1、Alto Metals Limited ABN 62 159 819 173 Annual Report 2024 CORPORATE DIRECTORY Directors Mark Connelly(Non-Executive Chairman)Matthew Bowles(Managing Director and CEO)Richard Monti(Non-Executive Director)Company Secretary Graeme Smith Principal registered office Suite 9,12-14 Thelma Street,WEST PERTH
2、,WA 6005 Telephone 08 9381 2808 Website:.au Email:.au Auditor Pitcher Partners BA&A Pty Ltd Level 11,12-14 The Esplanade Perth WA 6000 Telephone 08 9322 2022 Share Registry Automic Company Level 5,191 St Georges Terrace Perth WA 6000 Phone(within Australia):1300 288 664 Phone(outside Australia):+61
3、2 9698 5414 Australian Securities Exchange ASX code:AME CONTENTS REVIEW OF OPERATIONS 4DIRECTORS REPORT 28AUDITORS INDEPENDENCE DECLARATION 39CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 40 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 41CONSOLIDATED STATEMENT OF CHANGES IN
4、 EQUITY 42CONSOLIDATED STATEMENT OF CASH FLOWS 43NOTES TO THE FINANCIAL STATEMENTS 44CONSOLIDATED ENTITY DISCLOSURE STATEMENT 63DIRECTORS DECLARATION 64INDEPENDENT AUDITORS REPORT 65ADDITIONAL ASX INFORMATION 71TENEMENT REPORT 73REVIEW OF OPERATIONS Review of Operations About Alto Metals and the San
5、dstone Gold Project Alto Metals Limited(the“Company”)and its controlled entity(the“Group)is a Western Australian based company focused on the exploration and development of its 100%owned Sandstone Gold Project,located in the East Murchison Mineral Field of Western Australia.The Sandstone Gold Projec
6、t comprises over 740km2 of granted tenure over the vast majority of the Archaean Sandstone Greenstone Belt(Figure 1).Since acquiring the Sandstone Gold Project,Alto has defined an optimised,open-pit constrained mineral resource estimate of 832,000oz gold at 1.5g/t,capturing over 80%of the unconstrai
7、ned total MRE of 1.05Moz.Alto is focused on growing these resources through continued exploration success and new discoveries.Figure 1.Location of Sandstone Gold Project within the East Murchison Gold Field,WA Granted Mining LeaseHACKSOROYABULCHINABULL OAKINDOMITABLEVANGUARDHAVILAHLADYBIRDLORD HENRY
8、LORD NELSONALPHA DOMAINSandstoneTownSANDSTONE GOLD PROJECT17.6Mt at 1.5 g/t gold for 832,000oz gold REVIEW OF OPERATIONS Alto Metals Limited|2024 Annual Report 5 Exploration Strategy Alto remains focused on growing the current mineral resource base within the Alpha Domain,while continuing to review
9、and progress the multiple advanced brownfield prospects,as part of the Companys longer-term strategy to support a stand-alone operation at the Sandstone Gold Project.Figure 2.Growth and development pipline within the Sandstone Gold Project REVIEW OF OPERATIONS Alto Metals Limited|2024 Annual Report
10、6 Summary of Exploration Activity During the year,the Group completed 9,000m of reverse circulation and air-core drilling at Indomitable,Bull Oak and other regional prospects.Drilling at Indomitable continued to deliver high grade gold hits with shallow oxide gold mineralisation defined over a 3.5km
11、 strike length remaining open.At Bull Oak drilling extended mineralisation outside the current resource with step-out holes targeting extensions of mineralisation around the open pit returning shallow high grade gold results of up to 38 g/t gold.Air-core drilling at Sandstone North successfully defi
12、ned anomalous shallow low-level gold mineralisation over 500m coherent with the main north-south trending interpreted structure and anomalous gold and arsenic in soil.A maiden Exploration Target was reported for the Bull Oak deposit,comprising:Grade(g/t Au)Low Grade(g/t Au)High Tonnes(Mt)Low Tonnes(
13、Mt)High Contained Gold(oz)Low Contained Gold(oz)High 1.0 1.3 4.6 8.8 205,000 295,000 The potential quantity and grade of the Exploration Target is conceptual in nature and,as such,there has been insufficient exploration drilling conducted to estimate a Mineral Resource.At this stage it is uncertain
14、if further exploration drilling will result in the estimation of a Mineral Resource.The Exploration Target has been prepared in accordance with the JORC Code(2012).The exploration Target is exclusive of the current Bull Oak Mineral Resource Estimate(MRE),of 1.9Mt 1.1g/t gold for 65,000 oz(0.5 g/t go
15、ld cut-off grade)constrained within a single A$2,500 pit shell.Two new mining leases were granted during the year,one over the Bull Oak deposit and the other over theexpanded Indomitable Camp to capture the Musketeer and Indomitable East deposits.Figure 3:Location of total current mineral resources
16、for Sandstone Gold Project REVIEW OF OPERATIONS Alto Metals Limited|2024 Annual Report 7 Exploration highlights of the year Growth Bull Oak-Exploration Target Maiden Exploration Target completed for the Bull Oak deposit,prepared in accordance with the JORC 2012 Code,comprising Grade(g/t Au)Low Grade
17、(g/t Au)High Tonnes(Mt)Low Tonnes(Mt)High Contained Gold(oz)Low Contained Gold(oz)High 1.0 1.3 4.6 8.8 205,000 295,000 The potential quantity and grade of the Exploration Target is conceptual in nature and,as such,there has been insufficient exploration drilling conducted to estimate a Mineral Resou
18、rce.At this stage it is uncertain if further exploration drilling will result in the estimation of a Mineral Resource.The Exploration Target has been prepared in accordance with the JORC Code(2012).The Bull Oak Exploration Target is exclusive of the current Bull Oak Mineral Resource Estimate(MRE),of
19、 1.9Mt 1.1g/t gold for 65,000 oz(0.5 g/t gold cut-off grade)constrained within a single A$2,500 pit shell.Bull Oak-single pit scale potential Drilling extends the high-grade Kohinoor North Reef outside the current resource with mineralisation defined over 400m and remains open.New assay results from
20、 step-out RC drilling at Bull Oak,targeting extensions of mineralisation around the open pit,have delivered significant shallow high-grade gold intercepts outside the granodiorite including:o 11m 4.1 g/t gold from 34m,incl;1m 38.0 g/t gold from 34m o 7m 4.7 g/t gold from 29m,incl;1m 28.9 g/t gold fr
21、om 32m o 3m 10.2 g/t gold from 41m,incl;1m 29.5 g/t gold from 41m Results from a recent 80m step-out drill program intersected multiple stacked lodes including 55m 1.5 g/t gold and 23m 1.1 g/t gold,extended mineralisation over 400m and remaining open.Indomitable High-grade gold results continue to h
22、ighlight scale potential of+3km oxide footprint:o 15m 3.1 g/t gold from 32m;incl.8m 5.0 g/t gold from 32m;incl.1m 22.2 g/t gold from 33m o 15m 2.1 g/t gold from 72m;incl.5m 5.4 g/t gold from 79m;and 1m 18.9 g/t gold from 83m o 14m 2.6 g/t gold from 61m;incl.2m 10.6 g/t gold from 61m;incl.1m 18.8 g/t
23、 gold from 62m o 11m 3.4 g/t gold from 57m;incl.2m 12.6 g/t gold from 60m;and 1m 19.8 g/t gold from 60m Extensional targets along the main NW trend and a parallel trend where historical drilling,outside the current resource includes 15m 2.3 g/t gold(TVR939)from 35m and 10m 3.0 g/t gold from 50m(TVR9
24、05).Extensional targets identified at Cessna,where previous results included 16m 7.2 g/t gold from 65m Regional Exploration Lightning extensive shallow alluvial workings and limited historical drilling Option agreement over granted mining lease M57/659“Lightning”gold prospect,located only 3km west o
25、f the 2.3Mt 2.0 g/t Au for 150,000oz Vanguard Camp Extensive shallow alluvial gold workings where limited historical RAB drilling has returned 12m 13.5 g/t gold including 1m 147 g/t gold.To the north of the ML a one-kilometre long gold-in-soil anomaly(peak 242ppb)situated on a favourable structural
26、setting,has been defined which extends into E57/1033.This gold anomaly remains open and untested by drilling.REVIEW OF OPERATIONS Alto Metals Limited|2024 Annual Report 8 Vanguard extensional targets and Vanguard North look-a-like Review highlights high-grade extensional targets outside the current
27、resources,including 2m 20.8 g/t gold,1m 23.7 g/t gold and 1m 22.0 g/t gold and remains open along the+2km long NW/SE corridor.Priority 500m long gold-in lag-anomaly identified along trend from the high-grade Vanguard North deposit.Bollinger High-grade surface rock chip samples report assays up to 15
28、1 g/t gold and recent Alto drilling returned assays of 25m 2.5 g/t gold from 6m,including 1m 16.4 g/t gold from 10m.Review highlights extensional targets outside the current resources,incl.2m 20.8 g/t gold,1m 23.7 g/t gold.Hacks West targeting Oroya and Hacks style repeats Hacks West is a+16km2 targ
29、et area immediately west of the Hacks reef considered prospective for additional repeat high-grade gold reefs.Detailed structural interpretation and field work is continuing over the Hacks west area,including geochemical sampling work.Additional geophysical work is currently being assessed,including
30、 detailed ground gravity,to assist with improving the quality of the dataset and further assist in targeting for drill testing.Sandstone North First pass air-core(AC)drilling at the Sandstone North gold-in soils target was completed,with a total of 94 holes and 3,223 metres drilled to an average dep
31、th of approximately 34m.The AC drilling,designed to test a shallow gold target defined from a recent soil sampling program,has successfully defined anomalous shallow low-level gold mineralisation over 500m which is coherent with the main north-south trending interpreted structure.The drilling is 1.5
32、 kilometres along strike to the north of the historical high-grade drill intercepts highlighting that the structure remains mineralised.REVIEW OF OPERATIONS Alto Metals Limited|2024 Annual Report 9 2024 activities Alto is pleased to report on a year of further strong exploration results and the disc
33、overy of new target areas during the year.In line with Altos focused exploration approach to drive near-term resource growth,the Company has continued ongoing exploration,geological review and field work over the 20km long NW/SE trending gold corridor within the Alpha Domain which hosts the Lords,Va
34、nguard,Indomitable and Bull Oak shallow gold deposits.Figure 4.RC drilling at Bull Oak,Sandstone Gold Project.REVIEW OF OPERATIONS Alto Metals Limited|2024 Annual Report 10 Exploration Target Bull Oak During the year Alto reported a maiden Exploration Target,highlighting the near-term resource growt
35、h potential for the Bull Oak Gold Deposit,part of its Sandstone Gold Project in Western Australia.The Exploration Target comprises:Grade(g/t Au)Low Grade(g/t Au)High Tonnes(Mt)Low Tonnes(Mt)High Contained Gold(oz)Low Contained Gold(oz)High 1.0 1.3 4.6 8.8 205,000 295,000 The potential quantity and g
36、rade of the Exploration Target is conceptual in nature and,as such,there has been insufficient exploration drilling conducted to estimate a Mineral Resource.At this stage it is uncertain if further exploration drilling will result in the estimation of a Mineral Resource.The Exploration Target has be
37、en prepared in accordance with the JORC Code(2012).Note:The Exploration Target is exclusive of the April 2023 Mineral Resource Estimate released for the Bull Oak Gold Deposit of 1.9Mt at 1.1 g/t Au for 65,000oz gold(0.5 g/t gold cut-off grade).Figure 5:Bull Oak Exploration Target,showing existing MR
38、E block model and 2023 optimised pit shell and multiple stacked mineralisation lodes modelled(grey).Additional growth at Bull Oak The Exploration Target has been reported to a maximum depth of 260m below surface.Alto has carried out sensitivity testing and compared the Exploration Target with severa
39、l recently published Exploration Targets of similar geology and mineralisation,which reported mineralisation up to 350m below surface.Whilst there has been insufficient exploration to estimate an updated Mineral Resource and it is uncertain if further exploration will REVIEW OF OPERATIONS Alto Metal
40、s Limited|2024 Annual Report 11 result in the estimation of an updated Mineral Resource,Alto considers there is reasonable prospect that the mineralisation,if converted to a mineral resource,could be economically mined within a reasonable time frame.The Exploration Target is guided by the limited dr
41、illing and does not place and upper limit on the Bull Oak Gold Deposit and the Company considers further exploration is likely to demonstrate significant potential for further growth.The Company considers the Exploration Target has been calculated on a conservative basis and is well supported by dri
42、ll intercepts and the continuity of mineralisation observed throughout the deposit.In adopting this approach,the following have not been included in the current Exploration Target due to lack of drilling,but are considered opportunities which represent further growth:potential extensions of the gold
43、 mineralisation intercepted in SRC971(55m 1.5 g/t gold)on the contact of the granodiorite and banded-iron formation(BIF);drilling has demonstrated that mineralisation extends outside the granodiorite and into the mafic rocks however,the deeper portion of the Exploration Target is constrained to the
44、current known boundary of the granodiorite;potential extensions of the shallow high-grade reefs(Kohinoor North,Bull Oak and Faugh-a-Ballah);potential extensions of high-grade zone of mineralisation where the BIF and the reefs intersect the granodiorite;and mineralisation remains open at depth below
45、the projected Exploration Target depth of 260m.Figure 6:High-grade mineralisation,interpreted as extensions of the shallow high-grade reefs,outside the ET.REVIEW OF OPERATIONS Alto Metals Limited|2024 Annual Report 12 Bull Oak-drilling extends gold mineralisation During the year the Company released
46、 new assay results from an initial 18 hole RC program at Bull Oak,successfully extended shallow high-grade gold mineralisation both along strike and below the historic mined open-pit.Multiple shallow high-grade gold intersections were identified with mineralisation associated with banded-iron-format
47、ion.Significant assay results include:11m 4.1 g/t gold from 34m,including;1m 38.0 g/t gold from 34m(SRC985)7m 4.7 g/t gold from 29m,including;1m 28.9 g/t gold from 32m(SRC983)3m 10.2 g/t gold from 41m,including;1m 29.5 g/t gold from 41m(SRC981)10m 1.5 g/t gold from 19m,including;4m 3.1 g/t gold from
48、 24m(SRC973)Figure 7:Plan view of Bull Oak Mine showing historical and Alto Metals drilling.Four deeper RC holes intersected numerous mineralised intervals of within the granodiorite and the surrounding country rock.Significant results included o 55m 1.5 g/t gold from 127m,incl.24m 2.1 g/t gold from
49、 148m,incl.1m 17.8 g/t gold from 151m,and.1m 21.1 g/t gold from 181m within an overall intercept of 172m 0.64 g/t gold from 44m(SRC971)-ended in mineralisation;REVIEW OF OPERATIONS Alto Metals Limited|2024 Annual Report 13 o 23m 1.1 g/t gold from 147m,incl.8m 2.1 g/t gold from 157m,incl.1m 8.0 g/t g
50、old from 164m within an overall intercept of 227m 0.44 g/t gold from 26m(SRC969)-ended in mineralisation;SRC971 was drilled in the north-east part of the deposit near the interpreted margin of the granodiorite.The drilling passed through the oxide zone and intersected mafic rocks and a wide interval
51、 of banded-iron-formation(BIF)intermixed with granodiorite,interpreted to be the contact of the Bull Oak intrusive(refer to Figure 8).SRC969 was drilled in the south-west part of the Bull Oak granodiorite targeting mineralisation at depth below the current mineral resource,and was a step-out hole ap
52、proximately 200m along strike from previous deep drill hole SRC360 which intersected multiple stacked lodes in an overall intercept of 260m 0.41 g/t gold from 36m(including a high grade intercept of up to 14.3 g/t gold),with the hole ending in mineralisation.SRC969 also intersected multiple stacked
53、lodes and ended in mineralisation.Figure 8:Drill section at Bull Oak looking north-west,showing two of the completed deeper drill holes(SRC969 and SRC971)to test extensions of the multiple stacked lodes below the open pit and current mineral resource.Drilling has confirmed that gold mineralisation i
54、s not constrained to the granodiorite and extends into the surrounding rocks.Assay results from SRC971 at the granodiorite-BIF contact have confirmed that this is a favourable geological position for high-grade gold mineralisation.Historical surface geological mapping and shallow drilling defined mu
55、ltiple east-west oriented,sub-vertical BIF units that have been intruded by the granodiorite that remain untested by drilling at depth.These target areas represent an exciting opportunity to potentially define further high-grade mineralisation,additional to the multiple stacked lodes within the gran
56、odiorite,to be included in future mineral resource updates.REVIEW OF OPERATIONS Alto Metals Limited|2024 Annual Report 14 Figure 9:Oblique drone image over the open-pit Bull Oak Mine,mined by Herald Resource Ltd.Figure 10.RC drilling at Bull Oak,Sandstone Gold Project.REVIEW OF OPERATIONS Alto Metal
57、s Limited|2024 Annual Report 15 Additional near-mine,felsic intrusive gold targets The Bull Oak,Middle and Worker granites are felsic intrusions evident in the airborne magnetics.Review of detailed surface geological mapping and airborne magnetics has identified numerous additional interpreted felsi
58、c intrusive gold targets within the area,which are considered significant targets for additional large tonnage,moderate grade mineralisation.These areas are characterised by low magnetic response,no outcrop and have not been tested by drilling(Figure 11).Figure 11:Regional plan view of the historic
59、Hancocks Mining Centre.Background image:Magnetic TMI_RTP_1VD Indomitable During the year the final assay results were received from a 5,000m RC drilling program designed to follow up on interpreted high-grade structures and test strike extensions at Indomitable.These drilling results successfully in
60、tersected high-grade gold mineralisation in both near surface oxide and in fresh rock at depth(250m below surface).Significant results included:Oxide o 15m 3.1 g/t gold from 32m;incl.8m 5.0 g/t gold from 32m;incl.1m 22.2 g/t gold from 33m o 15m 2.1 g/t gold from 72m;incl.5m 5.4 g/t gold from 79m;and
61、 1m 18.9 g/t gold from 83m REVIEW OF OPERATIONS Alto Metals Limited|2024 Annual Report 16 o 16m 1.2 g/t gold from 44m;incl.1m 9.8 g/t gold from 46m o 14m 2.6 g/t gold from 61m;incl.2m 10.6 g/t gold from 61m;incl.1m 18.8 g/t gold from 62m o 11m 3.4 g/t gold from 57m;incl.2m 12.6 g/t gold from 60m;and
62、 1m 19.8 g/t gold from 60m o 14m 1.1 g/t gold from 60m;incl.1m 5.6 g/t gold from 64m o 12m 1.0 g/t gold from 34m;incl.3m 2.4 g/t gold from 41m Fresh o 11m 1.0 g/t gold from 159m;incl.2m 2.7 g/t gold from 159m o 6m 2.2 g/t gold from 193m;incl.1m 6.4 g/t gold from 193m o 1m 11.3 g/t gold from 237m;and
63、 4m 2.1 g/t gold from 283m within a broad halo of 34m 0.6 g/t gold from 275m o 3m 4.9 g/t gold from 93m;incl.1m 12.9 g/t gold from 93m o 2m 4.2 g/t gold from 118m;incl.1m 7.6 g/t gold from 119m Holes SRC944 and SRC959 drilled in the northwest of the optimized pit shells as well as SRC942 and SRC943
64、drilled within the main optimized pit shells,intersected shallow high grade oxide gold mineralisation(including 15m 3.1 g/t gold from 32m and 16m 1.2 g/t gold from 44m)and multiple stacked,shallow dipping zones of gold mineralisation within fresh rock at depth.Results continue to highlight higher gr
65、ade mineralisation is typically observed where these shallow,westerly dipping interpreted thrust faults intersect the steeply-dipping structures,as shown in SRC663(44m 2.0 g/t gold from 59m).Indomitable extensional targets of a growing oxide footprint The Indomitable Camp is hosted within the+20km N
66、W/SE Indomitable/Vanguard/Havilah gold corridor that forms part of the priority Alpha Domain target area.The Mineral Resource Estimate for Indomitable Camp is 5.4Mt at 1.2 g/t gold for 210,000oz,reported at a 0.5 g/t gold cut-off,constrained within A$2,500 pit shells.Mineralisation at the Indomitabl
67、e Camp is currently defined over 3.5km strike length and remains open in all directions.Drilling to date has defined a large oxide footprint at Indomitable,with deeper drilling intersecting gold mineralisation in fresh rock.Results continue to highlight the significance of the interpreted structural
68、 controls of both the steeply-dipping structures and shallow,westerly dipping thrust faults.Higher grade mineralisation is typically observed where these shallow,multiple stacked thrust faults intersect the steeply-dipping structures,as observed in SRC663(44m 2.0 g/t gold from 59m,ASX release 14 Jul
69、y,2022).The Company believes the extent of shallow oxide mineralisation at Indomitable Camp,is an indication of a potentially much larger gold system at depth.Following a review of the drilling results from extensional drilling at Indomitable from late last year,further structural interpretation and
70、 a review of historical drilling,Alto has identified a number of key areas for further drilling and exploration to drive potential resource growth,outlined in Figure 12 below.REVIEW OF OPERATIONS Alto Metals Limited|2024 Annual Report 17 Figure 12:Plan view of Indomitable Camp showing the near-term
71、growth targets along the main,highlighted from the review of previous and historical drilling.Sandstone North structural target First pass air-core(AC)drilling at the Sandstone North gold-in soils target has been completed,with a total of 94 holes and 3,223 metres drilled to an average depth of appr
72、oximately 34m.The AC drilling,designed to test a shallow gold target defined from a recent soil sampling program,has successfully defined anomalous shallow low-level gold mineralisation over 500m which is coherent with the main north-south trending interpreted structure.The drilling is 1.5 kilometre
73、s along strike to the north of the historical high-grade drill intercepts highlighting that the structure remains mineralised.REVIEW OF OPERATIONS Figure 13:Oblique section of Indomitable Camp showing g/t*m drill results with recent pierce points showing the broad zones of mineralisation and the pot
74、ential high-grade shoots.REVIEW OF OPERATIONS Alto Metals Limited|2024 Annual Report 19 Bollinger The Bollinger prospect is located 1.5km north of the Indomitable camp and midway between Indomitable and Bull Oak.The prospect was identified from coarse fraction soil sampling and field geological mapp
75、ing by Pancontinental Mining Limited(PML)in the 1980s.The area is associated with a folded sequence of mafic-ultramafic rocks with intercalated banded-iron-formation and possible porphyry intrusives.Figure 14:Location of Bollinger Prospect.At Bollinger 1,a narrow high-grade quartz vein trending 015
76、degrees is exposed at surface.Detailed sampling of the vein selvage returned assays up to 151 g/t gold,interpreted to be oxidized massive sulphide selvage.Sampling of the quartz material returned assays up to 6.4 g/t gold and sampling of a 2m channel across the vein returned assays of up to 1.5 g/t
77、gold.PML completed a shallow RAB drilling program and followed up with three RC holes.The fieldwork and surface sampling was undertaken to validate the reported historical results,prior to any further drilling or exploration.REVIEW OF OPERATIONS Alto Metals Limited|2024 Annual Report 20 Significant
78、historical drilling results from Bollinger 1 include:o 18m 1.4 g/t gold from 22m,incl.6m 2.6 g/t gold from 22m(SNRC003)o 12m 1.6 g/t gold from 8m,incl.4m 3.0 g/t gold from 12m(SNR107)o 6m 2.2 g/t gold from 40m(SNR106)(ended in mineralisation)Figure 15:Bollinger Prospects.At Bollinger 2,mineralisatio
79、n is interpreted to be associated with a mafic-ultramafic contact and banded-iron-formation with possible porphyry intrusives.Significant historical drilling results from Bollinger 2 include;o 28m 2.4 g/t gold from 4m,incl.12m 4.7 g/t gold from 16m(SNR157)o 22m 1.2 g/t gold from 24m,incl.4m 3.8 g/t
80、gold from 28m(SNR067)o 20m 1.1 g/t gold from 12m,incl.4m 1.7 g/t gold from 28m(SNR073)o 12m 1.2 g/t gold from 28m,incl.4m 1.7 g/t gold from 28m(SNR163)o 12m 1.1 g/t gold from 20m,incl.4m 1.9 g/t gold from 28m(SNR160)In 2020,Alto completed one RC drill hole to verify the significant historical drill
81、intersections beneath SNR157 and SNRC5,with results including;o 25m 2.5 g/t gold from 6m,incl.1m 16.4 g/t gold from 10m;o 12m 1.3 g/t gold from 55m,incl.1m 4.5 g/t gold from 66m(SRC200)REVIEW OF OPERATIONS Alto Metals Limited|2024 Annual Report 21 Hacks West targeting Oroya and Hacks style repeats H
82、acks West is a+16km2 target area immediately west of the Hacks reef.The target area hosts numerous old workings and historic shafts,which predominantly are north-south striking,yet surprisingly has had limited modern exploration in terms of surface geochemistry and drilling.Neither the north-south s
83、triking Oroya or Hacks Reefs have an observable signature in the magnetic data in terms of offset of magnetic sediment/BIF horizons.However,the western half of the target area has more obvious stratigraphic disruption in terms of demagnetisation and offsets as per the interpreted structures shown in
84、 Figure 16.There is also potential for important E-W to ENE-striking structures to host gold mineralization.The Hacks West target area is considered prospective for additional repeat high-grade gold reefs,which may link to the regional Youanmi shear corridor.Figure 16.Oroya,Hacks and Hacks West Regi
85、onal Target Area.REVIEW OF OPERATIONS Alto Metals Limited|2024 Annual Report 22 Lightning During the year,Alto announced it had signed an Option agreement to acquire granted mining lease M57/659“Lightning”gold prospect,located only 3km west of the 2.3Mt 2.0 g/t Au for 150,000oz Vanguard Camp.At Ligh
86、tning,extensive shallow alluvial gold workings have been undertaken historically by various parties over the,however the primary source of mineralisation has not been identified.Figure 17.Location of M57/659“Lightning”,Sandstone Gold Project.Limited historical RAB drilling at Lightning prospect,has
87、intersected shallow gold mineralisation,including:o 12m 13.5 g/t gold from 25m,incl.1m 147.0 g/t gold from 25m and 1m 7.9 g/t gold from 36m(LR002)o 6m 1.2 g/t gold from 26m,incl.1m 4.5 g/t gold from 26m(LR033)o 5m 1.2 g/t gold from 42m,incl.1m 3.5 g/t gold from 46m(LWR129)Ongoing compilation and rev
88、iew of historical data identified significant rock chip samples of banded-iron-formation,chert,quartz-veining and goethitic material from within the mining lease.A recent visit was undertaken by Alto to carry out geological reconnaissance and additional selective rock chip sampling within the mining
89、 lease.Significant rock chip sampling results include assays up to 9.7 g/t gold.To the north of the ML a one-kilometre long gold-in-soil anomaly(peak 242ppb)situated on a favourable structural setting,has been defined which extends into E57/1033.This gold anomaly remains open and untested by drillin
90、g.An extensional and infill soil sampling of this anomaly is currently underway to define targets for upcoming RC drilling.REVIEW OF OPERATIONS Alto Metals Limited|2024 Annual Report 23 Multiple regional targets across the entire Sandstone Gold Project.A systematic approach.Altos immediate explorati
91、on strategy remains focused on discoveries and resource growth within the Alpha Domain which hosts the Lords corridor,Vanguard,Indomitable and Havilah.Based on the success of the systematic approach to exploration to date,Alto is continuing to review the multiple other early greenfield and advanced
92、brownfield targets sit within the 740km2 Sandstone Gold Project,as part of the Companys longer term strategy to advance the overall project pipeline to support a stand-alone operation.Figure 18.Multiple regional targets within the Sandstone Gold Project.Mining Leases granted at Bull Oak and Indomita
93、ble Camps New Mining Lease M57/665 Indomitable Camp The Company received notification from the Department of Energy,Mines,Industry Regulation and Safety(DEMIRS)that its new mining lease applications over the Indomitable(M57/665)and Bull Oak(M57/663)Camps were granted.The mining lease applications we
94、re submitted based on Mineralisation Reports and Supporting Document Statements prepared by Altos in-house technical team,highlighting gold mineralisation within each new mining lease.The new granted mining lease surrounds existing mining lease M57/646 and further secures Altos defined mineral resou
95、rces and interpreted extensions at Indomitable East and Musketeer.The new ML also covers the significant gold mineralisation intersected in drilling at the Cessna prospect,which the Company anticipates may potentially convert to a mineral resource with further drilling.Additional priority targets al
96、so identified within the expanded mining lease include a surface geochemical anomaly coincident with gold nuggets recovered from prospecting activity and numerous historical drilling intercepts that require follow-up drilling.Targets outside the current mining lease include the Bollinger prospect,lo
97、cated two kilometres along trend to the north,where assays are currently pending from recently completed field work.REVIEW OF OPERATIONS Alto Metals Limited|2024 Annual Report 24 Figure 19:New granted mining lease M57/665 and existing granted mining lease M57/646 over the Indomitable Camp showing ex
98、isting block models of mineral resources and mineralisation.REVIEW OF OPERATIONS Alto Metals Limited|2024 Annual Report 25 New Mining Lease M57/663 Bull Oak Camp The new mining lease covers the current Bull Oak Mineral Resource of 1.9 Mt at 1.1 g/t gold for 65,000oz and the current Exploration Targe
99、t of 4.6Mt to 8.8 Mt at 1.0 g/t gold to 1.3 g/t gold for 205,000oz 295,000oz(Refer to ASX Announcements 3 April 2023&19 June 2024).The new ML also covers extensive historic workings and additional felsic intrusions in the surrounding area,which the Company considers are significant targets for furth
100、er potential resource growth.Figure 20:New granted mining lease M57/663 over the Bull Oak Camp showing historical drilling and workings.REVIEW OF OPERATIONS Alto Metals Limited|2024 Annual Report 26 Tables 1&2:Optimised and Pit Constrained Mineral Resource Estimate for Sandstone Gold Project Table 1
101、:Total Mineral Resource Estimate for Sandstone Gold Project Mineral Resource Estimate for the Sandstone Gold Project as at March 2023 Classification Cut-off grade(g/t gold)Tonnes(Mt)Grade(g/t gold)Contained gold(koz)Total Indicated 0.5 4.3 1.6 226 Total Inferred 0.5 13.3 1.4 606 TOTAL 0.5 17.6 1.5 8
102、32 Updated Mineral Resources reported at a cut-off grade of 0.5 g/t gold.Mineral Resources for Indomitable are reported at a cut-off grade of 0.3 g/t gold.Minor discrepancies may occur due to rounding of appropriate significant figures.Table 2:Total Mineral Resource Estimate for Sandstone Gold Proje
103、ct(by deposit)Updated Mineral Resources reported at a cut-off grade of 0.5 g/t gold and are constrained within a A$2,500/oz optimised pit shells based on mining parameters and operating costs typical for Australian open pit extraction deposits of a similar scale and geology.Mineral Resources for Lor
104、d Henry,Vanguard Camp,Havilah Camp,Piper,Tiger Moth and Ladybird deposits have not been updated.Minor discrepancies may occur due to rounding of appropriate significant figures.Table 3:Unconstrained Mineral Resources for Sandstone Gold Project,March 2023 Unconstrained Mineral Resources for the Sands
105、tone Gold Project as at March 2023 Classification Cut-off grade(g/t gold)Tonnes(Mt)Grade(g/t gold)Contained gold(koz)Total Indicated 0.5 4.3 1.6 227 Total Inferred 0.5 19.2 1.4 819 TOTAL 0.5 23.5 1.4 1,046 Unconstrained Mineral Resources reported at a cut-off grade of 0.5 g/t gold.Minor discrepancie
106、s may occur due to rounding of significant figures.The references in this announcement to Mineral Resource estimates for the Sandstone Gold Project were reported in accordance with Listing Rule 5.8 in the following announcements:(a):Lord Nelson,Indomitable,Bull Oak release:“Significant increase in s
107、hallow gold resources at Sandstone Gold Project”3 April 2023;(b)Vanguard Camp,Havilah Camp,Lord Henry:release titled:Sandstone Mineral Resource increases to 635,000oz gold 23 March 2022;(c):Indomitable Camp(Piper&Tiger Moth deposits):release Maiden Gold Resource at Indomitable&Vanguard Camps,Sandsto
108、ne WA 25 Sep 2018;and(d):Ladybird:release“Alto increases Total Mineral Resource Estimate to 290,000oz,Sandstone Gold Project”11 June 2019.The Company confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcement note
109、d above and that all material assumptions and technical parameters underpinning the Mineral Resource estimates in the previous market announcement continue to apply and have not materially changed.ProspectCut-OffTonnes(Mt)Grade(g/t)Gold Ounces(koz)Tonnes(Mt)Grade(g/t)Gold Ounces(koz)Tonnes(Mt)Grade(
110、g/t)Gold Ounces(koz)Lord Nelson0.51.52.11003.51.41635.01.6263Lord Henry0.51.61.5770.31.2131.91.490Havilah0.50.91.4380.91.438Maninga Marley0.50.12.680.12.68Havilah Camp0.511.5461.01.546Vanguard0.50.42261.51.6771.91.7103Vanguard North0.50.43.8470.43.847Vanguard Camp0.50.42261.91.61242.32.0150Musketeer
111、0.50.81.5400.81.540Indomitable0.50.80.9232.21.2813.01.1104Indomitable East0.511.1341.01.134Tiger Moth0.50.51.7280.51.728Piper0.50.1140.11.04Indomitable Camp0.50.80.9234.61.11875.41.2210Bull Oak0.51.91.1651.91.165Ladybird0.50.11.980.11.98Total0.54.31.622613.31.460617.61.5832Mineral Resource Estimate
112、for the Sandstone Project-March 2023IndicatedInferredTOTAL REVIEW OF OPERATIONS Alto Metals Limited|2024 Annual Report 27 Forward-Looking Statements This release may include forward-looking statements.Forward-looking statements may generally be identified by the use of forward-looking verbs such as
113、expects,anticipates,believes,plans,projects,intends,estimates,envisages,potential,possible,strategy,goals,objectives,or variations thereof or stating that certain actions,events or results may,could,would,might or will be taken,occur or be achieved,or the negative of any of these terms and similar e
114、xpressions.which are only predictions and are subject to risks,uncertainties and assumptions which are outside the control of Alto Metals Limited.Actual values,results or events may be materially different to those expressed or implied in this release.Given these uncertainties,recipients are caution
115、ed not to place reliance on forward-looking statements.Any forward-looking statements in this release speak only at the date of issue.Subject to any continuing obligations under applicable law and the ASX Listing Rules,Alto Metals Limited does not undertake any obligation to update or revise any inf
116、ormation or any of the forward-looking statements in this release or any changes in events,conditions or circumstances on which any such forward-looking statement is based.Competent Persons Statement The information in this Report that relates to current and historical Exploration Results is based o
117、n information compiled by Mr Michael Kammermann,who is an employee and shareholder of Alto Metals Ltd,and he is also entitled to participate in Altos Employee Incentive Scheme.Mr Kammermann is a Member of the Australian Institute of Geoscientists and has sufficient experience of relevance to the sty
118、les of mineralisation and the types of deposits under consideration,and to the activities undertaken,to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee(JORC)Australasian Code for Reporting of Exploration Results,Mineral Resources and Ore Reserves.Mr K
119、ammermann consents to the inclusion in the report of the matters based on the information in the context in which it appears.Exploration Results The references in this announcement to Exploration Results for the Sandstone Gold Project were reported in accordance with Listing Rule 5.7 in previous ann
120、ouncements.The Company confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcements.DIRECTORS REPORT Alto Metals Limited|2024 Annual Report 28 Your Directors submit their report together with the annual financial s
121、tatements of Alto Metals Limited(the“Company”)and the entity it controlled(together“the Group”)for the year ended 30 June 2024 and the auditors review report thereon.Directors The names of the Directors who held office during or since the end of the year are:Mr Mark Connelly Mr Richard Monti Mr Matt
122、hew Bowles Directors were in office for the entire year unless otherwise stated.Information on Directors Mark Connelly(Non-Executive Chairman)Mark Connelly has a proven track record in the mining industry and over thirty years experience In recent years he was the CEO of Papillon Resources and Adamu
123、s Resources.Both companies were acquired in by way of takeovers with Papillon valued at over USD570m.Papillon was developing the Fekola gold deposit in Mali and Adamus Resources was a gold production company based in Ghana.Prior to this Mark Connelly worked held senior management roles at Inmet Mini
124、ng and Newmont Mining and also as COO at Endeavour Mining following its acquisition of Adamus Resources.Mr Connelly is a Director of Astral Resources NL,Tesoro Gold Ltd,Calidus Resources Limited,Nickel Search Limited,Omnia Metals Limited,BeMetals Corp Inc,Warriedar Resources Limited and Renegade Exp
125、loration Limited.Within the last three years Mr Connelly has been a director of Barton Gold(January 2021 to April 2022),Emmerson plc(July 2018 to June 2021),Tao Commodities Limited(May 2018 to May 2021),Primero Group(April 2018 to February 2021),Oklo Resources Limited(July 2019-May 2022),Chesser Res
126、ources Limited(Jul 2020-Sept 2023).Mr Connelly has the following interest in shares and rights in the Company as at the date of this report 500,000 ordinary shares and 3,000,000 Performance Rights expiring 31 December 2024.Richard Monti(Non-Executive Director)Mr Monti is a geologist with a successfu
127、l career of over 30 years in the international mineral resource industry,resulting in broad industry knowledge and strong strategic planning capabilities.He has first-hand working knowledge of all aspects of the industry.He has been a Director on 15 ASX and TSX listed companies,covering exploration
128、and mining activities.Directorships include four as Chairman and sitting on numerous sub-committees.Mr Monti has held roles at several international and Australian companies including Anaconda Nickel,Azimuth Resources Limited,The North Group and The Normandy Group.He was a founding Director of Azimu
129、th Resources and the architect of the Companys eventual take over for A$190m in 2013.Mr Monti was Principal of Ventnor Capital from 2005 to 2010,a corporate advisory business supplying advice across the commercial and corporate spectrum to junior and mid-size companies.Directorships held in other li
130、sted entities:Boab Metals Ltd,Caravel Minerals Ltd and Nickel X Limited.Within the last three years Mr Monti has been a director of Black Dragon Gold Corp(retired 11 August 2021),Zinc of Ireland NL(May 2018 March 2023).Mr Monti has the following interest in shares and rights in the Company as at the
131、 date of this report 8,542,735 ordinary shares and 3,000,000 Performance Rights expiring 31 December 2024.DIRECTORS REPORT Alto Metals Limited|2024 Annual Report 29 Matthew Bowles(Managing Director and Chief Executive Officer)Mr Bowles is a senior corporate finance executive with extensive corporate
132、 advisory,private equity and capital markets experience within the resources sector.He has a depth of experience in domestic and cross border financing,joint venture and M&A transactions in Africa,the Americas and Australia.Mr Bowles was previously the Chief Development Officer for a West African fo
133、cused gold company.He commenced his career with Rio Tinto where he worked for nine years in various corporate and commercial roles,before moving to London to work in resources banking and finance.Since his return to Australia he has held senior roles with global advisory firms focused on the resourc
134、es sector.Directorships held in other listed entities:Nil.Mr Monti has the following interest in shares and rights in the Company as at the date of this report 9,750,000 ordinary shares and 6,000,000 Performance Rights expiring 31 December 2024.Company Secretary Graeme Smith is a corporate governanc
135、e and finance professional with over 30 years experience in accounting and company administration.He is a Fellow of the Australian Society of Certified Practicing Accountants,the Chartered Governance Institute and the Governance Institute of Australia.He is the principal of Wembley Corporate which p
136、rovides Company Secretarial,CFO,and Corporate Governance services to public companies.Principal Activities The Group is a gold explorer holding a significant land position in the Archaean Sandstone Goldfield approximately 600km north of Perth in the East Murchison Mineral Field of Western Australia.
137、The Sandstone Gold Project is an advanced exploration project which comprises both brown-field and green-field exploration portfolio.The current mineral resource base of the Sandstone Gold Project consists of 17.6Mt at 1.5 g/t Au for 832,000oz of gold(Indicated and Inferred,JORC 2012)capturing over
138、80%of the unconstrained total MRE of 1.05Moz.Refer to Mineral Resource Table.Altos immediate focus is to rapidly expand the current mineral resources with further exploration and step out and infill drilling.The Priority targets are shallow gold deposits that could be profitably mined through establ
139、ishment of standalone oxide and primary gold mining operations at Sandstone.Refer to the Operations Report for details of the Groups exploration activities during the year Operating Results The consolidated loss of the Group after providing for income tax amounted to$1,896,749(2023:$2,528,144).Finan
140、cial Position The net assets of the Group at 30 June 2024 are$32,225,682(2023:$28,735,880).The cash and cash equivalent of the Group at 30 June 2024 are$1,916,608(2023:1,075,068).Risk Management The Board is responsible for ensuring that risks,and also opportunities,are identified on a timely basis
141、and that activities are aligned with the risks and opportunities identified by the Board.The Board believes that it is crucial for all Board members to be a part of this process,and as such the Board has not established a separate risk management committee.The Board has a number of mechanisms in pla
142、ce to ensure that managements objectives and activities are aligned with the risks identified by the Board.These include the following:Board approval of a strategic plan,which encompasses strategy statements designed to meet stakeholders needs and manage business risk.Implementation of Board approve
143、d operating plans and budgets and Board monitoring of progress against these budgets.DIRECTORS REPORT Alto Metals Limited|2024 Annual Report 30 Exploration Risk Mineral exploration and development are high-risk undertakings,and there is no assurance that exploration of the tenements will result in t
144、he discovery of an economic deposit.Even if an apparently viable deposit is identified there is no guarantee that it can be economically exploited.The future exploration activities of the Group may be affected by a range of factors including geological conditions,limitations on activities due to per
145、mitting requirements,availability of appropriate exploration equipment,exploration costs,seasonal weather patterns,unanticipated operational and technical difficulties,industrial and environmental accidents and many other factors beyond the control of the Group.Material Business Risks The objective
146、of the Company is to create long-term shareholder value through the discovery,development,and acquisition of technically and economically viable mineral deposits.To date,the Company has not commenced production of any minerals,The material business risks faced by the Company that could have an effec
147、t on the Companys future prospects,and how the Company manages these risks include:The Company may not identify an economic deposit Despite positive exploration results on a number of projects,current and potential investors should understand that mineral exploration,development and mining are high-
148、risk enterprises,only occasionally providing high rewards.The success of the Company also depends,among other things on successful exploration and/or acquisition of resources,securing and maintaining title to tenements and consents,in accordance with budgets and successful management of Altos operat
149、ions.Exploration and mining activities may also be hampered by force majeure circumstances,land claims and unforeseen mining problems.There is no assurance that exploration and development of the mineral interests owned by the Company,or any other projects that may be acquired in the future,will res
150、ult in the discovery of mineral deposits which are capable of being exploited economically.Even if an apparently viable deposit is identified,there is no guarantee that it can be profitably exploited.If such commercial viability is never attained,the Company may seek to transfer its property interes
151、ts or otherwise realise value,or the Company may even be required to abandon its business and fail as a“going concern”.The Companys exploration activities being delayed due to lack of available equipment and services The exploration activities of the Company requires the involvement of a number of t
152、hird parties,including drilling contractors,assay laboratories,consultants,other contractors,and suppliers.Demand for drilling equipment and exploration related services in Western Australia fluctuates and can result in higher exploration costs,delays in completing the Companys exploration activitie
153、s,and delays in the assessment and reporting of the results.Should there continue to be high demand for exploration equipment and related services continue,there may be delays in undertaking exploration activities,which may result in increased exploration costs and/or increased working capital requi
154、rements for the Company which may have a material impact on the Companys operations and performance.The Companys operations will require further capital The exploration and any development of the Companys exploration properties will require substantial additional financing.Failure to obtain sufficie
155、nt financing may result in delaying,or the indefinite postponement of exploration and development of the Companys properties or even a loss of property interest.There can be no assurance that additional capital or other types of financing will be available if needed or that,if available,the terms of
156、 such financing will be favourable to the Company.The Company may be adversely affected by fluctuations in commodity prices The price of commodities fluctuates widely and are affected by numerous factors beyond the control of the Company.Future production,if any,from the Companys mineral properties
157、will depend on the price of commodities being adequate to make these properties economic.The Company currently does not engage in any hedging or derivative transactions to manage commodity price risk.As the Companys operations change,this policy will be reviewed periodically.Global financial conditi
158、ons may adversely affect the Companys growth and profitability Many industries,including the mineral resource industry,are impacted by financial;market conditions.Some of the key impacts include contraction in credit markets resulting in a widening of credit risk,devaluations and high volatility in
159、global equity markets,commodity prices,foreign exchange fluctuations and precious metal markets,and a lack of market liquidity.Due to the current nature of the Companys activities,a slowdown in financial DIRECTORS REPORT Alto Metals Limited|2024 Annual Report 31 markets or other economic conditions
160、may adversely affect the Companys growth and ability to finance its activities.Significant Changes in State of Affairs There were no significant changes in the state of affairs of the Group other than as referred to elsewhere in this report and in the financial statements and notes attached thereto.
161、Share Placement During the year,Alto undertook the following share placements:A share placement totalling 101.4 million shares raising$5.3 million;Director placement of 1.9 million shares raising$100,000.5.4 million shares were issued through the conversion of performance rights and 8.1 million shar
162、es were issued for the performance of services worth$420,000 Significant Events After the Reporting Date On 1 August 2024,Alto announced that it had entered into a Scheme Implementation Deed with Brightstar under the terms of which Brightstar will acquire all of the issued shares in Alto by way of a
163、 Court approved scheme of arrangement between Alto and its shareholders(Scheme),for consideration of four(4)New Brightstar Shares for every one(1)Alto Share held by a Scheme Shareholder.As at the date of this report,the proposed scheme valued Alto shares at$0.068 each and the Company as a whole at$4
164、9 million.No other matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Group,the results of those operations,or the state of affairs of the Group in future financial years.Likely Developments and Expe
165、cted Results The Group expects to maintain the present status and level of operations and hence there are no likely developments in the Groups operations.Environmental Regulation and Performance The Group is subject to significant environmental regulation in respect to its exploration activities.The
166、 Group aims to ensure the appropriate standard of environmental care is achieved,and in doing so,that it is aware of and is in compliance with all environmental legislation.The Directors of the Company are not aware of any breach of environmental legislation for the year under review.Dividends Paid
167、or Recommended No dividend has been paid or recommended.Meetings of Directors During the financial period,the following meetings of Directors were held.Attendances by each Director during the period were as follows:Directors Meetings Number eligible to attend Number attended M Connelly 4 4 M Bowles
168、4 4 R Monti 4 4 DIRECTORS REPORT Alto Metals Limited|2024 Annual Report 32 Performance Rights At the date of this report,the following performance rights were on issue over ordinary shares of the Company.Date performance rights granted Number of unissued shares under rights Expiry date of rights 12
169、December 2022 18,250,000 12 December 2026 Total performance rights on issue 18,250,000 Indemnifying Officers or Auditor During or since the end of the financial period,the Company has given an indemnity or entered into an agreement to indemnify,or paid or agreed to pay insurance premiums as follows:
170、The Company has entered into agreements to indemnify all Directors and provide access to documents,against any liability arising from a claim brought by a third party against the Company.The agreement provides for the Company to pay all damages and costs which may be awarded against the Directors.Th
171、e Company has paid premiums to insure each of the Directors against liabilities for costs and expenses incurred by them in defending any legal proceedings arising out of their conduct while acting in the capacity of Director of the Company,other than conduct involving a wilful breach of duty in rela
172、tion to the Company.The amount of the premium was$16,096(2023:$15,406).No indemnity has been given to the Groups auditors.Non-audit Services The following non-audit services were provided by the Groups auditor,Pitcher Partners BA&A Pty Ltd,or associated entities.The Directors are satisfied that the
173、provision of non-audit services is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001.The Directors are satisfied that the provision of non-audit services by the auditor,as set out below,did not compromise the auditor independence requirements of t
174、he Corporations Act 2001 for the following reasons:All non-audit services have been reviewed by the board to ensure they do not impact the impartiality and objectivity of the auditor;None of the services undermine the general principles relating to auditor independence as set out in APES 110 Code of
175、 Ethics for Professional Accountants(including Independence Standards).Pitcher Partners BA&A Pty Ltd,or associated entities,received or are due to receive the following amounts for the provision of non-audit services:2024 2023$Tax compliance services 4,900 5,000 DIRECTORS REPORT Alto Metals Limited|
176、2024 Annual Report 33 REMUNERATION REPORT(AUDITED)This report details the nature and amount of each element of the remuneration of each of the key management personnel(“KMP”)of the Group(defined as“Directors”,both Non-Executive and Executive).A.Remuneration Policy The remuneration policy of Alto Met
177、als Limited has been designed to align Directors objectives with shareholder and business objectives by providing a fixed remuneration component,and offering specific long-term incentives based on key performance areas affecting the Groups financial results.The Board believes the remuneration policy
178、 to be appropriate and effective in its ability to attract and retain the best Directors to run and manage the Group,as well as create goal congruence between Directors and shareholders.The Boards policy for determining the nature and amount of remuneration for Directors of the Company is as follows
179、:The remuneration policy,setting the terms and conditions for the Managing Director(“MD”),was developed and approved by the Board.The MD receives a base salary(which is based on factors such as length of service and experience)and superannuation.The Board reviews the MDs package periodically by refe
180、rence to the Groups performance,the MDs performance,and comparable information from industry sectors and other listed companies in similar industries.The MD is also entitled to participate in the employee share and option arrangements.All remuneration paid to Directors is valued at the cost to the C
181、ompany and expensed.Options given to Directors are valued using the Black-Scholes methodology.The Board policy is to remunerate Non-Executive Directors at the lower end of market rates for comparable companies for time,commitment,and responsibilities.The Board determines payments to the Non-Executiv
182、e Directors and reviews their remuneration periodically based on market practice,duties and accountability.Independent external advice is sought when required.The maximum aggregate amount of fees that can be paid to Non-Executive Directors is subject to approval by shareholders at the Annual General
183、 Meeting.Fees for Non-Executive Directors are not linked to the performance of the Group.To align Directors interests with shareholder interests,the Non-Executive Directors are encouraged to hold shares in the Company.The remuneration policy has been tailored to increase the direct positive relation
184、ship between shareholders investment objectives and KMPs performance.The Group believes this policy will be effective in increasing shareholder wealth.There is no direct link between remuneration paid to Non-Executive Directors and corporate performance.From time to time,the Board may issue,at its d
185、iscretion,issue performance rights or incentive options to KMP which are intended to align the interests of the KMP with those of Shareholders.Use of remuneration consultants The Group did not employ the services of any remuneration consultants during the financial period ended 30 June 2024.Voting a
186、nd comments made at the Companys 2023 Annual General Meeting(“AGM”)The Company received 90.8%of“yes”votes based on the number of proxy votes received on its remuneration report for the 2023 financial year.The Company did not receive any specific feedback at the AGM or throughout the year on its remu
187、neration practices.DIRECTORS REPORT Alto Metals Limited|2024 Annual Report 34 B.Details of Remuneration for Period Ended 30 June 2024 The following table outlines benefits and payment details,in respect to the financial year,as well as the components of remuneration for each member of the KMP of the
188、 Group.Table of Benefits and Payments for the Period Ended 30 June 2024 Short-term benefits Post-employment benefits Equity-settled share-based payments Salary,fees and leave Cash bonuses Superannuation Performance Rights*Total Remuneration performance based$%2024 M Connelly 60,000-6,600 45,414 112,
189、014 41%R Monti 48,000-5,280 58,278 111,558 52%M Bowles 329,365-27,500 99,668 456,533 22%437,365-39,380 203,360 680,105 30%2023 M Connelly 42,500-9,228 148,877 200,605 74%R Monti 48,000-5,040 166,490 219,530 76%M Bowles 315,326-27,835 310,583 653,744 48%T Wheeler 15,221-1,598 14,932 31,751 47%J Wang
190、16,666-14,932 31,598 47%437,713-43,701 655,814 1,137,228 58%*Performance righs issued in previous years Equity instrument disclosures relating to KMP Ordinary Shares The number of ordinary shares held by each KMP of the Group during the financial period is as follows:Balance at the start of the peri
191、od Conversion of Performance Rights1 Changes during the period Balance at the end of the period 2024 Ordinary Shares M Connelly-500,000-500,000 R Monti 5,369,658 1,250,000 1,923,0772 8,542,735 M Bowles 8,000,000 1,750,000-9,750,000 Total 13,369,658 3,500,000 1,923,077 18,792,735 1NIL is paid on the
192、conversion of performance rights to ordinary shares 2 On 28 December 2023,1,923,077 ordinary shares were issued at$0.052 per share as part of Mr.Montis participation in the Share Placement as approved by the shareholders on 28 December 2023.DIRECTORS REPORT Alto Metals Limited|2024 Annual Report 35
193、Options The number of options on issue over ordinary shares of the Company held by each KMP of the Group during the financial period is as follows:Balance at the start of the period Options expired during the period Balance at the end of the period Vested and exercisable 2024 Unlisted Options M Conn
194、elly-R Monti-M Bowles 7,500,000(7,500,000)-Total 7,500,000(7,500,000)-Performance Rights The number of performance rights in Alto Metals Limited held by each KMP of the Company during the financial period is as follows:Balance at the start of the period Issued during the period Converted during the
195、period Balance at the end of the period Vested and exercisable 2024 Performance Rights M Connelly 3,500,000-(500,000)3,000,000-R Monti 4,250,000-(1,250,000)3,000,000-M Bowles 7,750,000-(1,750,000)6,000,000-Total 15,500,000-(3,500,000)12,000,000-Service Agreements The Group has a formal employment co
196、ntracts with Matthew Bowles.The employment contract for Mr Bowles has no fixed term and does not prescribe how remuneration levels are to be modified from year to year.A summary of the main provisions of these contracts for the year ended 30 June 2024 are set out below:NAME TERMS Matthew Bowles (Man
197、aging Director and CEO)Base salary of$329,365(exclusive of superannuation contributions),reviewed annually.6 months notice by Mr.Bowles.12 months by Company Termination payments to reflect appropriate notice,except in cases of termination for cause.Mr.Bowles shall be eligible to participate in any S
198、hort Term or Long Term Incentive Schemes that the Company may offer.DIRECTORS REPORT Alto Metals Limited|2024 Annual Report 36 C.Share-based compensation Incentive Option Scheme Options,where appropriate,may be granted under the Alto Metals Limited Employee Share Option Plan(“ESOP”).Options are gran
199、ted under the plan for no consideration on terms and conditions considered appropriate by the Board at the time of issue.Options are granted for up to a five year period.Options granted under the plan carry no dividend or voting rights.The ability for the employee to exercise the options is restrict
200、ed in accordance with the terms and conditions detailed in the ESOP.Each option will automatically lapse if not exercised within five years of the date of issue.The exercise period may also be affected by other events as detailed in the terms and conditions in the ESOP.The options vest as specified
201、when the options are issued.Long term incentive rights(LTI)LTI rights to directors and employees are delivered under an Employee Share Plan(the“Plan”)that was adopted by the Group pursuant to approval by shareholders at the Annual General Meeting held of 30th November 2022.A material feature of the
202、Plan is that the issue of ordinary shares to directors and employees can be by way of provision of a limited-recourse,interest free loan,to be used for the purpose of subscribing for the shares.The offer of a limited-recourse,interest free loan is based on a share price not less than the volume weig
203、hted average price at which shares are traded on the ASX over the 10 trading days up to and including the date of the issue of shares offered under the Plan,or such other price as the Board of Directors determines.The term of each loan will be 3 years from the date of issue of the shares,subject to
204、the earlier repayment in accordance with the terms of the Plan.After subscription,the shares are issued as ordinary shares,and the directors and employees enjoy the same rights and benefits as other shareholders,apart from any vesting conditions that are attached and the fact the shares cannot be so
205、ld until the loan is settled.Shares may be issued subject to vesting conditions relating to achievement of milestones(such as period of employment)or escrow restrictions which must be satisfied before the shares can be sold,transferred,or encumbered.The nature of the Plan is to provide an incentive
206、to cause the share price to rise over the term of a directors and employees service,as well as retaining the directors and employees service,and hence there are no specific performance conditions attaching to these shares.The shares are considered to be“in substance options”or“long-term incentive ri
207、ghts”(“LTI rights”)under generally accepted accounting principles,and accordingly are accounted for similar to options.The fair value of the LTI rights is estimated as at the date of grant using the Black Scholes model taking into account the terms and conditions upon which the LTI rights are grante
208、d and factors such as the share price at grant date,volatility of the share price and risk free rate.Accounting standards require the value of the LTI rights to be brought to account over the expected term of vesting the benefits to the holder.DIRECTORS REPORT Alto Metals Limited|2024 Annual Report
209、37 D.Other Transactions with Directors and Key Management Personnel During the year,BB Consulting&Communications,an entity related to the spouse of M Bowles,a Director of the Group,provided social media consulting services to the Group.All fees paid for such services were at market rates and on a no
210、rmal arms length basis.Total fees paid during the year were$36,190(2023:$42,490).As at 30 June 2024$Nil(2023:$Nil)was payable to BB Consulting&Communications.Other than noted elsewhere in this report,no significant related party transactions have arisen during the year ended 30 June 2024.Groups Perf
211、ormance The table below sets out information about the Groups earnings and movements in shareholder wealth for the past five years up to and including the current financial year.2024 2023 2022 2021 2020 Net loss after tax($)*(1,896,749)(2,528,144)(2,296,096)(1,810,766)(1,393,043)Basic loss per share
212、(cents)*(0.27)(0.44)(0.47)(0.46)(0.48)Share Price at year end(cents)3.0 6.0 7.0 9.3 6.8*Historical results have not been assessed and adjusted for the impact of new accounting standards.-End of Audited Remuneration Report-Alto Metals Limited|2024 Annual Report 38 Auditors Independence Declaration Th
213、e lead auditors independence declaration for the period ended 30 June 2022 has been received and can be found on the following page.This Report of the Directors,incorporating the Remuneration Report,is signed in accordance with a resolution of the Board of Directors on 30 September 2024.Rounding amo
214、unts In accordance with ASIC Corporations(Rounding in Financial/Directors Reports)Instrument 2016/191,the amounts in the directors report and in the financial report have been rounded to the nearest dollar.PROCEEDINGS ON BEHALF OF THE GROUP No person has applied to the Court under section 237 of the
215、 Corporations Act 2001 for leave to bring proceedings on behalf of the Group,or to intervene in any proceedings to which the Group is a party,for the purpose of taking responsibility on behalf of the Group for all or part of those proceedings.No proceedings have been brought or intervened in on beha
216、lf of the Group with leave of the Court under section 237 of the Corporations Act 2001.Mark Connelly Non-Executive Chairman Dated this 30th day of September 2024 AUDITORS INDEPENDENCE DECLARATION TO THE DIRECTORS OF ALTO METALS LIMITED AND ITS CONTROLLED ENTITIES In accordance with section 307C of t
217、he Corporations Act 2001,I declare to the best of my knowledge and belief in relation to the audit of the financial report of Alto Metals Limited and its controlled entities for the year ended 30 June 2024,there have been:no contraventions of the auditor independence requirements of the Corporations
218、 Act 2001 in relation to the audit;and no contraventions of the ethical requirements of the Accounting Professional and Ethical Standards Boards APES 110 Code of Ethics for Professional Accountants(including Independence Standards)in relation to the audit.This declaration is in respect of Alto Metal
219、s Limited and the entities it controlled during the year.PITCHER PARTNERS BA&A PTY LTD PAUL MULLIGAN Executive Director Perth,30 September 2024 Alto Metals Limited|2024 Annual Report 40 The accompanying notes form part of these financial statements.for the period ended 30 June 2024Note20242023$Other
220、 income71,90795,457Consulting expense(124,162)(80,421)Depreciation(138,694)(85,077)Employee benefits expense2(769,165)(646,481)Exploration&Evaluation expenses(77,338)(78,853)Investor relations(86,826)(193,809)Office rental and occupation expenses(56,495)(88,591)Share based payments3(319,052)(987,953
221、)Share registry and listing fees(100,095)(110,267)Other expenses4(296,829)(352,149)Loss before income tax(1,896,749)(2,528,144)Income tax(expense)/benefit5-Loss for the year(1,896,749)(2,528,144)Other comprehensive income,net of taxItems not to be reclassified to profit or loss in subsequent periods
222、Changes in the fair value of equity instruments carried at fair value through other comprehensive income9 (2,500)(10,000)Other comprehensive income/(loss)for the period (2,500)(10,000)Total comprehensive loss attributable to members of the parent entity(1,899,249)(2,538,144)Basic&Diluted loss per sh
223、are(cents per share)7(0.27)(0.44)CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Alto Metals Limited|2024 Annual Report 41 The accompanying notes form part of these financial statements.as at 30 June 2024Note20242023$Current AssetsCash and cash equivalents81,916,6081,075,068T
224、rade and other receivables95,51670,133Prepayments-15,430Total Current Assets2,012,1241,160,631Non-Current AssetsEquity instruments at fair value7,50010,000 Property,plant and equipment161,362187,071Right of Use Assets151,689 233,462 Exploration and evaluation1030,892,52628,720,181Total Non-Current A
225、ssets31,213,07729,150,714TOTAL ASSETS33,225,20130,311,345Current LiabilitiesTrade and other payables11678,9451,162,043Lease liability111,405 89,036 Provisions146,337172,890Total Current Liabilities936,6871,423,969Non-Current LiabilitiesLease liability62,832151,496Total Non-Current Liabilities62,8321
226、51,496TOTAL LIABILITIES999,5191,575,465NET ASSETS32,225,68228,735,880EquityIssued capital1253,688,20048,105,200Reserves13924,0231,436,858Accumulated losses(22,386,541)(20,806,178)TOTAL EQUITY32,225,68228,735,880CONSOLIDATED STATEMENT OF FINANCIAL POSITION Alto Metals Limited|2024 Annual Report 42 Th
227、e accompanying notes form part of these financial statements.for the year ended 30 June 2024Issued CapitalShare Based Payments ReserveEquity Instruments at FVOCI ReserveAccumulated LossesTotal$Balance at 1 July 202242,563,6591,189,023(32,500)(18,325,653)25,394,529Loss attributable to members of the
228、entity for the periodLoss for the period -(2,528,144)(2,528,144)Other comprehensive income,net of tax -(10,000)-(10,000)Total comprehensive loss for the period-(10,000)(2,528,144)(2,538,144)Transaction with owners,directly in equityShares issued during the half-year5,738,069(650,000)-5,088,069Perfor
229、mance Rights expense during the half-year -940,335 -47,619 987,954Share issue transaction costs(196,528)-(196,528)Balance at 30 June 202348,105,2001,479,358(42,500)(20,806,178)28,735,880Balance at 1 July 202348,105,2001,479,358(42,500)(20,806,178)28,735,880Loss attributable to members of the entity
230、for the periodLoss for the period -(1,896,749)(1,896,749)Other comprehensive income,net of tax -(2,500)-(2,500)Total comprehensive loss for the period-(2,500)(1,896,749)(1,899,249)Transaction with owners,directly in equityShares issued during the half-year5,885,000(513,000)-5,372,000 Rights expense
231、during theyear -2,665 -316,386 319,051Share issue transaction costs(302,000)-(302,000)Balance at 30 June 202453,688,200969,023(45,000)(22,386,541)32,225,682CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Alto Metals Limited|2024 Annual Report 43 The accompanying notes form part of these financial statem
232、ents.for the period ended 30 JuneNote20242023$CASH FLOWS FROM OPERATING ACTIVITIESInterest received6,82118,017Payments to suppliers and employees(1,602,135)(1,459,793)Other receipts65,08677,440Net cash used in operating activities14a(1,530,228)(1,364,336)CASH FLOWS FROM INVESTING ACTIVITIESPurchase
233、of property,plant and equipment(1,544)(1,928)Payments for exploration and evaluation expenditure(2,125,643)(5,691,679)Net cash used in investing activities(2,127,187)(5,693,607)CASH FLOWS FROM FINANCING ACTIVITIESProceeds from issue of shares during the period4,952,0005,088,070Costs associated with
234、shares issued during the period(346,000)(152,528)Payment of lease liabilities(107,045)(58,871)Net cash provided by financing activities4,498,9554,876,671Net increase in cash and cash equivalents held841,540(2,181,272)Cash and cash equivalents at beginning of the period1,075,0683,256,340Cash and cash
235、 equivalents at the end of the half-year 81,916,6081,075,068CONSOLIDATED STATEMENT OF CASH FLOWSNOTES TO THE FINANCIAL STATEMENTS Alto Metals Limited|2024 Annual Report 44 NOTE 1:STATEMENT OF MATERIAL ACCOUNTING POLICY INFORMATION The financial report includes the consolidated financial statements a
236、nd notes of Alto Metals Limited(“the Company”)and controlled entities(“the Group”).Alto Metals Limited is a listed public company,incorporated and domiciled in Australia.The financial information is presented in Australian dollars.Basis of Preparation These general purpose financial statements have
237、been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board(“AASB”)and the Corporations Act 2001.Alto Metals Limited is a for-profit entity for the purpose of preparing the financial statements.Compliance with Australian Ac
238、counting Standards ensures that the financial statements and notes also comply with International Financial Reporting Standards.Material accounting policies adopted in the preparation of this financial report are presented below.They have been consistently applied unless otherwise stated.The financi
239、al report has been prepared on an accruals basis and is based on historical costs,modified,where applicable,by the measurement at fair value of investments.The financial statements were authorised for issue by the Directors on 30 September 2024.Rounding amounts In accordance with ASIC Corporations(R
240、ounding in Financial/Directors Reports)Instrument 2016/191,the amounts in the directors report and in the financial report have been rounded to the nearest dollar.Going concern The financial report has been prepared on the basis of accounting principles applicable to a going concern,which assumes th
241、e commercial realisation of the future potential of the Groups assets and the discharge of their liabilities in the normal course of business.As disclosed in the financial report,the Group recorded an operating loss of$1,896,749(2023:$2,528,144),net current assets of$1,075,437(2023:net current liabi
242、lities of$263,338),net cash outflows used in operating activities of$1,530,228(2023:$1,364,336),net cash outflows used in investing activities of$2,127,187(2023:$5,693,607)and had cash and cash equivalents of$1,916,608(2023:$1,075,068)for the year ended 30 June 2024.The Board considers that the Grou
243、p is a going concern.In arriving at this position the Directors have had regard to the fact that based on the matters noted below the Group has,or in the Directors opinion,will have access to,sufficient cash to fund administrative and other committed expenditure for a period of at least 12 months fr
244、om the date of signing this report.Specifically,the Directors conclusion is supported by the following:The Group has the ability to curtail administrative,discretionary exploration and overhead cash outflows as and when required;and The Group has a history of successfully raising funds as and when r
245、equired.Subsequent to year end,the Group entered into a Scheme Implementation Deed with Brightstar where Brightstar agreed to advance a loan facility to the Group in an aggregate amount of$2,000,000 to assist the Group to fund its short-term working capital needs.On this basis no adjustments have be
246、en made to the financial report relating to the recoverability and classification of the carrying amount of assets or the amount and classification of liabilities that might be necessary should the Group not continue as a going concern.Accordingly,the financial report has been prepared on a going co
247、ncern basis.(A)PRINCIPLES OF CONSOLIDATION The consolidated financial statements incorporate all of the assets,liabilities and results of the parent Alto Metals Limited and its subsidiary.A list of the subsidiaries is provided in Note 19.NOTES TO THE FINANCIAL STATEMENTS Alto Metals Limited|2024 Ann
248、ual Report 45 NOTE 1:STATEMENT OF MATERIAL ACCOUNTING POLICIES(continued)The assets,liabilities and results of all subsidiaries are fully consolidated into the financial statements of the Group from the date on which control is obtained by the Group.Intercompany transactions,balances and unrealised
249、gains or losses on transactions between group entities are fully eliminated on consolidation.Accounting policies of subsidiaries have been changed and adjustments made where necessary to ensure uniformity of the accounting policies adopted by the Group.(B)INCOME TAX Deferred tax assets and liabiliti
250、es are ascertained based on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements.Deferred tax assets also result where amounts have been fully expensed but future tax deductions are available.No deferred income tax will
251、be recognised from the initial recognition of an asset or liability,excluding a business combination,where there is no effect on accounting or taxable profit or loss.Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period when the asset is realise
252、d or the liability is settled,based on tax rates enacted or substantively enacted at the end of the reporting period.Their measurement also reflects the manner in which management expects to recover or settle the carrying amount of the related asset or liability.Deferred tax assets relating to tempo
253、rary differences and unused tax losses are recognised only to the extent that it is probable that future taxable profit will be available against which the benefits of the deferred tax asset can be utilised.Where temporary differences exist in relation to investments in subsidiaries,branches,associa
254、tes,and joint ventures,deferred tax assets and liabilities are not recognised where the timing of the reversal of the temporary difference can be controlled and it is not probable that the reversal will occur in the foreseeable future.Deferred tax assets and liabilities are offset where a legally en
255、forceable right of set-off exists,the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where it is intended that net settlement or simultaneous realisation and settlement of the respective
256、 asset and liability will occur in future periods in which significant amounts of deferred tax assets or liabilities are expected to be recovered or settled.(C)EXPLORATION&EVALUATION EXPENDITURE Exploration and evaluation expenditure incurred is accumulated in respect of each identifiable area of in
257、terest.These costs are only carried forward to the extent that they are expected to be recouped through the successful development of the area or where activities in the area have not yet reached a stage that permits reasonable assessment of the existence of economically recoverable reserves.Accumul
258、ated costs in relation to an abandoned area are written off in full against profit in the period in which the decision to abandon the area is made.When production commences,the accumulated costs for the relevant area of interest are amortised over the life of the area according to the rate of deplet
259、ion of the economically recoverable reserves.A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest.The Company receives research and development(“R&D”)grants from the Australian Taxation Offi
260、ce.Where an R&D rebate can be directly attributable to an area of interest the R&D rebate is applied against the area of interest.For any amounts that cannot be directly attributable to an existing area of interest the amount will be recognised as grant income in profit or loss.(D)IMPAIRMENT OF NON-
261、FINANCIAL ASSETS At each 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 out on t
262、he asset by comparing the recoverable amount of the asset,being the higher of the assets fair value less costs to sell and value in use,to the assets carrying value.Any excess of the assets carrying value over its recoverable amount is expensed to profit or loss.NOTES TO THE FINANCIAL STATEMENTS Alt
263、o Metals Limited|2024 Annual Report 46 NOTE 1:STATEMENT OF MATERIAL ACCOUNTING POLICIES(continued)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.(E)EMPLOYEE BENEFITS
264、Provisions for short-term employee benefits,including annual leave that are expected to be settled wholly within twelve months after the end of the reporting period,are measured at the(undiscounted)amount of the benefit expected to be paid.Provisions for other long-term employee benefits,including l
265、ong service leave and annual leave that are not expected to be settled wholly within twelve months after the end of the reporting period,are measured at the present value of the expected benefit to be paid in respect of the services provided by employees up to the reporting date.Performance Rights T
266、he Company measures the value of its performance rights using a Black&Scholes valuation on the date of granting of the rights.The Company then determines the probability that performance conditions attaching to the rights will be met and the rights will convert.Where the probability is greater than
267、50%,the full value is assigned to the rights.Where the probability is less than 50%,no value is assigned to the rights.The value of the rights are then amortised into expense evenly over the service period to the date of expiry,resulting in a share based payment expense in profit or loss and accumul
268、ating in the Share based payment reserve in equity on the Consolidated Statement of Financial Position.(F)CASH AND CASH EQUIVALENTS Cash and cash equivalents includes cash on hand,deposits held at call with banks,other short-term highly liquid investments with original maturities of three months or
269、less,and bank overdrafts.Bank overdrafts are shown within short-term borrowings in current liabilities on the Consolidated Statement of Financial Position.(G)TRADE AND OTHER PAYABLES Trade and other payables represent the liability outstanding at the end of the reporting period for goods and service
270、s received by the Group during the reporting period which remains unpaid.The balance is recognised as a current liability with the amount being normally paid within 30 days of recognition of the liability.(H)CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS The Directors evaluate estimates and judgments i
271、ncorporated into the financial report based on historical knowledge and best available current information that can significantly affect the amounts recognised in the financial statements.Estimates assume a reasonable expectation of future events and are based on current trends and economic data,obt
272、ained both externally and within the Group.Outcomes within the next financial year that are different from the assumptions made could require a material adjustment to the carrying amounts of the specific assets and liabilities affected by the assumptions.The key assumptions about the future,and othe
273、r major sources of estimation uncertainty at the reporting date,that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year are outlined below.NOTES TO THE FINANCIAL STATEMENTS Alto Metals Limited|2024 Annual Rep
274、ort 47 NOTE 1:STATEMENT OF MATERIAL ACCOUNTING POLICIES(continued)Key Estimates Impairment of Assets The Group assesses impairment at each reporting date by evaluating conditions specific to the Group that may lead to impairment of assets.Where an impairment trigger exists,the recoverable amount of
275、the asset is determined.In determining the recoverable amount of assets,in the absence of quoted market prices,estimations are made regarding the present value of future cash flows using asset-specific discount rates and the recoverable amount of the asset is determined.Value-in-use calculations per
276、formed in assessing recoverable amounts incorporate a number of key estimates.No impairment has been recorded for the year ended 30 June 2024.Key Estimates Share-based payments(Refer to note 3)The Group measures the cost of equity settled share-based payments(including options and rights issued)at f
277、air value at the grant date using the Black Scholes model taking into account the exercise price,the term of the option,the impact of dilution,the share price at grant date,the expected volatility of the underlying share,the expected dividend yield and risk free interest rate for the term of the opt
278、ion.Key Judgments Benefit from Deferred Tax Losses(Refer to note 4)Potential deferred tax assets attributable to tax losses and exploration expenditure carried forward have not been brought to account at 30 June 2024 because the Directors do not believe it is appropriate to regard realisation of the
279、 deferred tax assets as probable at this point in time.These benefits will only be obtained if:the Group derives future assessable income of a nature and of an amount sufficient to enable the benefit from the deductions for the loss and exploration expenditure to be realised;the Group continues to c
280、omply with conditions for deductibility imposed by law;and no changes in tax legislation adversely affect the Group in realising the benefit from the deductions for the loss and exploration expenditure.(I)NEW ACCOUNTING STANDARDS AND INTERPRETATIONS The Group has adopted all of the new or amended Ac
281、counting Standards and Interpretations issued by the Australian Accounting Standards Board(AASB)that are mandatory for the current reporting period.There is no material impact on any new or amended Accounting Standards and Interpretations adopted by the Group.Any new or amended Accounting Standards
282、or Interpretations that are not yet mandatory have not been early adopted.The following relevant standards and interpretations have been issued by the AASB but are not yet effective for the year ending 30 June 2024:AASB 2020-1:Amendments to Australian Accounting Standards Classification of Liabiliti
283、es as Current or Non-current,AASB 2020-6 Amendments to Australian Accounting Standards Classification of Liabilities as Current or Non-current Deferral of Effective Date AASB 2020-1 amends AASB 101 Presentation of Financial Statements to clarify requirements for the presentation of liabilities in th
284、e statement of financial position as current or non-current.It requires a liability to be classified as current when entities do not have a substantive right to defer settlement at the end of the reporting period.AASB 2020-1 mandatorily applies to annual reporting periods beginning on or after 1 Jan
285、uary 2024(as amended by AASB 2022-6 and AASB 2020-6)and will first be applied by the Group in the financial year commencing 1 July 2024.The likely impact of this accounting standard on the financial statements of the Group has not been determined.NOTES TO THE FINANCIAL STATEMENTS Alto Metals Limited
286、|2024 Annual Report 48 NOTE 1:STATEMENT OF MATERIAL ACCOUNTING POLICIES(continued)AASB 18:Presentation and Disclosure in Financial Statements AASB 18 replaces AASB 101 Presentation of Financial Statements to improve how entities communicate in their financial statements,with a focus on information a
287、bout financial performance in the profit or loss.AASB 18 has also introduced changes to other accounting standards including AASB 108 Basis of Preparation of Financial Statements(previously titled Accounting Policies,Changes in Accounting Estimates and Errors),AASB 7 Financial Instruments:Disclosure
288、s,AASB 107 Statement of Cash Flows,AASB 133 Earnings Per Share and AASB 134 Interim Financial Reporting.The key presentation and disclosure requirements are:(a)the presentation of two newly defined subtotals in the statement or profit or loss,and the classification of income and expenses into operat
289、ing,investing and financing categories plus income taxes and discontinuing operations;(b)the disclosure of management-defined performance measures;and(c)enhanced requirements for grouping(aggregation and disaggregation)of information.AASB 18 mandatorily applies to annual reporting periods commencing
290、 on or after 1 January 2027 for for-profit entities.It will be first applied by the Group in the financial year commencing 1 July 2027.The likely impact of this accounting standard on the financial statements of the Group has not been determined.NOTE 2:EMPLOYEE BENEFITS EXPENSE 2024 2023$Salary,Wage
291、s&Director Fees 1,257,120 1,240,607 Superannuation 118,804 123,533 Provision for leave(26,552)22,325 Taxes 29,132 28,847 Salary&superannuation transferred to Capitalised Exploration(609,339)(768,831)(769,165)646,481 NOTE 3:SHARE-BASED PAYMENTS Share based payments recognised during the year are:2024
292、 2023$Performance Rights continued to vest during the period 319,052 987,953(i)On 25 November 2020,Shareholders approved the issue of 3,000,000 Performance Rights to Messrs Bowles and Monti,Directors of the Group at the date of grant.These were issued on 1 December 2020 along with an additional 1,50
293、0,000 Performance Rights under the Companys Employee Share Plan.On 17 October 2022 the Company issued 500,000 Performance Rights to incoming director Mr Mark Connelly.On 12 December 2022 an additional 400,000 Performance Rights were issued under the Companys Employee Share Plan.NOTES TO THE FINANCIA
294、L STATEMENTS Alto Metals Limited|2024 Annual Report 49 NOTE 3:SHARE-BASED PAYMENTS(continued)The Performance Rights are subject to the following vesting conditions:(a)The Performance Rights will vest,subject to the satisfaction of the following performance milestones being met before the Expiry Date
295、 and the relevant holder being an employee,office-bearer or consultant of the Company at the time of the Milestone being satisfied,or as otherwise determined by the Board.(b)Performance Rights will vest upon the Company announcing a Joint Ore Reserves Committee(JORC)2012 compliant Mineral Resource w
296、ithin the Sandstone Gold Project,JORC 2012 compliant Mineral Resource of 1 million ounces of gold located within the Sandstone Gold Project Valuation of Share Based Payments Grant date share price$0.10$0.07$0.07 Number 4,500,000 500,000 400,000 Expiry date 25-Nov-23 17-Oct-23 12-Dec-23 Total fair va
297、lue$450,000$35,000$28,000 The fair value of these Performance Rights granted was estimated as at the date of grant using the Black Scholes model taking into account the terms and conditions upon which the Performance Rights were granted and factors such as the share price at grant date,volatility of
298、 the share price and risk free rate.An expense of$133,114 was recognised for the year ended 30 June 2024(2023:$204,867).During the year,Performance Rights above have vested as they have met the conditions of the relevant performance milestone of a JORC 2012 compliant Mineral Resource of 1 million ou
299、nces of gold located within the Sandstone Gold Project.The above performance rights were converted to issued capital on 30 November 2023.(ii)On 30 November 2022,Shareholders approved the issue of 12,000,000 Performance Rights to Messrs Connelly,Bowles and Monti,directors of the Company.These were is
300、sued on 12 December 2022 along with an additional 6,250,000 Performance Rights under the Companys Employee Share Plan.The Performance Rights are subject to the following vesting conditions:(a)The Performance Rights will vest,subject to the satisfaction of the following performance milestones being m
301、et before the Expiry Date and the relevant holder being an employee,office-bearer or consultant of the Company at the time of the Milestone being satisfied,or as otherwise determined by the Board.(b)Performance Rights will vest upon the Company announcing a Joint Ore Reserves Committee(JORC)2012 com
302、pliant Mineral Resource within the Sandstone Gold Project,as follows:a.JORC 2012 compliant Mineral Resource of 1.5 million ounces of gold located within the Sandstone Gold Project b.Completion of a Feasibility Study Valuation of Share Based Payments Grant date share price$0.07$0.07 Number 12,000,000
303、 6,250,000 Expiry date 31-Dec-24 31-Dec-24 Total fair value$840,000$437,500 The fair value of these Performance Rights granted was estimated as at the date of grant using the Black Scholes model taking into account the terms and conditions upon which the Performance Rights were granted and factors s
304、uch as the share price at grant date,volatility of the share price and risk free rate.An expense of$185,937 was recognised for the year ended 30 June 2024(2023:$783,086).NOTES TO THE FINANCIAL STATEMENTS Alto Metals Limited|2024 Annual Report 50 NOTE 3:SHARE-BASED PAYMENTS(continued)Change of contro
305、l In the event that the Sandstone Gold Project is sold or a Change of Control Event(as defined in the Plan rules)occurs or the Board determines that either such an event is likely to occur before the Vesting Conditions are met,the Board will have a discretion whether to allow the vesting of the Perf
306、ormance Rights and on what terms.When determining the vesting of the Performance Rights,the Directors will take into consideration a number of criteria,but in particular the value to shareholders as a result of the event.NOTE 4:OTHER EXPENSES Included in the loss for the period are the following ite
307、ms of expenses:2024 2023$Accounting and audit fees(31,563)(74,230)Computers and software(35,511)(37,258)Conferences and Seminars(80,570)(92,221)Insurance(47,305)(40,882)Legal fees(3,494)(43,102)Travel and accommodation(82,796)(52,827)Other expenses(15,590)(11,629)(269,829)(352,149)NOTE 5:INCOME TAX
308、2024 2023$(a)Income tax(benefit)/expense Current tax-Deferred tax-Reconciliation of income tax expense to prima facie tax payable The prima facie tax payable on profit from ordinary activities before income tax is reconciled to the income tax expense as follows:Prima facie tax on operating loss at 2
309、5%(2023:30%)(474,812)(632,029)Add/(Less)tax effect of:Entertainment 5,750 4,169 Share based payments 79,763 246,988 Other expenses (5,365)-Research and development costs-29,183 Deferred tax asset not brought to account 394,644 351,688 Income tax benefit attributable to operating loss-2024 2023(b)Def
310、erred tax assets$Tax Losses 10,358,443 9,382,543 Provisions and Accrual 38,928 52,910 Capital Raising and business-related costs 136,042 127,248 Plant and Equipment under lease 43,559 1,768 Investments revalued through equity 23,126 22,500 10,600,098 9,586,968 Set-off deferred tax liabilities (10,60
311、0,098)(9,586,968)Net deferred tax assets-NOTES TO THE FINANCIAL STATEMENTS Alto Metals Limited|2024 Annual Report 51 NOTE 5:INCOME TAX(continued)(c)Deferred tax liabilities Exploration expenditure(7,718,132)(7,180,045)Prepayments-(3,858)(7,718,132)(7,183,903)Set-off deferred tax assets 7,718,132 7,1
312、83,903 Net deferred tax liabilities-(d)Deferred income tax(revenue)/expense included in income tax expense comprise:Increase in deferred tax assets(983,950)(1,772,517)Increase in deferred tax liabilities 513,786 1,334,154 Non-recognition of deferred tax position 29,187 438,363 Revaluation of deferre
313、d tax position due to change in tax rate 440,978-Net deferred income tax-(e)Deferred income tax related to items charged or credited directly to equity Increase in deferred tax assets 76,125(40,632)Decrease in deferred tax liabilities-Non-recognition of deferred tax position(76,125)40,632 Revaluatio
314、n of deferred tax position due to change in tax rate-Net deferred income tax-(f)Deferred tax assets not brought to account Unused tax losses for which no deferred tax asset has been recognised 10,358,443 9,382,543 Temporary differences for which no deferred tax asset has been recognised (7,514,399)(
315、6,979,477)Potential deferred tax assets attributable to tax losses and exploration expenditure carried forward have not been brought to account at 30 June 2024 because the Directors do not believe it is appropriate to regard realisation of the deferred tax assets as probable at this point in time.Th
316、ese benefits will only be obtained if:the Group derives future assessable income of a nature and of an amount sufficient to enable the benefit from the deductions for the loss and exploration expenditure to be realised;the Group continues to comply with conditions for deductibility imposed by law;an
317、d no changes in tax legislation adversely affect the Group in realising the benefit from the deductions for the loss and exploration expenditure.NOTE 6:AUDITORS REMUNERATION 2024 2023$Remuneration of the auditor of the Group for:-Auditing or reviewing the financial report by Pitcher Partners BA&A Pt
318、y Ltd 38,863 36,390 Remuneration of the auditor,or associated entities,of the Group for non-audit services:-ESS Scheme 1,200-ETP Calculations 750-Tax compliance services 2,400 2,600 NOTES TO THE FINANCIAL STATEMENTS Alto Metals Limited|2024 Annual Report 52 NOTE 7:LOSS PER SHARE 2024 2023$(a)Reconci
319、liation of earnings to loss Earnings used in the calculation of basic EPS(1,896,749)(2,528,144)(b)Weighted average number of ordinary shares outstanding during the period used in calculation of basic EPS 709,993,056 579,478,176 Basic&diluted loss per share(cents per share)(0.27)(0.44)Antidilutive op
320、tions on issue not used in dilutive EPS calculation-7,500,000 Antidilutive performance rights on issue not used in dilutive EPS calculation 18,250,000 24,250,000 NOTE 8:CASH AND CASH EQUIVALENTS 2024 2023$Cash at bank 1,916,068 1,075,068 Reconciliation of cash Cash at the end of the financial period
321、 as shown in the Consolidated Statement of Cash Flows is reconciled to items in the Consolidated Statement of Financial Position as follows:Cash and cash equivalents 1,916,068 1,075,068 NOTE 9:FINANCIAL INSTRUMENTS Note 1(D)provides a description of each category of financial instrument and related
322、accounting policies.The carrying amounts of financial assets and financial liabilities in each category are as follows:Amortised FVOCI Cost$30 June 2024 Financial assets Cash and cash equivalents(i)1,916,606-Trade and other receivables(i)95,516-Equity instruments(ii)-7,500 Total financial assets 2,0
323、12,122 7,500 Financial liabilities Trade and other payables(i)(678,945)-Lease liabilities(iii)(174,237)-Total financial liabilities(853,182)-30 June 2023 Financial assets Cash and cash equivalents(i)1,075,068-Trade and other receivables(i)70,133-Equity instruments(ii)-10,000 Total financial assets 1
324、,145,201 10,000 Financial liabilities Trade and other payables(i)(1,162,043)-Lease liabilities(iii)(240,532)-Total financial liabilities(1,402,575)-NOTES TO THE FINANCIAL STATEMENTS Alto Metals Limited|2024 Annual Report 53 NOTE 9:FINANCIAL INSTRUMENTS(continued)(i)The carrying amount of the followi
325、ng financial assets and liabilities is considered reasonable approximation of fair value:-cash and cash equivalents -trade and other receivables -trade and other payables (ii)Equity instruments at fair value through other comprehensive income 2024 2023$Balance at the beginning of the reporting perio
326、d 10,000 20,000 Add revaluation increments/(decrements)(2,500)(10,000)7,500 10,000 Equity instruments are shares held in an ASX listed entity,Enterprise Metals Ltd,and were revalued in the current period based on the share sale price at reporting date.Fair value has been determined by reference to q
327、uoted market prices.NOTE 10:EXPLORATION AND EVALUATION 2024 2023$Exploration and evaluation at cost 30,892,526 28,720,181 Exploration and evaluation-movement Opening balance 28,720,181 23,481,586 Exploration and evaluation expenditure 2,172,345 5,238,595 Closing balance 30,892,526 28,720,181 Project
328、s Sandstone North 2,917,838 2,582,254 Hacks 3,222,393 3,013,013 Raffertys 6,349,559 6,241,720 Marley Well 3,605,279 3,524,553 Twin Reef 610,609 564,023 Black Hill 316,602 237,528 Mt Dwyer 336,997 221,637 Hancocks 692,972 326,713 Maynard Hills 195,452 95,457 Coonayunna Spring 181,563 99,685 Indomitab
329、le 4,410,621 4,102,861 Vanguard 2,646,840 2,549,432 Maninga Marley 546,914 476,281 Lord Henry 1,208,643 1,145,303 Lord Nelson 3,649,770 3,539,273 Wirraminna 474 448 30,892,526 28,720,181 The Directors assessment of the carrying amount for the Groups exploration and evaluation assets was after consid
330、eration of prevailing market conditions;previous expenditure for exploration work carried out on the tenements;and the potential for mineralisation based on the Groups and independent geological reports.The ultimate value of these assets is dependent upon recoupment by commercial development or the
331、sale of the whole or part of the Groups interests in these exploration and evaluation assets for an amount at least equal to the carrying value.There may exist on the Groups exploration and evaluation assets,areas subject to claim under Native Title or containing sacred sites or sites of significanc
332、e to Aboriginal people.NOTES TO THE FINANCIAL STATEMENTS Alto Metals Limited|2024 Annual Report 54 NOTE 10:EXPLORATION AND EVALUATION(continued)As a result,the Groups exploration and evaluation assets or areas within the tenements may be subject to exploration and mining restrictions.As at 30 June 2
333、024 the Directors have concluded that there remains an expectation that the carrying amount of the Groups exploration and evaluation assets will be recovered in full on the basis of the above factors,and hence no impairment triggers exist.Consequently,no detailed impairment assessment has been performed.NOTE 11:TRADE AND OTHER PAYABLES 2024 2023$CURRENT UNSECURED LIABILITIES Trade and other payabl
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