploration and evaluation,during the year.Dividends No dividends were paid or recommended for payment during the financial year.Name,Independence Status and Special Responsibilit

82、ies Experience,expertise and qualifications Ms Mima Wirakara Company Secretary Ms Wirakara is a professional with 15 years-experience in administrative,governance and company secretarial support services for several ASX,TSX and POMSox listed resource companies and has been instrumental in managing t

83、he Companys corporate governance and compliance,including Australian and Canadian regulatory and exchange requirements.Ms Wirakara is currently the Company Secretary at Infinity Mining Limited(ASX:IMI).Page|13 Operating and Financial Review OPERATING RESULTS Year ended 31 March 2024$Year ended 31 Ma

84、rch 2023$Operating Expenses(6,018,798)(5,787,352)Net Profit/(Loss)for continued and discontinued operations(5,761,663)(4,884,815)The Groups consolidated comprehensive loss for the year ended 31 March 2024 amounted to$5,761,663 after income tax.As an exploration and evaluation company,the Company exp

85、ects to continue to report losses until such time as profit is earned from potential production activities.FINANCIAL POSITION Australian$As at 31 March 2024 As at 31 March 2023 Cash and cash equivalents 180,637 1,944,332 Exploration and Evaluation assets 75,292,100 74,230,421 Property,Plant and Equi

86、pment 49,112 51,104 Total Assets 77,690,378 80,687,512 Accounts payable and accrued liabilities 786,037 331,269 Total Liabilities 1,740,823 611,168 Net Assets 75,949,555 80,076,344 Net Working Capital(1,299,253)1,698,925 At 31 March 2024,the Group had net assets of$75,949,555 compared to$80,076,344

87、at 31 March 2023.The decrease is due largely to a lower cash balance and higher liabilities than the prior year.The Groups cash and cash equivalents balance was$180,637 at 31 March 2024 which was a decrease of$1,763,695 from 31 March 2023.During the year ended 31 March 2024,the Group raised new equi

88、ty of$353,673.At the date of this report the Directors are finalising a capital raising through a private placement of$3million.This,following the strategic relationship announced with Gold Valley Yilgarn outlined below,means the groups plans to manage operations and expenditures over the next twelv

89、e months will be well and truly secured.In particular,the rapid advancement of the haematite project with Gold Valley Yilgarn,will allow the group to expand the investment interest in the Magnetite project in particular,as well as the lithium and gold projects.Business Development and Marketing Karl

90、sson Group Ltd was appointed for a period of six months to provide certain business development and marketing services on an incentivised basis through the issuance of 800,000 shares with each share having a deemed value equal to the market price as of 16 June 2023.The shares were payable over four

91、instalments subject to agreed performance criteria with the first instalment of 200,000 shares issued on 19 June 2023.Share Based Compensation On 24 January 2024.2,800,000 RSUs were issued pursuant to the Companys Share Compensation Plan(“Plan”).145,000 RSUs and 300,000 stock options were forfeited

92、and 2,450,000 RSUs expired during the year.Page|14 Renounceable Rights Issue On 28 February 2024,the Company announced a pro-rata renounceable rights issue of one(1)New Share for every five(5)Ordinary Shares held at the Record Date Thursday,7 March 2024 at an issue price of A$0.10 per New Share to a

93、ll eligible shareholders with a registered address in Australia and New Zealand.Additionally,for every two(2)New Shares issued,shareholders receive one(1)free attaching New Option.Each New Option is exercisable at A$0.25 per Ordinary Share and expires 18 months from the date of issue.This initiative

94、 was aimed to raise approximately A$3.3 million.The Rights Issue was managed by Lead Manager Mahe Capital Pty Ltd(ACN 634 087 684)(AFSL 517246)(Mahe Capital).On 22 March 2024,the Rights Issue closed,raising$580,760(before costs).Under the offer,on 28 March 2024,the Company issued 5,807,600 new fully

95、 paid ordinary shares(Shares)and 2,903,788 New Options(subject to rounding)exercisable at A$0.25 and expiring on 27 September 2025(Options).The Options were listed on the ASX with the code“MIOO”.Additionally,Mahe Capital Pty Ltd received 580,000 Options under the same terms pursuant to the Lead Mana

96、ger Mandate.The Directors in conjunction with the Lead Manager reserve the right to place the shortfall at their discretion within 3 months of the closing date,as described in the rights offer prospectus.Likely future developments and expected results The Groups key business risk associated with its

97、 future plans are favourably impacted by the event subsequent to balance date outlined below involving the strategic partnership with Gold Valley Yligarn Pty Ltd.Environmental Regulations The Group is subject to significant environmental regulation in respect to its exploration activities.The Group

98、aims to ensure the appropriate standard of environmental care is achieved,and in doing so,that it is aware of its compliance with environmental legislation.The directors of the Group are not aware of any breach of environmental legislation for the year under review.Significant Changes in State of Af

99、fairs Other than those matters discussed regarding the issue of shares and stock options,there have been no other significant changes to the Companys state of affairs to have occurred during the year.Events after the reporting period Cessation of Securities Since 31 March 2024 and up to the date of

100、this report,500,000 stock options,4,350,000 RSUs and 17,000,000 options expired.Binding Term Sheet with Gold Valley Yilgarn Pty Ltd On 13 June 2024,the Company has executed a binding Term Sheet with Gold Valley Yilgarn Pty Ltd(GVY).This Agreement grants GVY the right to extract hematite ore from Mac

101、arthurs Lake Giles Ularring Hematite Project and Treppo Grande Iron Project in Western Australia.The agreement excludes the Lake Giles Moonshine Magnetite Project.Deed of Variation and Specific Security Deed Shares On 14 June 2024,Macarthur Minerals Limited(the Borrower)executed a Deed of Variation

102、to amend an existing Unsecured Loan Agreement with Alexander John Peden and Mary Louisa Peden(the Lender),modifying previously agreed terms.Additionally,Macarthur Minerals Limited and Macarthur Australia Limited(jointly and severally the Grantor)entered into a Specific Security Deed Shares with Alex

103、ander John Peden and Mary Louisa Peden(the Secured Party).This deed secures financial accommodations provided by the Secured Party against a specific security agreement,referred to as Security in the agreement.The Security encompasses 23,419,337 shares held by the Grantor and Secured Party in Infini

104、ty Mining Limited.Page|15 Reissued Remuneration Report-AuditedThis Remuneration Report outlines the remuneration arrangements in place for Key Management Personnel in accordance with the requirements of the Corporations Act 2001(Cth)and its Regulations.For the purposes of this report Key Management

105、Personnel of the Group are defined as those persons having authority and responsibility for planning,directing and controlling the major activities of the Group,directly or indirectly,including any directors of the Company.Role of Remuneration and Nomination Committee The Remuneration and Nomination

106、 Committee is responsible for(or in its absence the Board)overseeing performance evaluations of senior executives on an annual basis.As at 31 March 2024,the Remuneration and Nomination Committee was comprised of Andrew Suckling(Chairman),Alan Spence Phillips and Ryan Welker,the majority of whom are

107、Independent Directors and have direct experience that is relevant to their responsibilities in executive compensation.Share-based compensation Restricted Share Units The terms and conditions of each grant of RSUs over ordinary shares affecting remuneration of directors and other key management perso

108、nnel in this financial year or future reporting years are as follows:Number ofRSUsGrant Vesting terms Expiry Name granted date date Ryan Welker 600,000 24 Jan 2024 Upon closing share price of the Companys shares on the ASX being greater than A$0.20 for 20 consecutive trading day 24 Jan 2027 Cameron

109、McCall 700,000 24 Jan 2024 Upon closing share price of the Companys shares on the ASX being greater than A$0.20 for 20 consecutive trading day24 Jan 2027 Alan Phillips 600,000 24 Jan 2024 Upon closing share price of the Companys shares on the ASX being greater than A$0.20 for 20 consecutive trading

110、day24 Jan 2027 Andrew Suckling 600,000 24 Jan 2024 Upon closing share price of the Companys shares on the ASX being greater than A$0.20 for 20 consecutive trading day24 Jan 2027 Page|16 RSUs granted carry no dividend or voting rights.Values of RSUs over ordinary shares granted,vested and lapsed for

111、directors and other key management personnel as part of compensation during the year ended 31 March 2024 are set out below:Value ofValue ofValue of Remuneration RSUsRSUsRSUs consisting of grantedvestedlapsed RSUs during theduring theduring the for the yearyearyear year Name$%Ryan Welker 75,051-44%Ca

112、meron McCall 87,560-23%Alan Phillips 75,051-44%Andrew Suckling 75,051-40%Additional information The earnings of the consolidated entity for the five years to 31 March 2024 are summarised below:2024202320222021 2020$Other revenue 257,135 902,537 9,196,967(3,693,845)1,781,421 EBITDA(5,627,374)(4,793,4

113、76)4,488,875(10,345,174)(4,086,103)EBIT(5,697,888)(4,865,821)4,457,452(10,430,489)(4,177,115)Profit/(loss)after income tax(5,761,663)(4,884,815)4,451,648(10,085,132)(4,310,448)The factors that are considered to affect total shareholders return(TSR)are summarised below:2024202320222021 2020Share pric

114、e at financial year end($CAD)0.09 0.15 0.47 0.51 0.08 Total dividends declared (dollars per share)-Basic earnings per share (dollars per share)(0.03)(0.03)0.03(0.09)(0.05)Principles used to determine the nature and amount of remuneration Remuneration Policy The Remuneration Policy of the Group is in

115、 place to ensure that:Directors and senior executives remuneration is aligned to the long-term interests of shareholderswithin an appropriate control framework;There is a clear relationship between the executives performance and remuneration;andThe Policy is appropriate and effective in its ability

116、to attract and retain the best key managementpersonnel to run and manage the Group.The Charter of the Committee is available on the Companys website .Page|17 Remuneration Structure In accordance with best practice corporate governance,the structure of Director and Management remuneration is separate

117、.Performance Based Remuneration At present,remuneration is linked to general market levels with short-term performance components.Remuneration policy and practices are reassessed when required in order to align director and executive objectives with shareholder and business objectives by providing a

118、 fixed remuneration component and offering specific long-term incentives based on key performance areas affecting the Groups financial results.Relationship between remuneration policy and group performance The remuneration policy has been tailored to maximise goal congruence between shareholders,dir

119、ectors and executives.Fees for all directors and executives is not linked to Company performance.In order to align directors and shareholders interest,the directors are encouraged to hold shares in the Company.Employment detail of members of Key Management Personnel(KMP)The following table provides

120、employment details of persons who were,during the financial year,members of KMP of the Consolidated Group.The table also illustrates the proportion of remuneration that was performance and non-performance based.Name Position held Contract details Non-salary cash-based incentives Shares Fixed salary/

121、fees Executive Directors%C McCall Executive Chairman and CEO No fixed duration,12 months notice 23%-77%Non-executive Directors A Phillips Non-executive Director 3 years,12 months notice 44%-56%A Suckling Non-executive Director No fixed duration,3 months notice 40%-60%R Welker*Non-executive Director

122、No fixed duration,3 months notice 44%-56%Consultancy agreement provisions The following executives have consultancy agreements in place which include contractual requirements to negotiate payments up to the value of 12 months in the event of a termination:Executive Directors C McCall Executive Chair

123、man and CEO No fixed duration,12 months notice Non-executive Directors A Phillips Non-executive Director 3 years,12 months notice A Suckling Non-executive Director No fixed duration,3 months notice R Welker Non-executive Director No fixed duration,3 months notice Page|18 Remuneration ReportDetails o

124、f the remuneration of each key management personnel of the Company are set out in the following tables.2024 Short Term Employee Benefits Post-Employment Benefits Share Based Payments Cash Salary&Fees Accrued Salaries Cash Bonus Non-monetary benefits Super-annuation Retirement Benefits Options/RSUs B

125、onus Share Issue Total Executive Directors:$C McCall 300,000-87,560-387,560 Non-Executive Directors:A Phillips 95,000-75,051-170,051 A Suckling 114,072-75,051-189,123 R Welker 95,000-75,051-170,051 Total 604,072-312,713-916,785 Remuneration accrued and payable to key management personnel as at 31 Ma

126、rch 2024 was$54,084.Total remuneration of each key management personnel of the Company for the year ended 31 March 2023 is set out below.2023 Short Term Employee Benefits Post-Employment Benefits Share Based Payments Cash Salary&Fees Accrued Salaries Cash Bonus Non-monetary benefits Super-annuation

127、Retirement Benefits Options/RSUs Bonus Share Issue Total Executive Directors:$C McCall 279,439-103,324 357,500 740,263 J Phillips*125,000-357,500 482,500 Non-Executive Directors:A Phillips 93,280-103,324 357,500 554,104 A Suckling 109,858-103,324 357,500 570,682 R Welker 55,417-128,859-184,276 Chief

128、 Executive Officer:A Bruton*455,000-455,000 Total 1,117,994-438,831 1,430,000 2,986,825*Retired 31 August 2022 Appointed 1 September 2022*Retired 13 May 2022 Remuneration accrued and payable to key management personnel as at 31 March 2023 was$3,666.a)Ordinary SharesThe number of shares in the Compan

129、y held during the financial year by each key management personnel or close members of their family,or an entity over which any of these persons control,jointly control or have significant influence over,for the purposes of relevant Australian accounting standards and IFRS,are set out below.Balance a

130、t Beginning of the Year Granted as Remuneration Issued on Exercise of Options and RSUs Other Changes During the Year Balance at End of the Year C McCall 3,451,821-200,000 3,651,821 A Phillips 3,318,068-96,200 3,414,268 A Suckling 2,050,000-2,050,000 R Welker-8,819,889-296,200 9,116,089 Page|19 b)Opt

131、ionsThe number of options in the Company held during the financial year by each key management personnel or close members of their family,or an entity over which any of these persons control,jointly control or have significant influence over,for the purposes of relevant Australian accounting standar

132、ds and IFRS,are set out below.Balance at Beginning of the Year Granted as remuneration Number Exercised,Expired,Forfeited or Transferred Other Changes During the Year Balance at End of the Year C McCall 1,800,000-100,000i 1,900,000 A Phillips 1,800,000-48,100i1,848,100 A Suckling 1,800,000-1,800,000

133、 R Welker 2,300,000-2,300,000 7,700,000-148,100 7,848,100(1)Acquired in connection with the Rights Offeringc)Restricted Share UnitsThe number of RSUs in the Company held during the financial year by each key management personnel or close members of their family,or an entity over which any of these p

134、ersons control,jointly control or have significant influence over,for the purposes of relevant Australian accounting standards and IFRS,are set out below.Grant Details Balance at Beginning of the Year Issue Date Number Granted Value$Note 1 Number Vested and Exercised Number Expired or Forfeited or T

135、ransferred Other Changes During the Year Balance at End of the Year C McCall 1,700,000-700,00087,560-700,000-1,700,000A Phillips 1,050,000-600,00075,051-200,000-1,450,000A Suckling 1,100,000-600,00075,051-200,000-1,500,000R Welker-600,00075,051-600,0003,850,000 2,500,000 312,713-1,100,000-5,250,000N

136、ote 1-The fair value of the Restricted Share Units granted was determined using a Binomial valuation pricing model.Warrants There were no warrants in the Company held during the financial year by any of the key management personnel or close members of their family,or an entity over which any of thos

137、e persons control,jointly control or have significant influence over,for the purposes of relevant Australian Accounting Standards.Equity instruments held by KMP Particulars of directors interests in shares,options and warrants of the Company,since year end and up to the date of this report:Director

138、Ordinary Shares Options RSUs Warrants C McCall 3,651,821 1,900,000 1,700,000-A Phillips 3,414,268 1,848,100 1,450,000-A Suckling 2,050,000 1,800,000 1,500,000-R Welker-2,300,000600,000-9,116,089 7,848,100 5,250,000-Page|20 Loans from key management personnelDuring the year,the Group entered into sho

139、rt term unsecured loan arrangements with two Directors at ratescomparable to the average commercial rate of interest.The following table outlines amounts in respect of the loans made by key management personnel to the Group.Key Management personnel$Balance at 01/04/2023$Amount borrowedduring the per

140、iod$Interest charged$Amount repaid$Balances at 31/03/2024$Alan Phillips-50,000 852(9,620)41,232 Cameron McCall-50,000 763(20,000)30,763 Interest is charged at or above arms length.End of Remuneration Report.Directors Meetings The number of meetings of the Companys board of directors held during the

141、year ended 31 March 2024,and the number of meetings attended by each director were:Number of Board Meetings Attended Number Eligible C McCall 2 2 A Phillips 2 2 A Suckling 2 2 R Welker 2 2 The number of meetings of the Companys Audit and Risk Committee held during the year ended 31 March 2024,and th

142、e number of meetings attended by each member were:Number of Audit and Risk Committee Meetings Attended Number Eligible A Phillips 2 2 A Suckling,Chairman of Audit and Risk Committee 2 2 R Welker 2 2 Shares under Option Unissued ordinary shares of the Company under option as at the date of this repor

143、t are as follows:Date Options Granted Expiry Date Issue Price of Shares Number under options 26 Oct 2022 26 Oct 2024 AUD$0.45 500,000 26 Oct 2022 26 Oct 2025 AUD$0.40 500,000 20 Mar 2023 20 Mar 2026 AUD$0.20 7,200,000 28 Mar 2024 27 Sep 2025 AUD$0.25 3,483,788 11,683,788 Reissue of the Remuneration

144、ReportThe Remuneration Report was approved on 28 June 2024 and reissued on 30 June 2024 to reflect the correction of the above Loans with Key Management Personnel.The loans are from the Directors to the Group,rather than from the Group to the Directors as previously disclosed.There were no other cha

145、nges to either the Directors Report or the Remuneration Report.Page|21 No option holder has any right except for options issued under the Plans to participate in any other share issue of the Company or of any entity of the Group,or any other entity.During the year ended 31 March 2024,300,000 stock o

146、ptions forfeited and 3,483,788 options were issued under a pro-rata renounceable rights issue.Shares under Restricted Share Units Unissued ordinary shares of the Company under Restricted Share Units as at the date of this report are as follows:Date RSU Granted Expiry Date Vesting Term Number of RSUs

147、 11 June 2021 11 Jun 2024 upon the closing share price of the Companys shares on the TSX-V being greater than CAD$0.90 for 20 consecutive trading days 4,350,000 24 Jan 2024 24 Jan 2027 upon the closing share price of the Companys shares on the ASX being greater than A$0.20 for 20 consecutive trading

148、 days 2,800,000 7,150,000 No RSU holder has any right except under the Plans to participate in any other share issue of the Company or of any entity of the Group,or any other entity.During the year ended 31 March 2024,145,000 RSUs forfeited,2,450,000 RSUs expired and 2,800,000 RSUs were issued.Share

149、s under Warrants Unissued ordinary shares of the Company held under warrants as at the date of this report are Nil.Insurance and Indemnification of Officers Insurance Premiums During the financial year,the Company paid premiums of$179,162 to insure the directors,officers and employees(“D&O Insurance

150、”)of the Company and its Australian based controlled entities.The liabilities insured are legal costs that may be incurred in defending civil or criminal proceedings that may be brought against persons in their capacity as directors,officers and employees of entities in the Group,and any other payme

151、nts arising from liabilities incurred by the officers in connection with such proceedings.It is not possible to apportion the premium between amounts relating to the insurance against legal costs and those relating to other liabilities.Indemnity of officers The Company has provided an indemnity for

152、each director to the maximum extent permitted by law,against any liability for legal costs incurred in respect of a liability incurred by them,by virtue of their holding office as and acting in the capacity of,an officer of the Company,except where the liability arises out of conduct involving lack

153、of good faith.Pursuant to an indemnity within the constitution and Deeds of Indemnity entered into with the directors and officers of the Company,the Company is indemnifying the respondent directors and officers for the reasonable legal costs of defending an action against them(subject to certain re

154、strictions,including restrictions contained in the Corporations Act 2001(Cth).Indemnity and insurance of auditor The company has not,during or since the end of the financial year,indemnified or agreed to indemnify the auditor of the company or any related entity against a liability incurred by the a

155、uditor.During the financial year,the company has not paid a premium in respect of a contract to insure the auditor of the company or any related entity.Page|22 Proceedings on behalf of the Company No person has applied to the Court under Section 237 of the Corporations Act 2001(Cth)for leave to brin

156、g proceedings on behalf of the Company,or to intervene in any proceedings to which the Company is a party,for the purpose of taking responsibility on behalf of the Company for all or part of the proceedings.No proceedings have been brought or intervened in on behalf of the Company with leave of the

157、Court under section 237 of the Corporations Act 2001(Cth).Non-audit Services The Directors,in accordance with advice from the audit committee,is satisfied that the provision of non-audit services during the year is comparable with the general standard of independence for auditors imposed by the Corp

158、orations Act 2001.The Directors are satisfied that the services disclosed in Note 29 to the financial statements did not compromise the auditors independence.Officers of the company who are former partners of RSM Australia Partners.There are no officers of the company who are former partners of RSM

159、Australia Partners.Auditor Independence Declaration A copy of RSMs independence declaration is required under section 307C of the Corporations Act 2001(Cth)and is set out on page 65.Auditor RSM Australia Partners continues in office in accordance with section 327 of the Corporations Act 2001.This re

160、port is made in accordance with a resolution of directors,pursuant to section 298(2)(a)of the Corporations Act 2001.Signed in accordance with a resolution of directors.Cameron McCall Executive Chairman 30 June 2024 Page|23 Reissued-Financial reportConsolidated Financial Statements 31 March 2024 Cont

161、ents Page Consolidated Statements of profit and loss and other comprehensive income 24 Consolidated Statements of financial position 25 Consolidated Statements of changes in equity 26 Consolidated Statements of cash flows 27 Notes to the consolidated financial statements 28-58Directors declaration 5

162、9 Independent auditors report 60 Auditors independence declaration 65 Corporate Governance 66 Additional ASX Information 67 The financial statements are presented in the Australian currency,unless stated otherwise.Macarthur Minerals Limited is a listed public company limited by shares.The Companys c

163、orporate office and principal place of business are detailed on page 2.A description of the nature of the Groups operations and its principal activities are included in the directors report,which is not part of the financial statements.The financial statements were authorised for issue by the direct

164、ors on 28 June 2024.The directors have the power to amend and reissue the financial statements.Page|24 MACARTHUR MINERALS LIMITED CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 March 2024(Expressed in Australian Dollars)Basic/Diluted earnings per share

165、 from continuing operations attributable to the owners of Macarthur Minerals Limited (0.0347)(0.0297)Basic/Diluted earnings per share from discontinued operations attributable to the owners of Macarthur Minerals Limited -Basic and diluted weighted average number of ordinary shares outstanding(Note 8

166、)166,063,386 164,637,598 The accompanying notes are an integral part of these consolidated financial statements.Notes 2024 2023$EXPENSES Depreciation and amortisation 6(a)(70,514)(72,345)Exploration expenditure(950)(10,810)Investor relations (277,421)(232,847)Loss from share of associate 28(1,778,43

167、1)(457,556)Impairment of investment in associate(644,315)888,555 Impairment of exploration assets-(336,558)Office and general expenses(294,423)(278,351)Personnel costs(844,771)(1,738,058)Professional fees 6(c)(661,298)(794,511)Share-based compensation 6(b)(1,149,201)(2,303,793)Share Registry,filing

168、and listing fees(195,670)(252,733)Travel and accommodation(38,029)(179,351)Borrowing costs 6(e)(63,775)(18,994)Total Administrative Expenses(6,018,798)(5,787,352)OTHER REVENUE/(EXPENSES)Interest income 15,905 3,644 Other income 6(d)90,754 352,898 Change in Fair Value Derivative 152,286-Net gain/(los

169、s)on foreign exchange(1,810)25,645 Change in fair value of warrant liability-520,350 257,135 902,537 Profit/(Loss)before income tax(5,761,663)(4,884,815)Income tax expense 7-Total Comprehensive profit/(loss)for the year(5,761,663)(4,884,815)Page|25 MACARTHUR MINERALS LIMITED CONSOLIDATED STATEMENT O

170、F FINANCIAL POSITION(Expressed in Australian Dollars)AS AT 31 March 2024 Notes 2024 2023 ASSETS$Current Cash and cash equivalents 9 180,637 1,944,332 Other receivables 10 162,695 166,168 Security deposits and other assets 11 74,794 106,704 Total current assets 418,126 2,217,204 Non-Current Plant and

171、 equipment 12 49,112 51,104 Right of use asset 22 73,148 140,671 Investment in Infinity Mining Ltd 28 1,857,892 4,048,112 Exploration and evaluation assets 13(a)75,292,100 74,230,421 Total non-current assets 77,272,252 78,470,308 Total assets 77,690,378 80,687,512 LIABILITIES Current Trade and other

172、 payables 14 786,037 331,269 Provisions 15 16,350 110,285 Lease liability 22 76,515 76,725 Loans 23 838,477-Total current liabilities 1,717,379 518,279 Non-Current Provisions 15 18,837 20,217 Lease liability 22 4,607 72,672 Total non-current liabilities 23,444 92,889 Total liabilities 1,740,823 611,

173、168 Net assets 75,949,555 80,076,344 SHAREHOLDERS EQUITY Contributed equity 16(a)128,615,069 128,197,540 Reserves 16(b)11,803,753 10,586,408 Accumulated losses(64,469,267)(58,707,604)Total shareholders equity 75,949,555 80,076,344 The accompanying notes are an integral part of these consolidated fin

174、ancial statements.Page|26 MACARTHUR MINERALS LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 March 2024(Expressed in Australian Dollars)Number of Shares Contributed Equity$Accumulated losses$Reserves$Total$Balance at 1 April 2022 146,253,488 121,772,352(53,822,789)7,693,697

175、 75,643,260 Net profit(loss)for the year-(4,884,815)-(4,884,815)Other comprehensive profit for the year-Share-based payment transactions 1-2,892,711 2,892,711 Bonus Shares 4,400,000 1,430,000-1,430,000 Private Placement 15,000,000 5,718,602-5,718,602 Cost of Share Capital-(723,414)-(723,414)Balance

176、at 31 March 2023 165,653,488 128,197,540(58,707,604)10,586,408 80,076,344 Balance at 1 April 2023 165,653,488 128,197,540(58,707,604)10,586,408 80,076,344 Net profit(loss)for the year-(5,761,663)-(5,761,663)Other comprehensive profit for the year-Share-based payment transactions 1-1,217,345 1,217,34

177、5 Shares in exchange for services 2 600,000 132,000-132,000 Rights Offering2 5,807,600 580,760-580,760 Cost of Share Capital2-(295,231)-(295,231)Balance at 31 March 2024 172,061,088 128,615,069(64,469,267)11,803,753 75,949,555 1Refer to Note 16(b)2 Refer to Note 16(a)The accompanying notes are an in

178、tegral part of these consolidated financial statements.Page|27 MACARTHUR MINERALS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 March 2024(Expressed in Australian Dollars)Notes 2024 2023$OPERATING ACTIVITIES Payments to suppliers and employees(1,787,536)(4,163,385)Other revenue

179、90,754 352,898 Interest received 15,905 3,644 Interest Paid(63,775)(18,994)Net cash flows(used in)operating activities 9(1,744,652)(3,825,837)INVESTING ACTIVITIES Net purchases of plant and equipment(1,000)(48,365)Purchase of IML shares(80,240)(232,750)Exploration and evaluation additions 13(1,061,6

180、79)(1,535,225)Net cash flows(used in)investing activities(1,142,919)(1,816,340)FINANCING ACTIVITIES Proceeds from Private Placement/exercised options&warrants 580,760 7,500,000 Share issuance costs(227,087)(485,894)Principal repayment of lease liability(68,274)(53,169)Loan from unrelated parties 838

181、,477(1,000,000)Net cash flows provided by financing activities 1,123,876 5,960,937 Change in cash and cash equivalents during the year(1,763,695)318,760 Cash and cash equivalents,beginning of the year 1,944,332 1,625,572 Cash and cash equivalents,end of year 9 180,637 1,944,332 The accompanying note

182、s are an integral part of these consolidated financial statements.MACARTHUR MINERALS LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 31 March 2024(Expressed in Australian Dollars)Page|28 Note 1:Nature and Continuance of Operations Macarthur Minerals Limited is an Australian public company listed

183、in Canada on the TSX Venture Exchange(“TSX-V”)(symbol:MMS),Australian Securities Exchange(“ASX”)(symbol:MIO)and OTCQB Venture Market(“OTCQB”)(symbol:MMSDF).The Company has three iron ore projects in the Yilgarn region of Western Australia.The Company also has two exploration project areas in the Pil

184、bara,Western Australia targeting iron ore.In addition,Macarthur Minerals has lithium brine interests in Railroad Valley,Nevada,USA.As at 31 March 2024,the Company has the following subsidiaries(collectively referred to as the“Group”):100%of Macarthur Australia Limited,which holds the following 100%s

185、ubsidiaries:100%of Macarthur Iron Ore Pty Ltd(“Macarthur Iron Ore”or“MIO”)which owns the Iron Ore Projects100%of Macarthur Lithium Nevada Limited(incorporated in Nevada)100%of Esperance Iron Ore Export Company Pty Ltd(previously Macarthur Midway Pty Ltd)100%of Macarthur Marble Bar Lithium Pty Ltd(pr

186、eviously Bachelor Project Pty Ltd)(a dormant subsidiary);and100%of Macarthur Minerals NT Pty Ltd(“MMNT”)and MMNTs 100%subsidiary,Macarthur Tulshyan PtyLtd.There was no change in the nature of the Companys principal activities during the year.On 1 January 2022,Infinity Mining Limited(“IML”)exited the

187、 Macarthur Minerals Consolidated Group and following that,IML has been accounted for as an associate of Macarthur Minerals Group.At reporting date,the Group has 20.01%interest in Infinity Mining Limited(IML)representing its holding of 23,764,212 shares.The Company continues to maintain its corporate

188、 head office and principal place of business at Suite 1G,Building 1,Kings Row Office Park,40 McDougall Street,MILTON QLD 4064,Australia.The financial statements were authorized for issue on 28 June 2024 by the directors of the Company.Note 2:Summary of Material Accounting Policies Material financial

189、 accounting policies adopted in the preparation of the financial report are set out below.These policies have been consistently applied to all the years presented,unless otherwise stated.The financial report includes the consolidated entity consisting of Macarthur Minerals Limited and its subsidiari

190、es.Refer to Note 20 for details of subsidiaries.New or amended Accounting Standards and Interpretations adopted The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board(AASB)that are mandatory for the c

191、urrent reporting period.New and amended accounting pronouncements on issue but not yet effective A number of accounting standards and interpretations have been issued and will be applicable in future periods.While these remain subject to ongoing assessment,no significant impacts have been identified

192、 to date.These pronouncements have not been applied in the preparation of these Financial Statements.Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.a)Basis of preparationThe financial report is a general-purpose financial report that

193、 has been prepared in accordance with Australian Accounting Standards,Australian Accounting Interpretations,other authoritative pronouncements of the Australian Accounting Standards Board(“AASB”)and the Corporations Act 2001(Cth).The financial report complies with International Financial Reporting S

194、tandards(“IFRS”)adopted by the International Accounting Standards Board and interpretations of the IFRS Interpretations Committee.The Group is a for-profit entity for financial reporting purposes under Australian Accounting Standards.MACARTHUR MINERALS LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEME

195、NTS 31 March 2024(Expressed in Australian Dollars)Page|29 The separate financial statements of the parent entity have been presented within this financial report as permitted by the Corporations Act 2001(Cth).Except for cash flow information,the financial report has been prepared on an accrual basis

196、 and is based on historical costs,modified,where applicable,by the measurement at fair value of selected non-current assets,financial assets and financial liabilities.b)Going concernThe consolidated financial statements have been prepared on the going concern basis of accounting,which assumes the co

197、ntinuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business.The Group incurred a net loss after tax of$5,761,663 and had cash outflows from operating and investing activities of$2,887,572 for the year ended 31 March 2024.As at

198、 31 March 2024,current liabilities exceeded current assets by$1,299,253.The Directors believe the going concern assumption is valid,reaching such a conclusion after having regard to the factors set out below.Should these factors not eventuate,there is a material uncertainty which may cast significan

199、t doubt as to whether the company will continue as a going concern and therefore whether it will realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial statements.The Directors believe that the Group will continue as a going conc

200、ern and that it is appropriate to adopt the going concern basis in the preparation of the consolidated financial statements after consideration of the following factors:The Directors believe that future funding will be available to meet the Groups objectives of expandingkey strategic assets and cont

201、inuing to pay its debts as and when they fall due,through raising additionalcapital through equity placements to existing or new investors.The Group has a demonstrated historyof success in this regard including having raised$5,718,602(after costs)via a private placement inApril 2022,and a Rights Iss

202、ue in March 2024 for$580,760.The directors are confident in their abilityto continue to raise additional funds on a timely basis,as and when required;The agreement with Gold Valley Yilgarn(GVY)referred to in Note 26,provides for further funding of$250,000 on the 30 September 2024 and 31 December 202

203、4 respectively,prior to the flow of royaltypayments upon ore extraction;The Groups ability to generate cash inflows from a shared service arrangement with Infinity MiningLimited;The Groups cash holdings at 31 March 2024 is$180,637.The Groups commitment to exploration andmaintenance cost expenditure

204、in relation to the hematite project has been eliminated following theagreement with GVY.Exploration expenditure in relation to other projects can be reduced as required,subject to minimum spend requirements;The Group has capacity,if necessary,to reduce its operating cost structure in order to minimi

205、se itsworking capital requirements;Subject to the successful capital raising on foot and/or monetization of non-core assets,the cashflowforecast for the period to July 2025 indicates sufficient cash available for planned activitiesShould the Group be unable to continue as a going concern,it may be r

206、equired to realise its assets and extinguish its liabilities other than in the ordinary course of business,and at amounts that differ from those stated in the financial statements.This financial report does not include any adjustments relating to recoverability and classification of recorded asset a

207、mounts or the amounts or classification of liabilities and appropriate disclosures that may be necessary should the Group be unable to continue as a going concern.c)Principles of consolidationSubsidiaries The financial report incorporates the assets,liabilities and results of all subsidiaries contro

208、lled by the Company.MACARTHUR MINERALS LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 31 March 2024(Expressed in Australian Dollars)Page|30 The Company controls an entity when it is exposed to,or has rights to,variable returns from its involvement with the entity and has the ability to affect th

209、ose returns through its power over the entity.Subsidiaries are fully consolidated from the date on which control is transferred to the Company.They are de-consolidated from the date that control ceases.Intercompany transactions,balances and unrealised gains on transactions between companies are elim

210、inated in full on consolidation.Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company.Investments in subsidiaries are accounted for at cost in the individual financial statements of the parent,refer to Note 27.d)Mineral e

211、xploration and evaluation assets The Company is currently in the exploration and development stage of its exploration projects and applies the following policies.Exploration and evaluation properties Exploration and evaluation expenditure are accumulated separately for each area of interest and capi

212、talised to exploration and evaluation assets.Such expenditures comprise net direct costs but do not include general overheads or administrative expenditure not having a specific nexus with a particular area of interest.Expenditure in respect of any area of interest or mineral resource is carried for

213、ward provided that:the Companys rights of tenure to that area of interest are current;such costs are expected to be recouped through successful development and exploitation of the area of interest or,alternatively by its sale;or exploration and/or evaluation activities in the areas of interest have

214、not yet reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves,and active and significant operations in,or in relation to,the areas are continuing.All other exploration and evaluation expenditure are expensed as incurred.Exploration a

215、nd evaluation expenditure previously capitalised but which no longer satisfies the above policy is impaired and expensed to profit and loss.Exploration and evaluation assets are initially measured at cost and include acquisition of rights to explore,studies,exploratory drilling,trenching and samplin

216、g and associated activities and an allocation of depreciation and amortisation of assets used in exploration and evaluation activities.General and administrative costs are only included in the measurement of exploration and evaluation costs where they are related directly to operational activities i

217、n a particular area of interest.Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that the carrying amount of an exploration and evaluation asset may exceed its recoverable amount.The recoverable amount of the exploration and evaluation asset(or the c

218、ash-generating unit(s)to which it has been allocated,being no larger than the relevant area of interest)is estimated to determine the extent of the impairment loss(if any).e)Plant and equipment Plant and equipment are stated at historical cost less accumulated depreciation and any accumulated impair

219、ment losses.Historical cost includes expenditure that is directly attributable to the acquisition of the items.Subsequent costs are included in the assets carrying amount or recognised as separate assets,as appropriate,only when it is probable that future economic benefits associated with the item w

220、ill flow to the Company and the cost of the item can be measured reliably.All other repairs and maintenance are charged to the Consolidated Statements of Profit and Loss and Other Comprehensive Income/(Loss)during the financial period in which they are incurred.Depreciation on assets is calculated a

221、s follows:Plant&Equipment 5%to 33.33%Straight-line Method Office Equipment 10%to 33.33%Straight-line Method Motor Vehicles 20%to 25%Straight-line Method The assets residual values and useful lives and depreciation methods are reviewed,and adjusted if appropriate,at each reporting period.An assets ca

222、rrying amount is written down immediately to its recoverable amount if MACARTHUR MINERALS LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 31 March 2024(Expressed in Australian Dollars)Page|31 the assets carrying amount is greater than its estimated recoverable amount.Impairment losses are recogni

223、sed in profit or loss.Depreciation is calculated to write-off the assets cost over its estimated useful life,commencing from when the asset is first ready for use.Gains and losses on disposals are determined by comparing proceeds with the carrying amount.These are included in profit and loss.f)Impai

224、rment of non-financial assetsAt the end of each reporting period,the Group assesses whether there is any indication that an asset may be impaired.The assessment will include the consideration of external and internal sources of information.If such an indication exists,an impairment test is carried o

225、ut on the asset by comparing the recoverable amount of the asset,being the higher of the assets fair value less costs of disposal and value in use,to the assets carrying amount.Any excess of the assets carrying amount over its recoverable amount is recognised immediately in profit or loss,unless the

226、 asset is carried at a revalued amount in accordance with another Standard.Where it is not possible to estimate the recoverable amount of an individual asset,the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.g)Cash and cash equivalentsCash and cash equ

227、ivalents include cash on hand,deposits held at call with financial institutions,other short-term,highly liquid investments with original maturities of six months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value.h)Trade an

228、d other receivablesOther receivables are recognised at amortised cost,less any allowance for expected credit losses.i)Foreign currency translation(i)Functional and presentation currencyItems included in the financial statements of each of the Companys entities are measured using the currency of the

229、primary economic environment in which the entity operates(the“functional currency”).The consolidated financial statements are presented in Australian dollars,which is the Companys and its subsidiaries functional and presentation currency.(ii)Transactions and balancesForeign currency transactions are

230、 translated into the functional currency using the exchange rates prevailing at the dates of the transactions.Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in for

231、eign currencies are recognised in the profit and loss,except when they are deferred in equity as qualifying cash flow or net investment hedges.j)Foreign operationsThe assets and liabilities of foreign operations are translated into Australian dollars using the exchange rates at the reporting date.Th

232、e revenues and expenses of foreign operations are translated into Australian dollars using the average exchange rates,which approximate the rates at the dates of the transactions,for the period.All resulting foreign exchange differences are recognised in other comprehensive income through the foreig

233、n currency reserve in equity.The foreign currency reserve is recognised in profit or loss when the foreign operation or net investment is disposed of.k)Investment in associatesAn associate is an entity over which the Group has significant influence.Significant influence is the power to participate i

234、n the financial and operating policy decisions of the investee but is not control or joint control over MACARTHUR MINERALS LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 31 March 2024(Expressed in Australian Dollars)Page|32 those policies.The considerations made in determining significant influe

235、nce is similar to those necessary to determine control over subsidiaries.The Groups investment in its associate is accounted for using the equity method.Under the equity method,the investment in an associate is initially recognised at cost.The carrying amount of the investment is adjusted to recogni

236、se changes in the Groups share of net assets of the associate or joint venture since the acquisition date.Goodwill relating to the associate is included in the carrying amount of the investment and is not tested for impairment separately.The statement of profit or loss reflects the Groups share of t

237、he results of operations of the associate.Any change in OCI of those investees is presented as part of the Groups OCI.In addition,when there has been a change recognised directly in the equity of the associate,the Group recognises its share of any changes,when applicable,in the statement of changes

238、in equity.Unrealised gains and losses resulting from transactions between the Group and the associate is eliminated to the extent of the interest in the associate.The aggregate of the Groups share of profit or loss of an associate is shown on the face of the statement of profit or loss outside opera

239、ting profit and represents profit or loss after tax and non-controlling interests in the subsidiaries of the associate.The financial statements of the associate are prepared for the same reporting period as the Group.When necessary,adjustments are made to bring the accounting policies in line with t

240、hose of the Group.After application of the equity method,the Group determines whether it is necessary to recognise an impairment loss on its investment in its associate.At each reporting date,the Group determines whether there is objective evidence that the investment in the associate is impaired.If

241、 there is such evidence,the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value,and then recognises the loss within Share of profit of an associate in the statement of profit or loss.Upon loss of significant influence ove

242、r the associate,the Group measures and recognises any retained investment at its fair value.Any difference between the carrying amount of the associate upon loss of significant influence and the fair value of the retained investment and proceeds from disposal is recognised in profit or loss.The Grou

243、ps interest in Infinity Mining Limited(IML)as at 31 March 2024 was 20.52%(2023:21.14%)representing its holding of 24,365,802 shares at 31 March 2024.The Groups interest in Infinity Mining Limited is accounted for using the equity accounting method in the consolidated financial statements.l)Segment R

244、eporting The chief operating decision-maker has been identified as the Chief Executive Officer(CEO)of the Company.The Group has identified one reportable segment(the exploration of mineral resources).All such operations and substantially all the capital assets of the Group are situated in Australia

245、as at the reporting date.m)Leases-The Group as lessee At inception of a contract,the Group assesses if the contract contains or is a lease.If there is a lease present,a right-of-use asset and a corresponding lease liability are recognised by the Group where the Group is a lessee.However,all contract

246、s that are classified as short-term leases(i.e.leases with a remaining term of 12 months or less)and leases of low value assets are recognised as operating expenses on a straight-line basis over the term of the lease.Initially the lease liability is measured at the present value of the lease payment

247、s still to be paid at the commencement date.The lease payments are discounted at the interest rate implicit in the lease.Lease payments included in the measurement of the lease liability is as follows:-fixed lease payments less any lease incentives;-variable lease payments that depend on an index or

248、 rate,initially measured using the index or rate at the commencement date;-the amount expected to be payable by the lessee under residual value guarantees;-the exercise price of purchase options,if the lessee is reasonably certain to exercise the MACARTHUR MINERALS LIMITED NOTES TO CONSOLIDATED FINA

249、NCIAL STATEMENTS 31 March 2024(Expressed in Australian Dollars)Page|33 options;and-payments of penalties for terminating the lease,if the lease term reflects the exercise of an option to terminate the lease.The right-of-use assets comprise the initial measurement of the corresponding lease liability

250、,any lease payments made at or before the commencement day and any initial direct costs.The subsequent measurement of the right-of-use assets is at cost less accumulated depreciation and impairment losses.Right-of-use assets are depreciated over the lease term or useful life of the underlying asset,

251、whichever is the shortest.Where a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group anticipates exercising a purchase option,the specific asset is depreciated over the useful life of the underlying asset.n)Farm-outs in the exploration and

252、 evaluation phase The Group does not record any expenditure made by the farmee on its account.It also does not recognise any gain or loss on its exploration and evaluation farm-out arrangements but redesignates any costs previously capitalised in relation to the whole interest as relating to the par

253、tial interest retained.Any cash consideration received directly from the farmee is credited against costs previously capitalised in relation to the whole interest with any excess accounted for as a gain on disposal.o)Trades and other payables These amounts represent liabilities for goods and service

254、s provided to the consolidated entity prior to the end of the financial year and which are unpaid.Due to their short-term nature,they are measured at amortised cost and are not discounted.The amounts are unsecured and are usually paid within 30 days of recognition.p)Provisions Provisions are recogni

255、sed when the Company has a present legal or constructive obligation as a result of past events,it is probable that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated.Provisions are measured at the present value of managements best estimate of

256、 the expenditure required to settle the present obligation at the reporting period date.q)Borrowings Loans and borrowings are initially recognised at the fair value of the consideration received,net of transaction costs.They are subsequently measured at amortised cost using the effective interest me

257、thod.r)Finance costs Finance costs attributable to qualifying assets are capitalised as part of the asset.All other finance costs are expensed in the period in which they are incurred.s)Employee benefits (i)Wages and salaries,annual leave and superannuation Liabilities for salaries,including annual

258、leave and superannuation,expected to be settled within 12 months of the reporting date are recognised as Current Employee Benefits in respect of employees services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled.(ii)Other long-term employ

259、ee benefits Provision is made for employees long service leave and annual leave entitlements not expected to be settled wholly within 12 months after the end of the annual reporting period in which the employees render the related MACARTHUR MINERALS LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

260、 31 March 2024(Expressed in Australian Dollars)Page|34 service.Other long-term employee benefits are measured at the present value of the expected future payments to be made to employees.Expected future payments incorporate anticipated future wage and salary levels,durations of service and employee

261、departures and are discounted at rates determined by reference to market yields at the end of the reporting period on government bonds that have maturity dates that approximate the terms of the obligations.Any remeasurements for changes in assumptions of obligations for other long-term employee bene

262、fits are recognised in profit or loss in the periods in which the changes occur.The Groups obligations for long-term employee benefits are presented as non-current provisions in its statement of financial position,except where the Group does not have an unconditional right to defer settlement for at

263、 least 12 months after the end of the reporting period,in which case the obligations are presented as current provisions.(iii)Share-based compensation Share-based payments to employees are measured at the fair value of the instruments issued and amortised over the vesting periods to represent the va

264、lue of services rendered.Share-based payments to non-employees are measured at the fair value of goods or services received or the fair value of the equity instruments issued,if it is determined the fair value of the goods or services cannot be reliably measured and are recorded at the date the good

265、s or services are received.The corresponding amount is recorded to a reserve.The fair value of equity instruments is determined using the relevant options pricing model.The number of instruments expected to vest is reviewed and adjusted at the end of each reporting period such that the amount recogn

266、ised for services received as consideration for the equity instruments granted is based on the number of equity instruments that eventually vest.t)Goods and services tax Revenues,expenses and assets are recognised net of the amount of associated goods and services tax(“GST”),unless the GST incurred

267、is not recoverable from the taxation authority.In this case it is recognised as part of the cost of acquisition of the asset or as part of the expense.Receivables and payables are stated inclusive of the amount of GST receivable or payable.The net amount of GST recoverable from,or payable to,the tax

268、ation authority is included with other receivables or payables in the statement of financial position.Cash flows are presented on a gross basis.The GST components of cash flows arising from investing or financing activities which are recoverable from,or payable to the taxation authority,are presente

269、d as operating cash flows.u)Income tax Income tax on profit or loss for the year comprises current and deferred tax.Current tax is the expected tax paid or payable on the taxable income for the year,using tax rates enacted or substantively enacted at the statement of financial position date,and any

270、adjustment to tax paid or payable in respect of previous years.Deferred income tax is recognised,on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements,as well as unused tax losses.Deferred income tax is de

271、termined using tax rates(and laws)that have been enacted or substantially enacted by the statement of financial position date and are expected to apply when the related deferred income tax asset is realised or when the deferred income tax liability is settled.Deferred income tax assets are recognise

272、d only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities a

273、nd when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.MACARTHUR MINERALS LIMITED NOTES TO CONSOLIDATED FIN

274、ANCIAL STATEMENTS 31 March 2024(Expressed in Australian Dollars)Page|35(i)Deferred Tax Balances Deferred income tax balances have not been recognised as it has not yet become probable that they will be recovered and utilised.(ii)Tax consolidation legislation The Company and its wholly owned Australi

275、an incorporated subsidiaries are a tax-consolidated group for income tax purposes.As a consequence,all members of the tax-consolidated group are taxed as a single entity.Infinity Mining Limited(formerly Macarthur Lithium Pty Ltd)departed the Group on 1 January 2022.Macarthur Minerals Limited(the hea

276、d entity)and its wholly-owned Australian subsidiaries have formed an income tax consolidated group under the tax consolidation regime.The head entity and each subsidiary in the tax consolidated group continue to account for their own current and deferred tax amounts.The tax consolidated group has ap

277、plied the separate taxpayer within group approach in determining the appropriate amount of taxes to allocate to members of the tax consolidated group.v)Current and non-current classification Assets and liabilities are presented in the statement of financial position based on current and non-current

278、classification.An asset is classified as current when:it is either expected to be realised or intended to be sold or consumed in the consolidated entitys normal operating cycle;it is held primarily for the purpose of trading;it is expected to be realised within 12 months after the reporting period;o

279、r the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period.All other assets are classified as non-current.A liability is classified as current when:it is either expected to be settled in the consolidat

280、ed entitys normal operating cycle;it is held primarily for the purpose of trading;it is due to be settled within 12 months after the reporting period;or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period.All other liabilities ar

281、e classified as non-current.Deferred tax assets and liabilities are always classified as non-current.w)Contributed equity Ordinary shares are classified as equity.Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction,net of tax,from the proceeds.Procee

282、ds from warrant unit placements are allocated between shares and warrants issued.Warrants that are part of units are assigned a value based on the residual value of the unit after deducting the fair value of the common shares.Where warrants are denominated in a currency other than the Companys funct

283、ional currency,they are considered a derivative liability and marked to market at each period using the Binomial model.x)Earnings per share (i)Basic earnings per share Basic earnings per share is determined by dividing net profit/(loss)after income tax attributable to ordinary equity holders of the

284、Company,excluding any costs of servicing equity other than ordinary shares,by the weighted average number of ordinary shares outstanding during the financial year;adjusted for bonus elements in ordinary shares issued during the year.(ii)Diluted earnings per share Diluted earnings per share adjusts t

285、he figures used in the determination of basic earnings per share to take into account dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.Potential ordinary shares are treated

286、as dilutive if their exercise price exceeds the average market price of ordinary shares during the period.However,where their conversion would decrease the loss per share from continuing operations,then this calculation is treated as anti-dilutive.MACARTHUR MINERALS LIMITED NOTES TO CONSOLIDATED FIN

287、ANCIAL STATEMENTS 31 March 2024(Expressed in Australian Dollars)Page|36 y)Revenue recognition The Companys only sources of revenue are other income items such as interest cost recoveries,farm out arrangements and government subsidies.The Group recognises revenue when the amount can be readily measur

288、ed,and it is probable that future economic benefit will flow to the entity(control).Interest income is recognised on a time proportion basis using the effective interest method.z)Fair value of assets and liabilities The Group measures some of its assets and liabilities at fair value on either a recu

289、rring or non-recurring basis,depending on the requirements of the applicable Accounting Standard.Fair value is the price the Group would receive to sell an asset or would have to pay to transfer a liability in an orderly(ie unforced)transaction between independent,knowledgeable and willing market pa

290、rticipants at the measurement date.As fair value is a market-based measure,the closest equivalent observable market pricing information is used to determine fair value.Adjustments to market values may be made having regard to the characteristics of the specific asset or liability.The fair values of

291、assets and liabilities that are not traded in an active market are determined using one or more valuation techniques.These valuation techniques maximise to the extent possible the use of observable market data.To the extent possible,market information is extracted from either the principal market fo

292、r the asset or liability(ie the market with the greatest volume and level of activity for the asset or liability)or,in the absence of such a market,the most advantageous market available to the entity at the end of the reporting period(ie the market that maximises the receipts from the sale of the a

293、sset or minimises the payments made to transfer the liability,after taking into account transaction costs and transport costs).The fair value of liabilities and the entitys own equity instruments(excluding those related to share-based payment arrangements)may be valued,where there is no observable m

294、arket price in relation to the transfer of such financial instruments,by reference to observable market information where such instruments are held as assets.Where this information is not available,other valuation techniques are adopted and,where significant,are detailed in the respective note to th

295、e financial statements.aa)Comparative Figures Certain comparative figures in profit and loss have been adjusted to conform to changes in presentation for the current financial year,with no impact on net loss or comprehensive loss for the year.bb)New Accounting Standards and Interpretations not yet m

296、andatory or early adopted Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory,have not been early adopted by the consolidated entity for the annual reporting period ended 31 March 2024.The consolidated entity has not yet assessed th

297、e impact of these new or amended Accounting Standards and Interpretations.Note 3:Critical Accounting Estimates and Judgements The preparation of the financial report requires that management make judgements,estimates and assumptions that affect the reported amounts in the financial report and disclo

298、sure of contingent assets and liabilities.Estimates and judgements are continually evaluated and are based on historical experience and best available current information,including expectations of future events that are believed to be reasonable under the circumstances.Actual results could differ fr

299、om these estimates.The estimates and judgements that affect the application of the Companys accounting policies and disclosures and have a significant risk of causing a material adjustment to the carrying amounts of assets,liabilities,income and expenses are discussed below.(i)Exploration and Evalua

300、tion Expenditure(Note 13)The application of the Groups accounting policy for exploration and evaluation expenditure requires judgment in determining whether it is likely that future economic benefits are likely and is based on assumptions about future events or circumstances.Recoverable value of exp

301、loration assets is based on the assessment of current economic conditions.MACARTHUR MINERALS LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 31 March 2024(Expressed in Australian Dollars)Page|37 (ii)Deferred tax assets The Company considers whether the realization of deferred tax assets is probab

302、le in determining whether or not to recognise these deferred tax assets,as set out in Note 7.(iii)Share-based payment transactions(Note 18)The Company measures the costs of equity-settled transactions with directors,officers,employees and consultants by reference to the fair values of the equity ins

303、trument.The fair value of equity-settled transactions is determined using the relevant Black-Scholes and Binomial valuation as measured on the grant date.This model involves the input of highly subjective assumptions,including the expected price volatility of the Companys common shares,the expected

304、life of the equity,and the estimated forfeiture rate for market-based vesting conditions.Note 4:Financial Instruments and Financial Risk Management Financial risk management policies The Companys principal financial instruments are cash and cash equivalents,the main purpose of which is to fund the C

305、ompanys operations.The Company has various other financial assets and liabilities such as security deposits,other receivables,trade payables,and warrant derivatives which arise directly from its operations.It is and has been throughout the years ended 31 March 2024 and 31 March 2023,the Companys pol

306、icy that no trading in financial instruments shall be undertaken.The main risks arising from the Companys financial instruments are credit risk,liquidity risk,interest rate risk,and foreign currency risk.The board reviews and agrees policies for managing each of these risks and they are summarised b

307、elow.Details of the material accounting policies and methods adopted,including the criteria for recognition,the basis of measurement and the basis on which income and expenses are recognised,in respect of each class of financial asset,financial liability and equity instrument are disclosed in Note 2

308、 to the financial statements.The Companys contracted financial instruments are summarised as:Consolidated Note Carrying Amount 2024 2023$Financial assets Cash and cash equivalents 9 180,637 1,944,332 Financial assets at amortised cost Other receivables 10 68,887 99,627 Security Deposits 11 36,855 35

309、,397 105,742 135,024 Total financial assets 286,379 2,079,356 Financial liabilities 2024$2023$a)Financial liabilities at amortised cost Trade and other payables 786,037 331,269 Lease liability 81,122 149,397 Loans 838,477-Total financial liabilities 1,705,636 480,666 MACARTHUR MINERALS LIMITED NOTES

310、 TO CONSOLIDATED FINANCIAL STATEMENTS 31 March 2024(Expressed in Australian Dollars)Page|38 a)Credit risk The Companys primary exposure to credit risk is on its cash and cash equivalents.The Company limits its exposure to credit risk by maintaining its financial liquid assets with high-credit qualit

311、y financial institutions.The Company will trade only with recognised,creditworthy third parties.Credit verification procedures will be carried out when deemed necessary and receivable balances will be monitored on an ongoing basis with the result that the Companys exposure to bad debts is not signif

312、icant.Exposure to credit risk The carrying amount of the Companys financial assets represents the maximum credit exposure.This amount consists of Cash and cash equivalents of$180,637(2023:$1,944,332),Other receivables of$68,887(2023:$99,627)and Security Deposits of$36,855(2023:$35,397).The Companys

313、receivables exclude current outstanding taxation payments recoverable from the Australian Government.These statutory amounts are excluded under Accounting Standards in the above analysis.The Companys maximum exposure to credit risk at the reporting date by geographic region was:2024 2023$Australia 2

314、82,125 1,644,773 Canada 4,256 434,584 286,381 2,079,357 b)Liquidity risk The Companys objective is to raise sufficient funds from equity and/or debt to finance its development and exploration activities until its operations become profitable.The Company manages its liquidity risk by planning and bud

315、geting its operational and growth requirements.The Company monitors its forecast cash flows and ensures funds are in place to meet its operational needs in the short to medium term.The Company has limited financial resources and there is no assurance that additional funding will be available to allo

316、w the Company to acquire,explore and develop its exploration and evaluation assets.Failure to obtain additional financing could result in delay or indefinite postponement of further exploration or development.The Company is dependent on raising funds through equity and/or debt or disposing of intere

317、sts in its mineral properties(by options,joint ventures or outright sales)in order to finance development of its exploration and evaluation assets,further acquisitions,undertake exploration and meet general and administrative expenses in the immediate and long term.Exposure to liquidity risk The bel

318、ow table analyses the Companys non-derivative financial assets and liabilities into maturity groupings based on the remaining period at the reporting date to the contractual maturity date.The amounts disclosed in the table are the contracted undiscounted cash flows.As at 31 March 2024$Within 1 year

319、1 to 5 years Total Financial liabilities (1,701,029)-(1,701,029)Net cashflow (1,701,029)-(1,701,029)As at 31 March 2023 Within 1 year 1 to 5 years Total Financial liabilities (407,994)-(407,994)Net cashflow (407,994)-(407,994)MACARTHUR MINERALS LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 31 M

320、arch 2024(Expressed in Australian Dollars)Page|39 Liabilities Loan,Interest rate risk The Companys cash equivalents are highly liquid and earn interest at market rates.Due to the short-term nature of these financial instruments,fluctuations in market interest rates do not have a significant impact o

321、n the fair values of these financial instruments.At the reporting date the interest rate profile of the Companys interest-bearing financial instruments was:2024$2023$Interest-bearing financial instruments Financial assets 217,493 1,979,729 Financial assets are comprised of:2024$2023$Cash and cash eq

322、uivalents 180,637 1,944,332 Security deposits 36,855 35,397 217,492 1,979,729 Cash flow sensitivity analysis for variable rate instruments A change of 100 basis points in interest rates on the above interest-bearing financial instruments at the reporting date would have increased(decreased)equity an

323、d profit or loss by the amounts shown below.This analysis assumes that all other variables,in particular foreign currency rates,remain constant.The analysis is performed on the same basis for 2024.Profit or loss Equity 100bp 100bp 100bp 100bp increase decrease increase decrease$31 March 2024 Interes

324、t-bearing financial instruments 2,175(2,175)2,175(2,175)31 March 2023 Interest-bearing financial instruments 19,797(19,797)19,797(19,797)c)Foreign currency risk The Companys consolidated financial statements can be affected by movements in the CAD$/USD$exchange rate,due to some administrative expens

325、es and liabilities being incurred in other than in$AUD is being the functional currency of the Company.Exposure to currency risk The Companys exposure to foreign currency risk at the statement of financial position date was as follows:CAD$USD$CAD$USD$2024 2023 Cash and cash equivalents 4,238 18 434,

326、566 17 Receivables-Security Deposits-4,238 18 434,566 17 Trade and other payables 4,902 75,439 22,848-Employee Benefits-Warrant liability-Loan-Other-Lease liability-4,902 75,439 22,848-Net exposure(664)(75,421)411,718 17 MACARTHUR MINERALS LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 31 March

327、2024(Expressed in Australian Dollars)Page|40 Sensitivity analysis The following table illustrates sensitivities to the Groups exposures to changes in interest rates and exchange rates.The table indicates the impact of how profit and equity values reported at the end of the reporting period would hav

328、e been affected by changes in the relevant risk variable that management considers to be reasonably possible.These sensitivities assume that the movement in a particular variable is independent of other variables.2024 2023 Profit Equity Profit Equity$+/-2%in interest rates +/$4,350 +/$4,350 +/$39,59

329、5 +/$35,595+/-5%in$AUD/$CAD+/-$33+/-$33+/-$20,586+/-$20,586+/-5%in$AUD/$US+/-$3,771+/-$3,771+/-$1+/-$1 d)Commodity price risk The Companys future revenues are expected to be in large part derived from the mining and sale of minerals or interests related thereto.The price of various minerals has fluc

330、tuated widely,particularly in recent years,and is affected by numerous factors beyond the Companys control including international economic,financial and political conditions,expectations of inflation,international currency exchange rates,interest rates,global or regional consumptive patterns,specul

331、ative activities,levels of supply and demand,increased production due to new mine developments and improved mining and production methods,availability and costs of mineral substitutes,mineral stock levels maintained by producers and others and inventory carrying costs.The effect of these factors on

332、the price of various minerals,and therefore the economic viability of the Companys operations cannot accurately be predicted.As the Company has not yet reached the production stage,its exposure to price risk has no impact on the financial statements,however price risk is a critical assumption for th

333、e Groups economic studies on its Iron Ore Projects and for impairment testing.e)Fair value Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values.The three levels of the fair value hierarchy are:Level 1:Unadjusted quoted prices in active markets for identic