1、 Archer Materials Limited Appendix 4E Preliminary Final Report for the year ended 30 June 2024 1.Company Details Name of entity:Archer Materials Limited ABN:64 123 993 233 Reporting period:For the year ended 30 June 2024 Previous period:For the year ended 30 June 2023 2.Results for announcement to t
2、he market 30 June 2024$30 June 2023$Variance$Variance%Revenue from ordinary activities-Profit/(loss)from ordinary activities after tax attributable to members(4,803,150)(9,049,457)4,246,307 47%Net profit/(loss)for the period attributable to members(4,803,150)(9,049,457)4,246,307 47%Dividends No divi
3、dends have been paid or proposed during the current reporting period.Key notes The net loss of the Group for the year ended 30 June 2024 was$4,803,150(2023:$9,049,457)and includes:Share based payments expense of$603,093 representing the expense associated with unlisted option vesting during the year
4、(2023:$5,554,843)net of forfeitures.Direct expenditure on quantum and biochip technology research activities(including allocation of direct personnel costs)of$4,524,190(2023:$2,965,560).Unreaslised loss associated with the fair value adjustment of Archers share and option investments in:o Volatus Ca
5、pital Corp(shares)as at 30 June 2024 of$9,665(2023:$128,088);and o ChemX Materials Limited(shares and options)as at 30 June 2024 of$297,955(2023:$720,303).The above expense items are offset by:An income amount of$2,135,936,being the estimated research and development tax incentive receivable based o
6、n associated expenditure for the year ended 30 June 2024,adjusted for actual amounts received the prior year tax incentive claimed(30 June 2023:$1,498,471);and Interest income of$941,147(2023:$677,248).Archer Materials Limited Appendix 4E Preliminary Final Report for the year ended 30 June 2024 3.Ne
7、t tangible assets 30 June 2024(cents)30 June 2023(cents)Variance(cents)Variance Net tangible assets per share 8.31 cents 10.06 cents(1.75)cents(17%)The net tangible assets calculation does not include rights-of-use assets of$109,309(30 June 2023:$9,097)or intangible assets of$502,754(30 June 2023:$3
8、53,694)but includes the lease liabilities of$109,309(30 June 2023:$9,097).4.Control gained over entities Not applicable.5.Loss of control over entities Not applicable.6.Dividends No dividends have been paid or proposed during the current or prior reporting period.7.Dividend reinvestment plans Not ap
9、plicable.8.Details of associates and joint venture entities Not applicable.9.Foreign entities Details of origin of accounting standards used in compiling the report:Not applicable.10.Audit qualification or review Details of audit/review dispute or qualification(if any):The Financial Statements and a
10、ccompanying notes for the Group for the year ended 30 June 2024,contained in the attached Annual Report,upon which this Appendix 4E is based,have been audited by Grant Thornton Audit Pty Ltd.An unmodified audit report has been provided.Archer Materials Limited Appendix 4E Preliminary Final Report fo
11、r the year ended 30 June 2024 11.Attachments Details of attachments(if any):The Annual Report,which includes Financial Statements and accompanying notes for the Group for the year ended 30 June 2024 is attached.12.Signed As authorised by the Board of Directors Signed Date 28 August 2024 Greg English
12、 Executive Chairman Adelaide Annual ReportFor the year ended 30 June 20243|Archer Materials Limited 2024 Annual ReportChairs Report 4Operating and Financial Review Strategy 7 Summary of Financial Performance 8 Changes in Equity 8 Factors and Risks Affecting Future Performance 9 Advanced Semiconducto
13、rs 10 Quantum Technology 11 Biochip 16Directors Report 22Remuneration Report(audited)28Auditors Independence Declaration 39Financial Information Statement of Profit or Loss and other 42 Comprehensive Income Statement of Financial Position 43 Statement of Changes in Equity 44 Statement of Cash Flows
14、45 Notes to the Financial Statements 46Directors Declaration 68Independent Auditors Report 70Additional Information 74Corporate directory/Stay in touch 77Table of ContentsArcher Materials Limited (ABN 64 123 993 233)The laboratory plant and equipment shown in the photos and images in this report are
15、 not assets of the Company.Archer Materials Limited Annual Report for the year ended 30 June 2024The quantum team achieved several milestones during the year,progressing the 12CQ Project.The team focussed on two key areas:control(sensing and detecting the input of quantum information);and readout(pr
16、oviding the output of quantum information).For control,Archer achieved longer electron spin coherence lifetimes of up 300 nanoseconds at room temperature through a new process of using carbon nano-onion(CNO)films,improving on the Companys initial 230 nanoseconds.These extended times mean that quantu
17、m information has longer to be processed.The team increased the speed and accuracy of CNO reading by developing a new method that uses resonators to sample electron spin states.This builds on the work that continued on the pulsed electron spin resonance(p-ESR)chip.Archer collaborated with its resear
18、ch partner in Switzerland,cole Polytechnique Fdrale de Lausanne(EPFL),to make the p-ESR micro system.The p-ESR improves control in the 12CQ device by helping perform complex measurements for potential electron spin manipulation in the 12CQ CNO material,to detect and analyse the behaviour of unpaired
19、 electrons that carry quantum information.The p-ESR microsystem is a further advancement in the development of quantum sensors for Archer.The quantum team started working with Queen Mary University of London(QMUL)to investigate how electrons travel through carbon nanostructures using graphene-based
20、devices,aiming to find Coulomb blockade,a significant effect in quantum physics.For readout,Archer designed,fabricated,and started measurements for its readout circuitry that it developed over the past 12 months,using the CNOs.The readout devices used Faraday shielding to block some electromatic fie
21、lds and validated its sensitivity to a single electronic energy level,along with demonstrating tuneability.Separately,the Biochip team made good progress on development of the miniature lab-on-a-chip device for medical diagnostics.Chairs ReportGreg English Executive ChairThe teams behind Archer Mate
22、rials two core technologies,the Biochip and 12CQ Project,have made strong advancements over the past 12 months in their respective missions to improve medical diagnostics and bring on the next phase of computing,quantum.4Greg English Executive Chair28 August 2024Archer demonstrated multiplexing on t
23、he Biochip through new hardware and software.Multiplexing allows the chip to test multiple liquid disease samples on a single device.Archer further derisked the Biochip graphene field effect transistor(gFET)design by validating different design generations on four-inch wafers through some European f
24、oundry partners on both muti-project wafer(MPW)runs and whole wafer runs.The gFET design was fabricated on a whole six-inch wafer run at a commercial foundry partner in Spain,bringing it closer to the commercial-scale eight and twelve-inch wafer size,which produce a higher amount of chips.Along side
25、 this,Archer designed and sent a miniaturised design of the gFET for fabrication to one of its European foundry partners,which the Company expects back before the end of 2024.The Biochip team improved the functionality of the gFET by creating a new procedure to assess and test the gFET sensor perfor
26、mance and ensure consistency over time.Archer can now use the new ways to detect substances under different settings and conditions using machine learning and data analysis.The new procedure will be used in the manufacture of the chips through Archers European foundry partners.Archer has a portfolio
27、 of patent applications to protect its intellectual property(IP)and it is crucial that we form solid partnerships with others in the industry.This includes R&D at Archers university partners and foundries who fabricate,assemble,package,and distribute chips.Over the past 12 months,Archer has continue
28、d to strengthen its relationships with its research and foundry partners in Europe,the Asia-Pacific,and now the US,all assisting the companys development of its IP.There is a great need for commercial quantum computer devices.Society is on the cusp on moving from traditional to quantum computing.The
29、 rise of artificial intelligence(AI)is forcing the transition,as the algorithms that drive AI will need quantum computing power.Improving access to medical diagnostics is vital to healthcare across the globe.Past pandemics only highlight the need for wider use of medical diagnostics on mobile device
30、s.Archers technologies are still in their development stages,but the team over the past 12 months has built upon the infrastructure and advanced the technology to get the Company to its next development phase.Both the 12CQ and Biochip teams are being led by Chief Technology Officer,Dr Simon Ruffell.
31、Dr Ruffell(PhD in Physics)has deep industry experience and knowledge,and has managed multi-functional teams including process,hardware,and software engineering teams.His strong background in quantum and semiconductors will help lead the company to growth by utilising Archers solid cash balance to de
32、velop the technologies.I acknowledge the hard work that the Archer team has done for advancing our company.Thanks to their relentless dedication and skill,we are on a fast track to commercialise impactful technologies.I extend my gratitude to our shareholders as well,for continuing to believe in Arc
33、hers goal of creating devices poised to transform global industries.Yours sincerely,5|Archer Materials Limited 2024 Annual ReportOperating and Financial ReviewArcher is a technology company that operates within the semiconductor industry.The Company aims to develop advanced devices,including devices
34、 relevant to quantum computing and medical diagnostics.6 In 2023/2024 the Company:Commenced working with world-leading and tier-one semiconductor manufacturers across Europe,Asia-Pacific and the US towards industry fabrication and verification of Archers technology.Submitted Australian and internati
35、onal patent applications in relation to the 12CQ quantum material and biochip technologies.Gained commercial access to world class semiconductor fabrication infrastructure and facilities,and technical experts in Australia and internationally to develop Archers technology,including EPFL in Switzerlan
36、d and Queen Mary University of London.Continued to build on the talent profile of the company.The technical team is composed of 8 PhDs and 3 MSc with experience ranging from academia and industry.The leadership team has been bolstered with a combined high-tech industry experience of over 50 years an
37、d a track record of productisation of R&D projects.Was Australias first quantum industry representative at key events with the World Economic Forums Centre for the Fourth Industrial Revolution to showcase the companys technologies amongst global industry leaders.Quantum Increased coherence time mile
38、stone at room temperature for its 12CQ carbon nano-onion(CNO)material from 230 nanoseconds to up to 300 nanoseconds through a new process using new CNO films.Initiated ion-implantation experiments to control CNO size and arrangement,paving the way for enhanced quantum device fabrication and performa
39、nce testing.Progressed CNO readout technology design and validation,and associated engineering processes and measurements required for quantum device operation and function.Progressed its 12CQ quantum technology project by developing a pulsed electron spin resonance(p-ESR)chip with research partner
40、EPFL.Strategy Biochip Fabricated three design generations of the biochip graphene field effect transistor(gFET)system for biosensing through its European foundry partners including on a larger six-inch whole wafer run.Redesigned circuit layouts to miniaturise the gFET chip design from 10mm2 to 1.5mm
41、2 and sent them for fabrication to one of Archers European foundry partners.Demonstrated multiplexing on the biochip gFET through developing hardware and software for reading multiple liquid samples on a single device.In 2024/25,Archers growth involves:Progressing the control and readout functionali
42、ty,and design fabrication,for its technologies including its 12CQ quantum technology and graphene-based lab-on-a-chip,biochip.Identifying other technologies and devices that may be suitable for the Companys quantum technology.Creating new and strengthening existing strategic commercial partnerships
43、including securing future semiconductor and device manufacturing capabilities advancing the Companys technology.Utilising world-class technology development infrastructure and facilities,R&D,people,and IP,to support pre-market development.Protecting intellectual property(e.g.patents and internationa
44、l patent applications)with global competitive advantages underpinning the Companys technologies.Growing the Companys intellectual property portfolio through the development and/or acquisition of new technologies.Hiring highly qualified talent to expedite developing and potentially commercialising th
45、e Companys technology.Factors and Risks affecting future performance are included on page 9.7|Archer Materials Limited 2024 Annual Report Summary of Financial PerformanceChanges in EquityThe net loss of the Group for the year ended 30 June 2024 was$4,803,150(2023:$9,049,457)and includes:Share based
46、payments expense of$603,093 representing the expense associated with unlisted option vesting during the year(2023:$5,554,843)net of forfeitures.Direct expenditure on quantum and biochip technology research activities(including allocation of direct personnel costs)of$4,524,190(2023:$2,965,560).Unreas
47、lised loss associated with the fair value adjustment of Archers share and option investments in:Volatus Capital Corp(shares)as at 30 June 2024 of$9,665(2023:$128,088);and ChemX Materials Limited(shares and options)as at 30 June 2024 of$297,955(2023:$720,303).The above expense items are offset by:An
48、income amount of$2,135,936,being the estimated research and development tax incentive receivable based on associated expenditure for the year ended 30 June 2024,adjusted for actual amounts received the prior year tax incentive claimed(30 June 2023:$1,498,471);and Interest income of$941,147(2023:$677
49、,248).During the year ended 30 June 2024 the Groups net cash position(defined as cash and short term deposits)decreased by$5,107,642 from$23,317,462(1 July 2023)to$18,209,820(30 June 2024).The Group has no corporate debt.This net decrease in cash and short term deposits was predominantly influenced
50、by the following cash outflows:direct expenditure on quantum and biochip technology research activities($4,524,190);and intellectual property assets and plant and equipment ($197,007);and corporate,administration and wages(net of allocations to quantum and biochip technology research activities)expe
51、nditure($2,825,325).These cash outflows were offset by inflows associated with:research and development tax incentive receipt in respect of the claim for the year ended 30 June 2023 ($1,455,936);and interest receipts($1,098,763).SharesThe number of Archer ordinary shares(“Shares”)on issue did not ch
52、ange during the year.At 30 June 2024 there was 254,847,013 Shares on issue(1 July 2023:254,847,013).Unlisted Options The number of unlisted share options on issue decreased from 24,950,000(1 July 2023)to 18,700,000(30 June 2024)during the year as a result of the following events:1,500,000 share opti
53、ons exercisable at$0.7277 each and expiring on 31 March 2024,expired unexercised.4,750,000 share options with an exercise price of$1.79 and expiring on 31 May 2025,lapsed or were forfeited in accordance with the terms of which they were issued.Performance RightsThere were no performance rights issue
54、d during the year or on issue as at the date of this report.DividendsThere were no dividends paid,recommended or declared during the current or previous reporting period,or as at the date of this report.Operating and Financial Review8 Factors and Risks Affecting Future PerformanceAccess to FundingTh
55、e Company does not receive any income from its operating business,and the Company is reliant on capital raisings,Commonwealth Government research and development tax incentives and the sale of non-core assets to fund its future operations.Therefore,the Companys ability to continue to develop its tec
56、hnology is contingent upon the Companys ability to source timely access to additional funding as it is required.Key AgreementsDevelopment and potential commercialisation of the 12CQ quantum technology intellectual property and associated patents and patent applications are dependent on the Licence A
57、greement with the University of Sydney remaining in-place.Termination of the Licence Agreement would mean that Archer would be unable to access the intellectual property required to commercialise the associated quantum technology.As at the date of this document,the Company is not aware of any ground
58、s that the University of Sydney may have to terminate the Licence Agreement.Intellectual PropertyCommercially exploiting and legally protecting the intellectual property underlying the Companys technology,including its graphene-based lab-on-a-chip biochip technology development,is dependent on the C
59、ompany progressing its associated patent applications.The protection of intellectual property,including patents and patent applications,has the potential for third-party claims against the Companys owned or licensed intellectual property.There is a risk that all reasonable efforts by the Company to
60、protect proprietary rights may not be sufficient or effective,including risks that intellectual property may not have adequate patent or copyright protection for certain innovations,that the scope of available protections is insufficient,or that an issued patent may be deemed invalid or unenforceabl
61、e in certain jurisdictions.As at the date of this document,the Company is not aware of third-party claims against the Companys owned or licensed intellectual property or any patent or patent application lapsing,being refused,or expiring.Access to Facilities The development of the Companys technologi
62、es requires access to institutional scale infrastructure and facilities which if shutdown,would restrict Company access during the periods of closure.The Company currently has access to facilities and collaborators in numerous locations in Australia,Europe,Asia,and North America to help limit the im
63、pact of any closures.Key PersonnelThe Companys technology is unique,with very few people available globally with the required knowledge,skills,relationships,and experience to develop the technologies towards future possible commercialisation.The Companys projects may be delayed if key personnel are
64、not available to work.Potential commercial viability of productsThe 12CQ and biochip projects are in the research and development phase.Company staff and external consultants are in laboratories conducting experiments to determine if the materials underlying the technologies can perform as predicted
65、.There is no guarantee that these experiments will be successful.The Companys ability to commercialise the intellectual property and sell products to customers may be affected by many factors,including the commercial viability of,and potential delays in,the delivery of products and technology and th
66、e ability to find customers for the Companys products.There is no certainty that the Company will be able to make and sell commercially viable products.The following describes some of the external factors and business risks that could have a material impact on the Companys ability to deliver its str
67、ategy:9|Archer Materials Limited 2024 Annual ReportAdvanced SemiconductorsArcher is developing advanced semiconductor devices,including devices relevant to quantum computing and medical diagnostics.Archer is progressing the development of its 12CQ quantum device and graphene-based lab-on-a-chip bioc
68、hip technology.Operating and Financial Review1011|Archer Materials Limited 2024 Annual ReportQuantum Technology 12CQ ProjectReadout allows for interpretation of quantum calculations while minimising the loss of quantum information to the surrounding environment.Archers focus involved designing and d
69、eveloping several quantum state readout technologies from first principles for the unique carbon-based material in Archers 12CQ technology(Image 1).The Archer team designed and manufactured microwave circuitry for which readout devices will be embedded.These circuit designs were validated using elec
70、tromagnetic simulation software and then built.The initial design of the electronic equipment required to interface between the readout technology and facility-based measurement systems was completed.The Archer team then used the simulation software to validate readout device component designs under
71、going foundry fabrication.Testing and manufacturing some of these readout device components for measurements is done in partnership with an industry-based measurement facility in Germany.During the year,the Archer 12CQ Project made important advancements in its high-fidelity readout(data output)and
72、control(data input)function.Early-stage measurements and testing provided a proof-of-principal for initial approaches to Archers readout technology,including the first indications of quantum state detection.The design and manufacture of readout hardware,technology,and associated techniques for the 1
73、2CQ device is ongoing.Archer is working with commercial foundry partners for readout device design.Further developments were made during the year that build on Archers advances reported in FY23 on its wafer-scale manufacturing of hundreds of chip-based quantum electronic devices incorporating and in
74、tegrating the companys 12CQ quantum material for testing and measurements.Image 1 A device developed by Archer to readout quantum states for the 12CQ technology.Quantum Technology 12CQ ProjectMagnetoresistance was for the first time observed in Archers unique carbon-based quantum material paving the
75、 way towards potential spintronic applications of the unique 12CQ carbon material.The measurements were performed using QEDs fabricated at the nanometre-scale and state-of-the-art cryogenic measurement facilities in Australia.The Archer team estimated for the first time the exchange interaction para
76、meter in the quantum material.Archer used powdered quantities of CNO material samples in various pulsed electron spin setups and configurations at a range of temperatures.The exchange interaction parameter will guide the development and building of the qubit logic gates.Archer further designed,devel
77、oped,fabricated,and began measurements on its readout circuits,including devices incorporating the unique carbon nanomaterial used for the 12CQ devices.Faraday shielding for the readout devices was also designed,manufactured,and implemented.The Company completed the integration of electronic equipme
78、nt to interface between readout technology and state-of-art measurement systems in facilities in Australia.Early-stage measurements commenced on readout devices,including employing the microwave reflectometry technique.The readout devices were based on a single electron radio-frequency-box architect
79、ure and fabricated using scanning electron microscopy and electron beam lithography.The work validated the readout devices sensitivity to a single electronic energy level and demonstrated the tuneability of the respective resonant circuit using a varactor technology.This tuneability is significant i
80、n the context of optimising the signal-to-noise ratio of the devices microwave readout tone.The readout devices and components required a high level of nanoscale precision between multiple fabrication steps.More advanced fabrication included the nanometre(one billionth of a metre)alignment between n
81、anosized electrodes and discrete 50 nanometre particles of the carbon material used in the 12CQ technology(Image 2).The development of optimised reflectometry-based readout was awarded a UNSW Science Translational Impact Seed Funding grant to support the R&D required for the associated cryogenics an
82、d high-end electronic equipment.Archer has also gained access to an Australian-based Helium Ion Beam microscope,providing ultra-precise imaging resolution and ion beam-based milling for the formation of quantum nanodevices as part of Archers R&D activities.The Company developed and tested low-temper
83、ature operation devices for the quantum spin state detection in few-and single-carbon nanostructures using electron spin resonance measurement techniques.Initial measurements indicated a strong correlation between the simulated and real devices.Archer intends to manufacture wafer-scale runs of these
84、 devices within a commercial foundry in the United States.The design and manufacture of readout hardware,technology,and associated techniques for the 12CQ Project is ongoing.Archer has brought in specialist staff from the semiconductor industry,with experience developing and commercialising semicond
85、uctor products and technology.Archer is working with commercial foundry partners in Europe for device designs.Image 2 Readout device components fabricated by Archer for the 12CQ technology.The components show the result of ultra-precise nanometre alignment applied in multiple fabrication steps betwe
86、en nanosized electrodes and a discrete 50 nanometre(spherical)particle of the carbon material.Operating and Financial Review12Archer and EPFL intend to use the p-ESR microsystem to perform complex measurements involving the potential electron spin manipulation of Archers 12CQ quantum materials.The m
87、iniaturisation and electron spin sensitivity of the p-ESR microsystem may allow Archer to explore opportunities in developing quantum sensors,advanced spectrometers,and analytical devices.The p-ESR microsystem is a tiny,integrated device designed to detect and analyse the behaviour of unpaired elect
88、rons,that potentially carry spin quantum information,in materials at a very small scale.It measures 0.7mm2 in size and it includes integrated circuit components like micro coils,amplifiers,filters,and mixers,all working together to detect and amplify signals related to the behaviour of unpaired elec
89、trons(Image 3).Significant innovation is required to design,develop,and build an operational p-ESR microsystem.The p-ESR chip is manufactured using a 130nm SiGe BiCMOS technology(IHP SG13G2Cu).This follows research and development by Archer and EPFL on detecting electron spins in its quantum materia
90、ls using continuous wave ESR(“cw-ESR”)chips built with high electron mobility transistor(“HEMT”)and complementary metal-oxide semiconductor(“CMOS”)technology(ASX ann.10 Oct 2022,1 Feb 2022,and 20 Apr 2023).The new p-ESR chip technology is a significant advance over the HEMT and CMOS chips in both de
91、sign and functionality.The technical details of the design,characterisation,and operation of the p-ESR chip were made publicly available as a pre-print scientific article in an open-access repository1.Archer filed an Australian provisional patent application related to the p-ESR chip.Image 3 The 0.7
92、 mm2 single chip integrated p-ESR,indicated by the arrow,which is glued on a printed circuit board and electronically connected by gold wire bonding.Image 4 Photograph under magnification of the chip area showing some of the integrated micron sized components,including micro coils.The chip stands in
93、 contrast to traditional ESR instrument systems that often entail bulky and complex setups that require significant space and resources.During the year,Archer designed,developed,and built a single chip integrated pulsed electron spin resonance(“p-ESR”)microsystem,with its research partner cole Polyt
94、echnique Fdrale de Lausanne(“EPFL”)in Switzerland.1 R.Farsi et al.X-band single chip integrated pulsed electron spin resonance microsystem.ChemRxiv,26 March 2024.https:/doi.org/10.26434/chemrxiv-2024-0tvmv13|Archer Materials Limited 2024 Annual ReportQuantum Technology 12CQ ProjectThe Archer quantum
95、 team also improved how the Company detects single electron spins.Archer developed a new method using resonators that can be adjusted to how they respond to a spin signal.This means Archer can now fine-tune the resonators to make its readings faster and more accurate.Adjustable resonator responses h
96、as the potential to allow the management of more quantum bits(qubits)at once.An electrons ability to stay in a spin state depends on its stability and spin lifetime.Being able to read these signals faster means that more can be done with the electron before it loses its spin state.The team conducted
97、 measurements over three separate test sessions.Each session refined the detection circuits,studying the characteristics of single electron box devices in different settings.As a result,Archer can more effectively read the quantum states of the materials used in these devices.These resonator devices
98、,along with development of the spin reading,build on the previous work for the pulsed electron spin resonance(“p-ESR”)chip,done in partnership with EPFL,and will lead to probing the spin on single CNOs.The single electron box devices are made with extreme precision at the nanometre scale,each contai
99、ning a single carbon nanoparticle.-10-20-30-40360 400 4400 1 2 3 4 5 6 Frequency(MHz)Varactor voltagedB442438 434-10-20-30-40-50a.b.c.d.e.Image 5 The companys new method to enhance the accuracy and speed of readings quantum information using resonators to improve the ability to detect a single elect
100、ron spin detection in the CNO material.(a)and(d)shows a test chip ready for testing with a high magnification image of a single CNO in a device(b).(c)and(e)show typical data collected from devices.Frequency(MHz)Operating and Financial Review14Image 6 Early quantum electrical data from the collaborat
101、ion with Queen Mary University of London(QMUL).Devices worked well with standard gold nanoparticles,whereas those made with CNOs resisted electricity,and did not show stable single electron charging signal.The Archer team is now improving how the electrodes connect to CNOs,how electrons move through
102、 the CNOs,the number of electrons(spins)on our current CNOs,and the chemical makeup and size of the CNOs.The team achieved electron spin lifetimes of up to 300 nanoseconds of films of CNOs formed by a new process.These lifetimes match those measured on the pyrolysis method that was previously used f
103、or formation.Archer also commenced an official project with Queen Mary University of London(QMUL)to study electron movement through CNOs using graphene-based nanodevices,to observe the Coulomb blockade phenomenon,an important phenomenon in quantum physics.15|Archer Materials Limited 2024 Annual Repo
104、rtThe collaboration officially began on 20 June 2024,focusing on detailed studies of initial test wafer properties.Wafer measurements will be performed at a very low temperature of 77 Kelvin(-196 degrees Celsius),and the graphene electrodes on essential devices will be physically examined.The team w
105、ill also check to confirm the presence of CNOs and clusters of CNOs on these devices.The team will discuss results with QMUL from these colder temperature measurements on the test wafer and review progress and data from devices specially made for and decorated with Archers CNOs and sent to QMUL.This
106、 research is an essential step in Archers collaboration to understand how electrons behave in these unique materials.BiochipThis could enable the ability to detect multiple biologically relevant targets on a chip at the same time,a process known as multiplexing.Archer owns 100%of the biochip technol
107、ogy intellectual property.During the year,Archer advanced and derisked its gFET through different designs at some of its foundry partners in the Netherlands,Germany,and Spain.Archers first-generation gFET design was submitted and validated by a commercial foundry partner in Germany for a Multi-Proje
108、ct Wafer(“MPW”)run.Archers biochip innovation aims to integrate graphene field effect transistors(“gFETs”)into advanced fluidic systems to create miniaturised lab-on-a-chip device platforms for medical diagnostics.The final fabrication processes were performed in-house by the Company in Australia.Th
109、e MPW-produced gFETs were fabricated on a six-inch wafer and diced into individual chips(Image 7).An MPW is where Archers device designs are imprinted on a small area of a wafer with the designs of other companies on the same wafer.The gFET devices have been measured and function as expected,includi
110、ng the demonstration of liquid gating,and are compatible with the Archer Biochip system platform.Archer sent an advanced gFET design to foundry partner in the Netherlands on a four-inch whole wafer run,which was validated.(Image 8).The advanced gFET design now creates the potential for an early bioc
111、hip platform that has single-device multiplexing,meaning the biochip technology could sense different liquid samples and test for multiple diseases at once.Archer intends to integrate more functionality on the biochip and optimise the device size and geometry to build advanced sensing regions.The el
112、ectronic and spectroscopic characteristics of the gFET chips,and the foundry fabrication process yield,are consistent with what Archer expected.The gFET chips are also compatible with Archers biochip system platform.The whole wafer fabrication of the gFET device design is a significant step towards
113、industrial production.Archer will use outcomes of the runs to evaluate the foundries best suited to Archers technology.The Company demonstrated multiplexing readout for its advanced Biochip gFET devices by designing and developing new hardware and software systems to readout the signal from four gFE
114、T sensors at once on a single chip.Image 7 Archers Biochip gFET chips are diced from the six-inch multi-project wafer manufactured by a German foundry partner.Operating and Financial Review16Image 8 Archers advanced gFET chips for advanced biosensing diced from the whole four-inch wafer fabricated i
115、n a commercial foundry.17|Archer Materials Limited 2024 Annual ReportThis is a significant advancement over earlier Biochip system generations which could only activate one-sensor-at-a-time.The new R&D Biochip system with multiplexing capability provides automated hands-free operation,as it integrat
116、es liquid handling automation and data acquisition.The software developed by Archer can display all single and time series measurements in real-time for the four gFET sensors simultaneously.Archer built on the gFET whole four-inch wafer run by submitting and fabricating a six-inch whole wafer run at
117、 its foundry partner in Spain(refer Image 9,page 18).The Spain foundry has ISO 13485 certification to manufacture medical device components,an important hallmark for future manufacturing partnerships.The fabrication produced 145 chips with eight gFET devices on each chip.The gFETs are designed to be
118、 fabricated with structures suitable for liquid multiplexing,with advances over previous chip design features,including in-gating and channel definition.Archer tested the chips diced from the wafer in its laboratory in Australia.The Company is working with the Spanish foundry partner to integrate te
119、sting of the gFET devices at the point of manufacture to improve the efficiency of the Companys technology development processes.By developing various designs for Archers Biochip gFET sensors,the Company can broaden its foundry network,improve quality control of its chips,and expand possible applica
120、tions.BiochipImage 9 Archers gFET chips fabricated on a whole six-inch wafer by Archers foundry partner in Spain.Operating and Financial Review18Working with an ISO-certified foundry to manufacture medical device components aligns with the purpose of the Biochip-to potentially transform the medical
121、diagnostics industry by providing better access for disease detection.The Company also progressed two provisional patent applications related to the Biochip technology to patent pending by the Patent Cooperation Treaty pathway.The patent applications cover graphene field effect transistors,and a sys
122、tem of chip readout electronics,fluidics,and integration with liquid delivery automation and software.Archer designed a miniaturised version of its Biochip gFET chip.The new miniaturised design was sent to a foundry partner in Europe for a whole-wafer fabrication of reduced size gFET chips,which Arc
123、her intends to integrate with other parts of the Biochip technology.Archer has developed in-house expertise and know-how in gFET chip design with this significant reduction in size.The new gFET chip design has been significantly reduced in size over earlier designs of 10mm2 to 1.5mm2.It will be test
124、ed on a four-inch wafer which is expected to produce 1375 chips on it,compared to the 45 chips produced using earlier designs in previous four-inch wafer fabrication runs.Archer miniaturised the total chip size by redesigning the layout of the circuits creating these gFET transistors.Archer applies
125、the fabless chipmaker model by designing,researching,and developing its chips,while outsourcing manufacturing to specialised companies in the semiconductor supply chain.This includes the creation of a new miniaturised Biochip gFET chip design,sending the design for a whole wafer run in a commercial
126、foundry,and deciding on the chip assembly and semiconductor device electronics packaging and related electrical testing.Archer continues to strengthen its relationships with global semiconductor industry partners.The miniaturised wafer will be diced and assembled at Archers outsourced semiconductor
127、assembly and testing(“OSAT”)partner in Japan.The OSAT includes moulding,dicing,and lead frame design for the dedicated assembly of the ANL produced wafer,and device electronic shorting and related packaging testing.New capabilities are key in advancing the Biochip development to interfacing and inte
128、gration with miniaturised gFET chip sensor designs.Image 10 Example electrical data from gFET testing.The graph shows improved measurement-to-measurement and chip-to-chip variability with voltage sweep conditions.20 40 60 80 100 120 140 160 180 Voltage sweep time(s)Dirac Voltage(V)1.00.80.60.40.20.0
129、Reduced device-to-device and measurement-to-measurement range.Improved sensitivityArcher chips on wafer19|Archer Materials Limited 2024 Annual ReportDuring the year,Archer established a multidisciplinary laboratory at Cicada Innovations,in Sydney,Australia.The Company outgrew its previous laboratory
130、 arrangements in the University of Sydney Hardware Lab.The new laboratory facility primarily supports Archers R&D activities and includes capabilities for hardware testing and analysis,and materials chemistry and engineering.Archer also developed a standardised procedure for testing its gFETs manufa
131、ctured by its European suppliers.The new procedure was developed to ensure the gFETs work correctly before using them in sensors.Archer determined new ways to electrically operate the gFET sensor speed,and the direction of the voltage applied to the gate(a part of the transistor).These factors chang
132、e how the transistor responds based on the liquid and the number of ions in the liquid(tiny,charged particles),ultimately setting the sensitivity and speed of the sensor.Through this ability,Archer can use new ways to detect substances under different operating conditions using data analysis and mac
133、hine learning.Understanding and changing these aspects allows Archer to potentially produce a sensor that can quickly and accurately detect different substances.The team examined how different settings,like the electrical biasing conditions and voltage sweeps,to see how they affect the transistor(gF
134、ET)operation.In addition,testing was done on how storing and using the transistor repeatedly impacts its performance,as well as what happens when different liquids are applied to it.Archer is determining how best to optimise gFET stability and durability.They are investigating protection of the tran
135、sistor by adding special ultrathin coatings and employing precision materials modification steps during the fabrication process.This work will help Archer move to the next phase of developing a sensing method.Archer has collaborated with several European foundries to develop and test gFETs for the B
136、iochip and the new procedure will ensure consistency,reliability,and sensitivity with our gFETs.In addition,Archer has initiated experiments with semiconductor companies in the US to investigate novel processing steps into the gFET fabrication flow.This work is complementary to the fabrication alrea
137、dy done in the European foundries.A sensing electrical parameter as a function of voltage sweepArchers technology patents and patents pendingOperating and Financial ReviewThe below tables detail Archers patents and patents pending for the Quantum and Biochip technologies.QUANTUM TECHNOLOGY Priority
138、date Stage Owner Title&Summary 3 Dec 2015 Granted The University A quantum electronic device of Sydney 1 and Ecole Polytechnique Federale De Lausanne Patent Office Patent/Application Number Japan 6809670 South Korea 10-2288974 China 4606612 United States of America 11126925 Australia 2016363118 Hong
139、 Kong 1256636 Europe 2 3383792 1 This patent is exclusively licenced to Archer under a Licence Agreement with The University of Sydney.2 Designated countries:Belgium,Switzerland,Germany,Spain,France,United Kingdom,Republic of Ireland,Italy,Netherlands,Sweden,Turkey 9 Jun 2023 Provisional Archer Elec
140、tron spin containing materials and methods for producing Patent said materials Patent Office Patent/Application Number Australia 2023901839 22 Mar 2024 Pending Archer An electron spin resonance spectroscopy system Patent Office Patent/Application Number Australia 202490077320BIOCHIP TECHNOLOGY Prior
141、ity date Stage Owner Title&Summary 15 Feb 2019 Pending Archer Graphene complexes and compositions thereof Patent Office Patent/Application Number Australia PCT/AU2020/050128 2020220236 United States of America 17429442 31 Mar 2022 Pending Archer Fabrication and processing of graphene electron device
142、s on silicon with a SiO2 passivation layer Patent Office Patent/Application Number Australia PCT/AU2023/050251 17 Oct 2022 Pending Archer Nanofabrication of electronic device components Patent Office Patent/Application Number Australia PCT/AU2023/051025 1 Dec 2021 Pending Archer Detection and quanti
143、fication of nucleic acids Patent Office Patent/Application Number Australia PCT/AU2022/051434 2022401057 United States of America 18/715693 Japan Awaiting application number China 202280080331.3 Europe 22899651.8 11 Nov 2022 Pending Archer A device,system,and method for sensing an electronic propert
144、y of fluid sample Patent Office Patent/Application Number Australia PCT/AU2023/051141 23 Dec 2022 Pending Archer Methods for fabrication of graphene field effect transistors with a liquid top-gate and associated componentry Patent Office Patent/Application Number Australia PCT/AU2023/051357 21 Jun 2
145、024 Pending Archer Graphene field effect transistors and methods for their production Patent Office Patent/Application Number Australia 202490188921|Archer Materials Limited 2024 Annual ReportDirectors Report22 Directors ReportThe Operating and Financial Review(which includes the Chairs Report)of th
146、is Annual Report is incorporated by reference into,and can be found on pages 4 to 21 of this Annual Report.The Directors of Archer Materials Ltd present their report(including the Remuneration Report)together with the Financial Statements of the consolidated entity,being Archer Materials Ltd and its
147、 controlled entities(Company,Group,Archer),For the financial year ended 30 June 2024.DirectorsThe following Directors were in office at any time during or since the end of the financial year:Greg English (Executive Chair)Kenneth Williams (Independent Non-Executive Director)Bernadette Harkin (Indepen
148、dent Non-Executive Director23|Archer Materials Limited 2024 Annual ReportChief Executive Officer Dr Mohammad Choucair Held the position of Chief Executive Officer during the financial year and as at the date of this report.Company Secretary Damien Connor Held the position of Company Secretary during
149、 the financial year and as at the date of this report.Greg English is the co-founder and Executive Chair of Archer.He has been Chair of the board since 2008 and has overseen Archers growth as a technology company that operates within the semiconductor industry.Greg has more than 25 years of engineer
150、ing and legal experience and has held senior roles for Australian and multinational companies.Greg has received recognition for his work as a lawyer.Greg is an experienced company director and has also served on the boards of other ASX listed companies.He holds a bachelors degree in engineering and
151、a law degree(LLB).Directorships of other ASX Listed entities in the last 3 years:Core Lithium Limited(ASX:CXO)(current).Interest in Shares and Options:11,509,852 ordinary shares.5,000,000 unlisted options,exercisable at$1.79 and expiring on 31 May 2025.Special Responsibilities:Executive Chair.Member
152、,Audit&Risk Management Committee.Member,Remuneration&Nomination Committee.Ken was appointed as a Director of the Company on 28 September 2020.Ken has over 30 years experience in corporate finance and has held senior executive,director,and Chair positions with leading ASX companies.Kens extensive exp
153、erience in corporate finance includes diverse experience in mergers,acquisitions,divestments and corporate reconstructions.Ken was the Independent Chair of Statewide Superannuation Trust(Statewide Super),a South Australian based industry super fund with over$12 billion in funds under management.Ken
154、was a member of Statewide Supers Investment Committee,and Remuneration&Nomination Committee.In April 2022 Statewide Super merged with Hostplus.Ken,until recently held the role of Deputy Chancellor of the University of Adelaide but resigned in May 2024 to join the Transition Council of Adelaide Unive
155、rsity to be formed from the merger of the University of Adelaide and the University of South Australia.He was also appointed to the Board of SA Water,effective 3 August 2023.Prior roles include Chair of AWE Limited,Chair of Havilah Resources Limited,and Senior Finance Executive roles with Newmont Co
156、rporation,Normandy Mining,and Qantas.Directorships of other ASX Listed entities in the last 3 years:Barton Gold Holdings Limited(ASX:BGD)(current),Lanyon Investment Company Limited(ASX:LAN formerly 8IP Emerging Companies Limited(ASX:8EC)(resigned 10 May 2022).Interest in Shares and Options:Nil Share
157、s.1,500,000 unlisted options,exercisable at$1.79 and expiring on 31 May 2025.Special Responsibilities:Chair,Audit&Risk Management Committee.Member,Remuneration&Nomination Committee.Information on continuing Directors and ManagementDirectors ReportGreg English (Executive Chair)LLB,BE(Mining)Kenneth W
158、illiams (Non-Executive Director)B.Econ(HONS),MAppFin,FAICD24 Where:Column A is the number of meetings the Director was entitled to attend.Column B is the number of meetings the Director attended.As at the date of this report,the Group has not formed separate Governance Committee,as these matters are
159、 handled by the Board as a whole.The Board considers this appropriate given the size and nature of the Company at this time.Bernadette was appointed as a Director of the Company on 6 October 2021.Bernadette has over 30 years of experience working as a business technologist across strategy,sales,mark
160、eting,operations,and delivery for multinational Information Technology companies including Wipro,IBM,Avanade,and CGI.This includes 3 years at IBM where Bernadette served as a board member for IBM Philippines.Bernadettes experience covers technology areas of Cloud,Analytics,Mobility,AI and Security.B
161、ernadettes international experience spans leadership within large corporate governance structures and the start-up of new businesses.Bernadette has led and held senior advisory roles involving business transformations for businesses in the US,Europe,and Asia,including those within the STEM sector,wh
162、ich have been underpinned by corporate growth strategies leveraging innovative technologies.Directorships of other ASX Listed entities in the last 3 years:Nil.Interest in Shares and Options:Nil Shares.1,500,000 unlisted options,exercisable at$1.79 and expiring on 31 May 2025.Special Responsibilities
163、:Chair,Remuneration&Nomination Committee.Member,Audit&Risk Management Committee.The number of meetings of the Companys Board of Directors and each Board committee held during the year ended 30 June 2023,and the numbers of meetings attended by each Director were as follows:A B A B A BGreg 9 9 4 4 3 3
164、 EnglishKenneth 9 9 4 4 3 3 WilliamsBernadette 9 9 4 4 3 3 HarkinBoard of DirectorsDirectorAudit&Risk Management Committee Remuneration&Nomination CommitteeMeetings of DirectorsBernadette Harkin (Non-Executive Director)MBA,GAICD25|Archer Materials Limited 2024 Annual ReportInformation on continuing
165、Directors and ManagementDirectors ReportDr Mohammad Choucair (Chief Executive Officer)FRSN FRACI GAICD BSc Nanotechnology(Hon.1),PhD(Chemistry)Damien Connor (Chief Financial Officer/Company Secretary)CA GAICD AGIA B.ComDr Mohammad Choucair was appointed CEO of Archer in December 2017 and is leading
166、the company to develop disruptive deep tech that address complex global challenges.Mohammad served a 2-year mandate at the World Economic Forum on the Global Council for Advanced Materials and is internationally recognised for his forward-thinking breakthroughs in Nanotechnology.Mohammad is Alumni o
167、f the World Economic Forum,Alumni of the Australian Graduate School of Management,and a Graduate Member of the Australian Institute of Company Directors.He received the Royal Australian Chemical Institute Cornforth Medal for the most outstanding Chemistry PhD in Australia and is a Fellow of The Roya
168、l Society of New South Wales and The Royal Australian Chemical Institute.Damien Connor was appointed Company Secretary and Chief Financial Officer on 1 August 2014.Damien is an experienced Company Secretary and CFO,with over 20 years finance and accounting experience including over 15 years in the m
169、ining and mineral exploration industry.Damien has been providing Company Secretary and CFO services to a number of ASX listed and unlisted entities since 2011.Damien is a member of the Chartered Accountants of Australia and New Zealand(Chartered Accountant),an associate member of the Governance Inst
170、itute of Australia(Chartered Secretary)and a Graduate of the Australian Institute of Company Directors.26Principal activitiesDuring the year,the principal activities of the Group were:Technology research and development of the carbon nano onion quantum material(“12CQ Project”)and graphene-based lab-
171、on-a-chip biosensing chip (“biochip”).Utilising semiconductor development infrastructure and facilities,R&D,people,and IP,to support technology research and development.Internationally protecting and prosecuting intellectual property(e.g.patents and patent applications).Collaborating and partnering
172、with organisations in computing,deep tech,technology research and development,and manufacturing as part of global networks in the semiconductor industry.Significant changes to the state of affairs The Directors are not aware of any significant changes in the state of affairs of the Group occurring d
173、uring the year ended 30 June 2024,other than as disclosed in this report.Events arising since the end of the reporting period:On 12 July 2024,the Group announced the departure of Dr Mohammad Choucair as Chief Executive Officer(“CEO”),with Mohammad to step down from the CEO role in January 2025 to en
174、sure a smooth transition and handover.Dr Mohammad Choucair held the position of Chief Executive Officer during the financial year and as at the date of this report.On 15 July 2024 the Group announced Dr Simon Ruffells promotion to Chief Technology Officer(“CTO”)to ensure a smooth transition and the
175、continued growth of the Groups two key projects.The Directors are not aware of any other matter or circumstance that has arisen since the end of the year that has significantly affected,or may significantly affect the Groups operations,the results of those operations,or the Groups state of affairs i
176、n future financial years.27|Archer Materials Limited 2024 Annual ReportArcher is a technology company with a focus on developing innovative deep tech in the semiconductor industry.The Company is developing and working towards commercialising semiconductor devices and sensors relevant to quantum comp
177、uting and lab-on-a-chip medical diagnostics.Directors ReportRemunerationReport(audited)Directors Report28 The Remuneration Report is set out under the following main headings:A.Principles used to determine the nature and amounts of remunerationB.Details of remuneration C.Employment Contracts of Dire
178、ctors and other Key Management PersonnelD.Share based remunerationE.Bonuses included in remunerationF.Other informationThe Directors of Archer Materials Limited(the Group)present the Remuneration Report for Non-Executive Directors,Executive Directors and other Key Management Personnel,prepared in ac
179、cordance with the Corporations Act 2001 and the Corporations Regulations 2001.The names and roles of the Companys key management personnel during the year are:Greg English Executive Chair Kenneth Williams Independent Non-Executive Director Bernadette Harkin Independent Non-Executive Director Dr Moha
180、mmad Choucair Chief Executive Officer Damien Connor Chief Financial Officer&Company Secretary29|Archer Materials Limited 2024 Annual Report A.Principles used to determine the nature and amounts of remunerationThe Board has a Remuneration and Nomination Committee,comprising Bernadette Harkin(Chair),K
181、enneth Williams and Greg English.The Remuneration and Nomination Committee assists the Board in discharging its responsibilities in relation to people and remuneration activities,including oversight of risks related to people performance management,Company culture,succession planning,capacity and ca
182、pability,and inclusion and diversity.Archers remuneration philosophy is to seek,attract and retain high performing staff and incentivise executives to lead our Company in an inspiring way and to outperform.We focus on demonstrating clear links between business performance and remuneration outcomes w
183、hile continuing to build value for all stakeholders.The Board believes that individual salary negotiation is more appropriate than formal remuneration policies and external advice and market comparisons are sought where necessary.The Group discloses the fees and remuneration paid to all Directors as
184、 required by the Corporations Act 2001.The Board recognises that the attraction of high calibre executives is critical to generating shareholder value.The directors and executives receive a superannuation guarantee contribution required by the government of 11%per annum(11.5%from 1 July 2024)and do
185、not receive any other retirement benefits.Some individuals,however,may choose to sacrifice part of their salary to increase payments towards superannuation and/or elected to increase superannuation contributions a part of their salary package.All remuneration paid to Directors and executives is valu
186、ed at the cost to the Group.The Group has established a Performance Rights Plan and Share Option Plan(Plan)for the benefit of Directors,officers,senior executives and consultants.The Boards policy is to remunerate non-executive directors at the market rates for time,commitment and responsibilities.T
187、he Board determines payments to executives and reviews their remuneration annually,based on market price,duties and accountability.Independent external advice is sought when required.The maximum aggregate amount of fees that can be paid to non-executive directors,in aggregate,is$500,000 per annum wh
188、ich has not changed since Archer listed on the ASX in August 2007.These amounts are not linked to the financial performance of the consolidated Group.However,to align directors interests with shareholder interests,the directors are encouraged to hold shares in Archer.Each member of the executive tea
189、m has signed a formal contract at the time of their appointment covering a range of matters including their duties,rights,responsibilities and any entitlements on terminations.The standard contract sets out the specific formal job description.Use of remuneration consultants The Company has not engag
190、ed the services of a remuneration consultant during the year.Voting and comments made at the Companys 2023 Annual General Meeting The Company received 97.16%for votes on its Remuneration Report for the financial year ending 30 June 2023.The Company received no specific feedback on its Remuneration R
191、eport at the 2023 Annual General Meeting.Consequences of performance on shareholder wealth In considering the Groups performance and benefits for shareholder wealth,the Board has regard to the Companys share price in respect of the current financial year and the previous four(4)financial years:Item3
192、0 June 202430 June 202330 June 202230 June 202130 June 2020Share price($)$0.335$0.595$0.55$0.95$0.60Remuneration Report(audited)30 B.Details of RemunerationDetails of the nature and amount of each element of the remuneration of each Key Management Personnel(KMP)of the Group are shown in the table be
193、low:DIRECTORS AND OTHER KEY MANAGEMENT PERSONNELShort-term Employee BenefitsPost employment BenefitsTermination BenefitsShare Based Payments EmployeeYearCash Salary&Fees$Cash Bonus$Super-annuation$Termination Benefits$Unlisted Options1$Total$Performance based%Executive DirectorMr English2024371,6906
194、2,166 240,886-463,358938,1006.6%Executive Chair Not independent 2023315,37425,343 235,903-1,271,0871,647,7071.7%Non-Executive DirectorsMr Williams 202470,000-7,700-139,007216,707-%Independent202363,348-6,652-381,326451,326-%Ms Harkin 202470,000-7,700-139,007216,707-%Independent202363,348-6,652-381,3
195、26451,326-%Other Key Management PersonnelDr Choucair2024336,92316,500 338,960-556,030948,4131.9%Chief Executive Officer2023298,65451,000 336,969-1,525,3051,911,9283.0%Mr Connor 2024237,563-139,007376,570-%Company Secretary&CFO2023170,550-381,326551,876-%2024 Total20241,086,17678,66695,246-1,436,4092
196、,696,4972023 Total2023911,27476,34386,176-3,940,3705,014,1631 In accordance with Accounting Standards,remuneration includes a portion of the notional value of the options granted during the year.The notional value of options are determined as at the grant date and is progressively allocated over the
197、 vesting period.The amount included as remuneration is not indicative of the benefit(if any)that the employee may ultimately realise should the option vest and become exercisable.The notional value of the options as at the grant date has been determined in accordance with the accounting policy detai
198、led at Note 1 and calculation details in Note 18.2 Short-term incentive cash bonus,approved by the non-executive directors,related to KPI achievement,pursuant to Mr Englishs employment contract.3 Short-term incentive cash bonus,approved by the Board,related to KPI achievement,pursuant to Dr Choucair
199、s employment contract.31|Archer Materials Limited 2024 Annual Report Remuneration Report(audited)C.Employment Contracts of Directors and Other Key Management PersonnelRemuneration and other terms of employment for the Directors and other Key Management Personnel are formalised in either contracts of
200、 employment or service agreements.The main provisions of the agreements relating to remuneration are set out below:NameRemunerationUnit of MeasureTerm of agreementNotice PeriodGreg EnglishExecutive ChairTotal Fixed Remuneration(TFR):$412,576 per annum inclusive of superannuation.1Effective 1 July 20
201、24 2,3TFR of$431,012 per annum inclusive applicable superannuation.Short-term incentive:Discretionary up to 15%of TRF each year,is determined with reference to KPIs as set by the Board annually.Long-term incentive:Entitled to receive Options or Performance Rights equal to the maximum number of Optio
202、ns or Performance Rights granted to a director of the Company in the same financial year,subject to shareholder approval and KPIs including the Companys share price movement compared with the ASX Small Ordinaries Resources Index.Salaried employeePermanent employee,no fixed term.Between 1 month and 1
203、2 months notice depending on the circumstances.Any applicable termination payment is calculated based on reasons for termination from 1 month salary plus leave entitlements up to 12 months salary plus leave entitlements.Kenneth WilliamsNon-Executive DirectorBase remuneration:$70,000 per annum plus s
204、uperannuation.1 Director feesNo fixed term.NoneBernadette HarkinNon-Executive DirectorBase remuneration:$70,000 per annum plus superannuation.1 Director feesNo fixed term.NoneKey Management PersonnelDr Mohammad Choucair Chief Executive OfficerBase Remuneration:$330,000 per annum plus superannuation.
205、1 Short-term incentive:Discretionary up to 25%of salary each year,is determined with reference to KPIs as set by the Board annually.Long-term incentive:Entitled to receive Options or Performance Rights equal to the maximum number of Options or Performance Rights granted to a director of the Company
206、in the same financial year,subject to shareholder approval and KPIs including the Companys share price movement compared with the ASX Small Ordinaries Resources Index.Director fees Permanent employee,no fixed term.As announced on 12 July 2024,Dr Mohammad Choucair will step down from the role of CEO
207、in January 2025.Damien Connor 4 Company Secretary/CFOVariableServices as requiredHourly rate contractNo fixed term.Either party may terminate by providing 3 months notice.1 Superannuation rate appliable to the year ended 30 June 2024 was 11%per annum.The superannuation rate increases to 11.5%per ann
208、um from 1 July 2024.2 From 1 July 2024,Mr Englishs superannuation contributions will be based on the superannuation guarantee levy rate prescribed by the Superannuation Guarantee Administration Act 1992(Cth),being 11.5%per annum,up to the maximum superannuation contribution base(MSCB).3 In July 2024
209、,the Remuneration and Nomination Committee undertook a review of staff wages.The review was conducted to ensure that wages are keeping up with recent CPI and interest rate increases and that wages are not declining in real terms.Consequently,the Board approved a 4%per annum increase to Mr Englishs T
210、FR(with effect on and from 1 July 2024).4 Contract payments are made to Damien Connor Consulting Pty Ltd an entity associated with Damien Connor.32 D.Share-based RemunerationUNLISTED OPTIONS(OPTIONS)All Options refer to Options over ordinary shares of the Company,which are exercisable on a one-for-o
211、ne basis under the terms of the agreements.The Group has established a Performance Rights and Share Option Plan for the benefit of eligible staff,Directors,officers,senior executives and consultants.Under the Performance Rights and Share Option Plan,the Company,through the Board,may offer Options to
212、 eligible persons on such terms that the Board considers appropriate,including any performance or other vesting hurdles that may apply.Options granted to KMP during the reporting periodNo Options were granted as remuneration to KMP during the year ended 30 June 2024(30 June 2023:Nil).Options to KMP
213、forfeited,cancelled,lapsed or expired during the reporting periodDuring the reporting period 1,500,000 Options,with an exercise price of$0.7277 each and expiring on 31 March 2024,expired unexercised.PERFORMANCE RIGHTS(RIGHTS)The Companys Performance Rights and Share Option Plan provides for the issu
214、e of Rights to Directors,employees and contractors of the Company and its associated body corporates.All Rights issued under the Plan refer to Rights over ordinary shares of the Company,which are exercisable on a one-for-one basis under the terms of the agreements.Vesting of Rights is generally subj
215、ect to the achievement of particular performance conditions as determined by the Board.There were no Rights issued during the reporting period and none are on issue at the reporting date.SHARESThere were no Shares issued as remuneration during year ended 30 June 2024(30 June 2023:Nil).33|Archer Mate
216、rials Limited 2024 Annual Report Remuneration Report(audited)E.Bonuses included in RemunerationDetails of the short-term incentive cash bonuses awarded as remuneration to each key management personnel,the percentage of the available bonus that was paid in the financial year,and the percentage that w
217、as forfeited because the person did not meet the performance criteria is set out below.EmployeeIncluded in remuneration($)Percentage vested during the yearPercentage forfeited during the yearGreg English 1 Executive Chair$62,165 (inclusive of superannuation)100%-Dr Mohammad Choucair 2 Chief Executiv
218、e Officer$18,398 (inclusive of superannuation)20%80%1 Mr Englishs contract of employment provides for a discretionary cash bonus of up to 15%of his salary each year,determined with reference to KPIs set by the Board annually.The KPIs subject of the bonus payable for the financial year were determine
219、d with reference to satisfaction of performance targets relating to corporate strategy objectives,funding and stakeholder management.2 Dr Choucairs contract of employment provides for a discretionary cash bonus of up to 25%of his salary each year,determined with reference to KPIs set by the Board an
220、nually.The KPIs subject of the bonus payable for the financial year were determined with reference to satisfaction of performance targets relating to key technical and corporate strategy objectives.No other key management personnel were awarded short-term incentive cash bonuses as remuneration durin
221、g the year ended 30 June 2024.34 F.Other InformationOption Holdings of Key Management Personnel as at 30 June 2024The number of Options over ordinary shares in the Company held,directly,indirectly,or beneficially,by each specified Director and other key management personnel,including their personall
222、y related entities as at reporting date,is as follows:2024 Key Management PersonnelHeld at 1 July 2023Vested and exercisable at 1 July 2023 Granted as Remuneration ExercisedForfeited/Lapsed/Expired/CancelledHeld at 30 June 2024 Vested and Exercisable at 30 June 2024Mr English 5,000,0003,333,334-5,00
223、0,0005,000,000Mr Williams3,000,0001,000,000-(1,500,000)1,500,0001,500,000Ms Harkin1,500,0001,000,000-1,500,0001,500,000Dr Choucair6,000,0004,000,000-6,000,0006,000,000Mr Connor1,500,0001,000,000-1,500,0001,500,000Total17,000,00010,333,334-(1,500,000)15,500,00015,500,000Performance Rights Holdings of
224、 Key Management Personnel as at 30 June 2024There were no Rights to acquire shares in the Company held by KMP during the current or prior reporting period.Share Holdings of Key Management Personnel as at 30 June 2024The number of ordinary shares of Archer Materials Limited held,directly,indirectly,o
225、r beneficially,by each Director and other key management personnel,including their personally related entities as at reporting date:2024 Key Management PersonnelHeld at 1 July 2023Granted as Compensation OptionsExercised OtherChanges Held at 30 June 2024Mr English 11,509,852-11,509,852Mr Williams-Ms
226、 Harkin-Dr Choucair3,854,927-3,854,927Mr Connor 943,831-943,831Total16,308,610-16,308,61035|Archer Materials Limited 2024 Annual Report Remuneration Report(audited)Transactions with Key Management PersonnelTransactions with key management personnel and related parties as disclosed below are made on
227、normal commercial terms and conditions.Outstanding balances are unsecured and are repayable in cash.Amounts paid or payable to key management personnel and related parties/entities:Related PartyRelationship to Key ManagementPersonnel/DirectorServices Provided2024$2023$Piper Alderman LawyersA busines
228、s of which Greg English is a Consultant.Legal advice$9,271$14,172Damien Connor Consulting Pty LtdA business of which Damien Connor is a Director.Finance/Co.Secretary consulting fees.$237,563$170,550Dr Choucair is a co-inventor of the 12CQ intellectual property licenced to Archer under a Licence Agre
229、ement with The University of Sydney.During the year Dr Choucair was paid$29,203 by The University of Sydney(2023:Nil).END OF AUDITED REMUNERATION REPORT 36 Unissued Shares Under Option Unissued ordinary shares of Archer Materials Limited under option at the date of this report are:Issued toIssue Dat
230、eGrant DateNumber of Options GrantedOption Exercise PriceExpiry DateDirectors 12/12/202124/11/20218,000,000$1.7931/05/2025CEO 12/12/202124/11/20216,000,000$1.7931/05/2025Company Secretary 12/12/202124/11/20211,500,000$1.7931/05/2025Other Employees2/12/202124/11/20213,200,000$1.7931/05/202518,700,000
231、1 Previously issued to members of key management personnel as remuneration.All Options are unlisted and exercisable into fully paid ordinary shares in the Company on a one for one basis.These Options do not entitle the holders to participate in any share issue of the Company.Refer Note 18 for detail
232、s of movement in Options during the reporting period.No Options over ordinary shares have been issued,forfeited,cancelled or lapsed since the end of the reporting period.Performance Rights(Rights)There were no Rights on issue during the reporting period or as at the date of this report.Environmental
233、 IssuesThe Groups operations are subject to significant environmental regulations under the laws of the Commonwealth and/or State.No notice of any breach has been received and to the best of the Directors knowledge no breach of any environmental regulations has occurred during the financial year or
234、up to the date of this Annual Report.Indemnity and insurance of officers The Companys Constitution provides that the Company indemnifies,on a full indemnity basis and to the full extent permitted by law,officers of the Company for all losses or liabilities incurred by the person as an officer of the
235、 Company or a related body corporate.In conformity with the Constitution,the Company is party to Deeds of Indemnity in favour of each of the Directors referred to in this report who held office during the year.The Company has paid premiums to insure each of the Directors,Officers and Consultants aga
236、inst 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 or Executive of the Company,other than conduct involving wilful breach of duty or a lack of good faith in relation to the Company.The poli
237、cy does not specify the individual premium for each officer covered and the amount paid is confidential.Since the end of the year the Company has paid,or agreed to pay,premiums in respect of such contracts for the year ending 30 June 2024.37|Archer Materials Limited 2024 Annual Report Directors Repo
238、rtIndemnity and insurance of auditor The Company has not,during or since the end of the financial period,indemnified or agreed to indemnify the auditor of the Company or any related entity against a liability incurred by the auditor.During the financial period,the Company has not paid a premium in r
239、espect of a contract to insure the auditor of the Company or any related entity.Non-audit services Details of the amounts paid or payable to the auditor(Grant Thornton)for services they provided during the financial year are outlined in Note 6 to the financial statements.No non-audit services were p
240、rovided by the auditor during the year.Proceedings on behalf of the Company As far as the Directors are aware,no person has applied to the Court for leave to bring proceedings on behalf of the Company or to intervene in any proceedings to which the Company is a party for the purpose of taking respon
241、sibility on behalf of the Company for all or any part of those proceedings.The Company was not a party to any such proceedings during the year.Corporate GovernanceThe Board has adopted the ASX Corporate Governance Councils“Corporate Governance Principles and Recommendations 4th Edition”(ASX Recommen
242、dations).The Board continually monitors and reviews its existing and required policies,charters and procedures with a view to ensuring its compliance with the ASX Recommendations to the extent deemed appropriate for the size of the Company and the status of its projects and activities.Good corporate
243、 governance practices are also supported by the ongoing activities of the Audit&Risk Management Committee and the Remuneration and Nomination Committee.The Companys Corporate Governance Statement for the financial year ending 30 June 2024 is dated 30 June 2024 and was approved by the Board on 28 Aug
244、ust 2024.The Corporate Governance Statement provides a summary of the Companys ongoing corporate governance practices in accordance with the ASX Recommendations.The Corporate Governance Statement is supported by a number of policies,procedures,code of conduct and formal charters,all of which are loc
245、ated in the Corporate Governance section of the Companys website:.au.Auditors DeclarationThe auditors independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 39 and forms part of the directors report for the financial year ended 30 June 2024.This repor
246、t is signed in accordance with a resolution of the Board of Directors.Greg English Executive Chair28 August 202438 Grant Thornton Audit Pty Ltd Grant Thornton House Level 3 170 Frome Street Adelaide SA 5000 GPO Box 1270 Adelaide SA 5001 T+61 8 8372 6666 .au ACN-130 913 594 Grant Thornton Audit Pty L
247、td ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389.Grant Thornton refers to the brand under which the Grant Thornton member firms provide assurance,tax and advisory services to their clients and/or refers to one or more member fir
248、ms,as the context requires.Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd(GTIL).GTIL and the member firms are not a worldwide partnership.GTIL and each member firm is a separate legal entity.Services are delivered by the member firms.GTIL does not provide servi
249、ces to clients.GTIL and its member firms are not agents of,and do not obligate one another and are not liable for one anothers acts or omissions.In the Australian context only,the use of the term Grant Thornton may refer to Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389 and its
250、Australian subsidiaries and related entities.Liability limited by a scheme approved under Professional Standards Legislation.Auditors Independence Declaration To the Directors of Archer Materials Limited In accordance with the requirements of section 307C of the Corporations Act 2001,as lead auditor
251、 for the audit of Archer Materials Limited for the year ended 30 June 2024,I declare that,to the best of my knowledge and belief,there have been:a no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit;and b no contraventions of any applicabl
252、e code of professional conduct in relation to the audit.GRANT THORNTON AUDIT PTY LTD Chartered Accountants J L Humphrey Partner Audit&Assurance Adelaide,28 August 2024 39|Archer Materials Limited 2024 Annual ReportFinancialInformation4041|Archer Materials Limited 2024 Annual ReportFinancial Informat
253、ion42NotesCONSOLIDATED GROUP2024$2023$REVENUE Revenue from ordinary activities-OTHER INCOMEResearch and development tax concession 2,135,9361,498,471Other income3941,147702,2483,077,0832,200,719EXPENSES Depreciation expense(154,523)(34,395)Amortisation of intangibles11(27,171)(19,344)Quantum and bio
254、chip technology research expenditure(4,524,190)(2,965,560)Employee benefits expense(1,257,843)(1,098,392)Share based payments expense18(603,093)(5,554,843)Fair value loss on financial assets9(307,620)(848,391)Corporate consultants/public relations expense(459,321)(216,325)ASX listing and share regis
255、try expense(145,610)(163,923)Other expenses(400,862)(349,003)LOSS BEFORE TAX(4,803,150)(9,049,457)Income tax benefit/(expense)-LOSS FOR THE YEAR(4,803,150)(9,049,457)Other comprehensive income-TOTAL COMPREHENSIVE LOSS FOR THE YEAR(4,803,150)(9,049,457)Cents CentsLoss per shareBasic and diluted loss
256、for the year per share16(1.88)(3.62)The financial statements should be read in conjunction with the accompanying notes.STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 43|Archer Materials Limited 2024 Annual ReportNotesCONSOLIDATED GROUP2024$2023$ASSETSCURRENT AS
257、SETSCash and cash equivalents72,838,675772,317Term deposits short term715,371,14522,545,145Trade and other receivables82,575,9302,032,765Other financial assets9567,259874,879Prepayments761,237537,127TOTAL CURRENT ASSETS22,114,24526,762,233NON-CURRENT ASSETSIntangible assets11502,754353,694Property,p
258、lant and equipment163,93183,880Right of use asset office leases14109,3099,097TOTAL NON-CURRENT ASSETS775,994446,671TOTAL ASSETS22,890,23927,208,904CURRENT LIABILITIESTrade and other payables12614,090785,719Lease liability94,3359,097Employee entitlements13342,237378,868TOTAL CURRENT LIABILITIES1,050,
259、6621,173,684NON-CURRENT LIABILITIESLease liability14,974-Employee entitlements1324,42334,983TOTAL NON-CURRENT LIABILITIES39,39734,983TOTAL LIABILITIES1,090,0591,208,667NET ASSETS21,800,18026,000,237EQUITYIssued capital1547,799,11947,799,119Reserves1714,219,54815,371,834Accumulated losses(40,218,487)
260、(37,170,716)TOTAL EQUITY21,800,18026,000,237The financial statements should be read in conjunction with the accompanying notes.STATEMENT OF FINANCIAL POSITION AS AT 30 JUNEFinancial Information44Issued Capital$Retained Earnings$Share Based Payments Reserve$Acquisition Reserve$Total$BALANCE AT 1 JULY
261、 202347,799,119(37,170,716)15,371,834-26,000,237Expense associated with unlisted option vesting during the period(refer Note 18)-603,093-603,093Transfer of lapsed or exercised share-based payments to retained earnings-1,755,379(1,755,379)-Transactions with owners47,799,119(35,415,337)14,219,548-26,6
262、03,330Total loss for the year-(4,803,150)-(4,803,150)Other comprehensive income-BALANCE AT 30 JUNE 202447,799,119(40,218,487)14,219,548-21,800,180Issued Capital$Retained Earnings$Share Based Payments Reserve$Acquisition Reserve$Total$BALANCE AT 1 JULY 202247,723,569(29,197,602)10,893,334-29,419,301E
263、xpense associated with unlisted option vesting during the period(refer Note 18)-5,554,843-5,554,843Shares issued during the year -net of costs(refer Note 15)75,550-75,550Transfer of lapsed or exercised share-based payments to retained earnings-1,076,343(1,076,343)-Transactions with owners47,799,119(
264、28,121,259)15,371,834-35,049,694Total loss for the year-(9,049,457)-(9,049,457)Other comprehensive income-BALANCE AT 30 JUNE 202347,799,119(37,170,716)15,371,834-26,000,237The financial statements should be read in conjunction with the accompanying notes.STATEMENT OF CHANGES IN EQUITY FOR THE YEAR E
265、NDED 30 JUNE45|Archer Materials Limited 2024 Annual ReportNotesCONSOLIDATED GROUP2024$2023$CASH FLOW FROM OPERATING ACTIVITIESPayments to suppliers and employees(2,825,325)(1,334,837)Payments for quantum and biochip technology research activities(4,524,190)(2,965,560)Interest received1,098,763227,90
266、3Research and development tax concession received1,455,9361,021,471Innovation grant received-25,000NET CASH USED IN OPERATING ACTIVITIES19(4,794,816)(3,026,023)CASH FLOWS FROM INVESTING ACTIVITIESProceeds from redemption of short term deposits77,174,0002,500,000Payments for intellectual property(80,
267、642)(124,698)Payments for property,plant and equipment(116,365)(60,402)NET CASH PROVIDED BY/(USED)IN INVESTING ACTIVITIES6,976,9932,314,900CASH FLOWS FROM FINANCING ACTIVITIESProceeds from issue of shares15-75,550Payment of lease liability(115,819)(10,652)NET CASH(USED)/PROVIDED BY FINANCING ACTIVIT
268、IES(115,819)64,898Net increase/(decrease)in cash held2,066,358(646,225)Cash at the beginning of the year772,3171,418,542CASH AT THE END OF THE FINANCIAL YEAR72,838,675772,317 The financial statements should be read in conjunction with the accompanying notes.STATEMENT OF CASH FLOWS FOR THE YEAR ENDED
269、 30 JUNEFinancial Information46Notes to the Financial Statements for the year ended 30 June 2024Basis of preparationThe financial report is a general-purpose financial report that has been prepared in accordance with Australian Accounting Standards,Australian Accounting Interpretations,other authori
270、tative pronouncements of the Australian Accounting Standards Board(AASB)and the Corporations Act 2001.Archer Materials Limited is a for profit entity for the purposes of preparing the financial statements.The financial report has been presented in Australian dollars.Australian Accounting Standards s
271、et out accounting policies that the AASB has concluded would result in a financial report containing relevant and reliable information about transactions,events and conditions to which they apply.Compliance with Australian Accounting Standards ensures that the financial statements and notes also com
272、ply 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 financial report has been prepared on an accruals basis and is based on historical
273、 costs modified,where applicable,by the measurement at fair value of selected non-current assets,financial assets and financial liabilities.The principal accounting policies adopted in the preparation of the financial statements are set out below.Principles of ConsolidationThe parent entity controls
274、 a subsidiary if it is exposed,or has rights,to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary.A list of controlled entities is contained in Note 10 to the financial statements.As at reporting date,the asset
275、s and liabilities of all controlled entities have been incorporated into the consolidated financial statements as well as their results for the year then ended.Where controlled entities have entered(left)the consolidated group during the year,their operating results have been included/(excluded)from
276、 the date control was obtained/(ceased).All inter-group balances and transactions between entities in the consolidated group,including any recognised profits or losses,have been eliminated on consolidation.Accounting policies of subsidiaries have been changed,where necessary,to ensure consistency wi
277、th those adopted by the parent entity.Current and non-current classificationAssets and liabilities are presented in the statement of financial position based on current and non-current classification.An asset is classified as current when:it is either expected to be realised or intended to be sold o
278、r consumed in the consolidated entitys normal operating cycle;it is held primarily for the purpose of trading;it is expected to be realised within 12 months after the reporting period;or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at
279、least 12 months after the reporting period.All other assets are classified as non-current.A liability is classified as current when:it is either expected to be settled in the consolidated entitys normal operating cycle;it is held primarily for the purpose of trading;it is due to be settled within 12
280、 months after the reporting period;or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period.All other liabilities are classified as non-current.Cash and cash equivalentsCash and cash equivalents includes cash on hand,deposits held
281、at call with financial institutions,other short-term,highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.For the statement of cash flows presentation purposes,cash and cash equivalents also includes bank o
282、verdrafts,which if applicable,will be shown within borrowings in current liabilities on the Statement of Financial Position.Property,plant and equipmentProperty,plant and equipment is carried at cost less where applicable,any accumulated depreciation and impairment losses.The carrying amount of prop
283、erty,plant and equipment is reviewed annually by Directors to ensure it is not in excess of the recoverable amount from these assets.The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the assets employment and subsequent disposal.The expected ne
284、t cash flows have been discounted to their present values in determining recoverable amounts.Subsequent costs are included in the assets carrying amount or recognised as a separate asset,as appropriate,only when it is probable that future economic benefits associated with the item will flow to the G
285、roup and the cost of the item can be measured reliably.NOTE 1 STATEMENT OF MATERIAL ACCOUNTING POLICIES47|Archer Materials Limited 2024 Annual ReportAll other repairs and maintenance are charged to the Statement of Profit or Loss during the financial period in which are they are incurred.Depreciatio
286、nThe depreciable amount of all fixed assets is depreciated on a straight-line basis over their useful lives to the consolidated entity commencing from the time the asset is held ready for use.Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the e
287、stimated useful lives of the improvements.The depreciation rates used for each class of depreciable assets are:Class of Non-Current AssetDepreciation RateBasis of DepreciationPlant and Equipment10 33%Straight LineLeasehold improvements2.5%Straight LineThe assets residual values and useful lives are
288、reviewed,and adjusted if appropriate,at each reporting date.An assets carrying amount is written down immediately to its recoverable amount if the assets carrying amount is greater than its estimated recoverable amount.Gains and losses on disposals are determined by comparing proceeds with the carry
289、ing amount.These gains and losses are included in the Statement of Profit or Loss.Intangible assetsIntangible assets acquired separately are measured on initial recognition at cost.The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition.Followi
290、ng initial recognition,intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses.Internally generated intangibles,excluding capitalised development costs,are not capitalised and the related expenditure is reflected in profit or loss in the period in wh
291、ich the expenditure is incurred.The useful lives of intangible assets are assessed as either finite or indefinite.Intangible assets with infinite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired.Th
292、e amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period.Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to
293、 modify the amortisation period or method,as appropriate,and are treated as changes in accounting estimates.The amortisation expense on intangible assets with finite lives is recognised in the statement of profit or loss in the expense category that is consistent with the function of the intangible
294、assets.Intangible assets with finite useful lives are not amortised,but are tested for impairment annually,either individually or at the cash-generating unit level.The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable.If not,the c
295、hange in useful life from indefinite to finite is made on a prospective basis.An intangible asset is derecognised upon disposal(i.e.,at the date the recipient obtains control)or when no future economic benefits are expected from its use or disposal.Any gain or loss arising upon derecognition of the
296、asset(calculated as the difference between the net disposal proceeds and the carrying amount of the asset)is included in the statement of profit or loss.Research and development costsResearch costs are expensed as incurred and included in the statement of profit or loss as quantum and biochip techno
297、logy research expenditure.Development expenditures on an individual project are recognised as an intangible asset only when the Group can demonstrate:The technical feasibility of completing the intangible asset so that the asset will be available for use or sale Its intention to complete and its abi
298、lity and intention to use or sell the asset How the asset will generate future economic benefits The availability of resources to complete the asset The ability to measure reliably the expenditure during developmentFollowing initial recognition of the development expenditure as an asset,the asset is
299、 carried at cost less any accumulated amortisation and accumulated impairment losses.Amortisation of the asset begins when development is complete and the asset is available for use.It is amortised over the period of expected future benefit.Amortisation is recorded in cost of sales.During the period
300、 of development,the asset is tested for impairment annually.Financial Information48Patents and licencesThe Group has made payments in respect of patents and licences and also pays for on-going patent prosecution costs.The Licences have been granted for patents which are undergoing prosecution by the
301、 relevant government agencies and the Company also owns a patent undergoing prosecution.Patents have a life of up to 20 years and are assessed on a case by case basis.Licences for the use of intellectual property are granted for periods ranging between three and five years depending on the specific
302、licences.The licences require an annual fee to be paid to continue to access the licenses.As a result,those licences are assessed as having a finite useful life.A summary of the policies applied to the Groups intangible assets is,as follows:LicencesPatents Useful lives Finite(5 years)Finite(20 years
303、)Amortisation method used Amortised on a straight-line basis over the period of the licenceAmortised on a straight-line basis over the period of the patent Internally generated or acquiredAcquiredAcquiredTrade and other payablesThese amounts represent liabilities for goods and services provided to t
304、he consolidated entity prior to the end of the financial year/period and which are unpaid.Due to their short-term nature they are measured at amortised cost and are not discounted.The amounts are unsecured and are usually paid within 30 days of recognition.ProvisionsProvisions are recognised when th
305、e Group has a legal or constructive obligation,as a result of past events,for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured.Employee Benefits Provision is made for the Companys liability for employee benefits arising from services ren
306、dered by employees to reporting date.Employee benefits that are expected to be settled wholly within one year have been measured at the amounts expected to be paid when the liability is settled,plus related on-costs.Employee benefits payable later than one year have been measured at the present valu
307、e of the estimated future cash outflows to be made for these benefits.Those cashflows are discounted using market yields on high quality corporation bonds with terms to maturity that match the expected timing of cashflows.Share-based PaymentsEquity-settled transactionsThe Company provides benefits t
308、o employees(including directors)in the form of share-based payment transactions,whereby employees render services in exchange for shares or rights over shares(equity-settled transactions).The Company currently provides benefits under a Performance Rights and Share Option Plan.The cost of these equit
309、y-settled transactions with employees and directors is measured by reference to the fair value at the date at which they are granted.In valuing equity-settled transactions,no account is taken of any performance conditions,other than conditions linked to the price of the shares of the Company(market
310、conditions).The cost of equity-settled transactions is recognised,together with a corresponding increase in equity,over the period in which the performance conditions are fulfilled,ending on the date on which the relevant employees become fully entitled to the award(vesting date).The cumulative expe
311、nse recognised for equity-settled transactions at each reporting date until vesting date reflects:i)the extent to which the vesting period has expired;andii)the number of awards that,in the opinion of the directors,will ultimately vest.This opinion is formed based on the best available information a
312、t reporting date.No adjustment is made for the likelihood of market performance conditions being met as the effect of these conditions is included in the determination of fair value at grant date.Notes to the Financial Statements for the year ended 30 June 202449|Archer Materials Limited 2024 Annual
313、 ReportNo expense is recognised for awards that do not ultimately vest,except for awards where vesting is conditional upon a market condition.Where the terms of an equity-settled award are modified,as a minimum an expense is recognised as if the terms had not been modified.In addition,an expense is
314、recognised for any increase in the value of the transaction as a result of the modification,as measured at the date of modification.Where an equity-settled award is cancelled,it is treated as if it had vested on the date of cancellation,and any expense not yet recognised for the award is recognised
315、immediately.However,if a new award is substituted for the cancelled award,and designated as a replacement award on the date that it is granted,the cancelled and new award are treated as if they were a modification of the original award,as described in the previous paragraph.The dilutive effect,if an
316、y,of outstanding Options and Rights is reflected as additional share dilution in the computation of earnings per share.Issued capitalOrdinary shares are classified as equity.Incremental costs directly attributable to the issue of new shares or Options are shown in equity as a deduction,net of tax,fr
317、om the proceeds.LeasesThe Group assesses at contract inception whether a contract is,or contains,a lease.That is,if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.Group as a lessee The Group applies a single recognition and
318、 measurement approach for all leases,except for short-term leases and leases of low-value assets.The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.i)Right-of-use assets The Group recognises right-of-use assets at
319、 the commencement date of the lease(i.e.,the date the underlying asset is available for use).Right-of-use assets are measured at cost,less any accumulated depreciation and impairment losses,and adjusted for any remeasurement of lease liabilities.The cost of right-of-use assets includes the amount of
320、 lease liabilities recognised,initial direct costs incurred,and lease payments made at or before the commencement date less any lease incentives received.Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the asset.ii)Lea
321、se LiabilitiesAt the commencement date of the lease,the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term.The lease payments include fixed payments(including in-substance fixed payments)less any lease incentives receivable.In calculatin
322、g the present value of lease payments,the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable.After the commencement date,the amount of lease liabilities is increased to reflect the accretion of interest
323、 and reduced for the lease payments made.In addition,the carrying amount of lease liabilities is remeasured if there is a modification,a change in the lease term,a change in the lease payments(e.g.,changes to future payments resulting from a change in an index or rate used to determine such lease pa
324、yments)or a change in the assessment of an option to purchase the underlying asset.Financial Information50Financial Instruments-initial recognition and subsequent measurementA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity
325、instrument of another entity.i)Financial assetsInitial recognition and measurementFinancial assets are classified,at initial recognition,as subsequently measured at amortised cost,fair value through other comprehensive income(OCI),and fair value through profit or loss.The classification of financial
326、 assets at initial recognition depends on the financial assets contractual cash flow characteristics and the Groups business model for managing them.With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedien
327、t,the Group initially measures a financial asset at its fair value plus,in the case of a financial asset not at fair value through profit or loss,transaction costs.Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are m
328、easured at the transaction price determined under AASB 15.In order for a financial asset to be classified and measured at amortised cost or fair value through OCI,it needs to give rise to cash flows that are solely payments of principal and interest(SPPI)on the principal amount outstanding.This asse
329、ssment is referred to as the SPPI test and is performed at an instrument level.The Groups business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows.The business model determines whether cash flows will result from collecting contractua
330、l cash flows,selling the financial assets,or both.Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place(regular way trades)are recognised on the trade date,i.e.,the date that the Group commits to purchas
331、e or sell the asset.Subsequent measurementFor purposes of subsequent measurement,financial assets are classified in four categories:Financial assets at amortised cost(debt instruments)Financial assets at fair value through OCI with recycling of cumulative gains and losses(debt instruments)Financial
332、assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition(equity instruments)Financial assets at fair value through profit or lossFinancial assets at amortised cost(debt instruments)This category is the most relevant to the Group.The Group measur
333、es financial assets at amortised cost if both of the following conditions are met:The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows;and The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding
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