Asra Minerals (ASR) 2024年年度報告「ASX」.pdf

1、 ASX:ASR .au ABN:72 002 261 565 FOR THE YEAR ENDING 31 DECEMBER 2024 Annual Report Asra Minerals Limited ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 2 Corporate Information Directors Mr Paul Summers-Executive Chairman Mr Mathew

2、Longworth-Non-Executive Director Mr Leonard Math-Non-Executive Director Chief Executive Officer Mr Paul Stephen Company Secretary Mr Leonard Math Registered office:104 Colin Street,West Perth WA 6005 Telephone:(08)9420 8208 Fax:(08)9322 4130 Email:.au Website:.au Share register Automic Group Level 5

3、,191 St Georges Terrace Perth WA 6000 Telephone:1300 288 664 .au Auditor RSM Australia Partners Level 32 Exchange Tower 2 The Esplanade Perth WA 6000 Telephone:(03)9261 9100 https:/.au Stock exchange listing Asra Minerals Limited shares are listed on the Australian Securities Exchange(ASX code:ASR)A

4、SX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 1 Contents CHAIRMANS LETTER.2 REVIEW OF OPERATIONS.3 DIRECTORS REPORT.8 AUDITORS INDEPENDENCE DECLARATION.25 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME.26 C

5、ONSOLIDATED STATEMENT OF FINANCIAL POSITION.27 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY.28 NOTES TO THE FINANCIAL STATEMENTS.30 CONSOLIDATED ENTITY DISCLOSURE STATEMENT.74 DIRECTORS DECLARATION.75 INDEPENDENT AUDITORS REPORT.76 ASX ADDITIONAL INFORMATION.80 2 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU

6、 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 2 Chairmans Letter Dear Shareholders,I am pleased to share the 2024 Annual Report for Asra Minerals Limited covering activity from 1 January 2024 to 31 December 2024.Reflecting on 2024,Asra Minerals Limited has made signi

7、ficant strides in our exploration activities.Our focus on gold exploration in Western Australias prime Goldfields region has yielded promising results,positioning us well for future growth.This year,we made a strategic pivot to intensify our focus on our gold assets in the Leonora region.Or primary

8、objective was to comprehensively review our portfolio and determine the best pathway to unlock the value of these assets.We are pleased with the progress made to date and the team we are building to achieve this.However,we recognise that there is more to be done,and we remain committed to this goal

9、as we move forward in 2025.The acquisition of new Kookynie East tenements at the Leonora South Gold Project was a significant milestone for Asra.Despite initial legal challenges which we have successfully resolved,we are advancing our exploration plans.The expansion of the Leonora South Project unde

10、rscores our confidence in the regions prospectivity and the projects substantial potential,especially given its proximity to other successful operations.We are also excited about the progress at Mt Stirling within the Leonora North project.The exploration work completed over the year has identified

11、several promising drill targets,and we are eager to commence drilling and exploration programs shortly.We are fortunate to have one of the largest,underexplored land holding in a region where our neighbours are some of the states largest gold producers.The work completed to date gives us great confi

12、dence in the Leonora North Project,and we look forward to building upon this throughout 2025.Late last year,we welcomed Paul Stephen as our new Chief Executive Officer.Paul brings a wealth of experience,and his extensive background in exploration,development,and corporate governance will be invaluab

13、le as we advance our projects and drive shareholder value.We are confident that Pauls leadership will propel Asra Minerals propel Asra to become a leading gold exploration company.Overall,the financial year 2024 has been a year of progress and opportunity for Asra Minerals.The groundwork laid this y

14、ear has set the stage for significant advancements in the coming year.I would like to thank our dedicated team for their hard work and our shareholders for their continued support.Together,we are building a strong foundation for the future of Asra Minerals Limited.Paul Summers Executive Chairman 3 A

15、SX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 3 Review of Operations Asra Minerals Limited(Asra or the Company)has a growing portfolio in the premier Goldfields region of Western Australia and has undertaken extensive planning for

16、exploration activities across its gold projects.HIGHLIGHTS:Expanded Leonora gold portfolio to nearly 1,000km2 with strategic acquisition of Kookynie East Completed the Phase 1 Exploration at Leonora North and South.o 2,400m air-core and 1,310m reverse circulation drilling program on gold in soil and

17、 geophysical targets in the Diorite East Prospect of Mt Stirling o Completed confirmatory three-hole diamond drilling program at Orion and Sapphire o Completed an extensive airborne survey covering+19,000-line kilometres Completed sale of the Tarmoola Pastoral Lease for$3m.Appointed Mr Paul Stephen

18、as Chief Executive Officer.Delivered Maiden Mineral Resource Estimate(MRE)of 15Mt at 490ppm TREO at Yttria Rare Earth Elements(REE)Deposit.EXPLORATION During the second half of the reporting year,Asra made the strategic decision to refocus its exploration efforts and prioritise its portfolio of gold

19、 assets in the Leonora region(Figure 1).While Asra remains committed to its gold-focused strategy,the Company still holds several critical mineral assets,including the Yttria Rare Earth Elements(REE)Deposit where an MRE of 15Mt at 490ppm TREO was announced during H1 of CY2024.Figure 1:Asra Minerals

20、Leonora Gold Project Location Map 4 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 4 LEONORA SOUTH GOLD PROJECT-KOOKYNIE Asra expanded its gold portfolio in the Eastern Goldfields to nearly 1,000km2,following the acquisition of Koo

21、kynie East(Figure 2).The tenements,spanning over 340km2,include multiple historic gold mines on granted Mining Leases.The Orion-Sapphire Deposit within Kookynie East hosts an existing JORC 2012 Mineral Resource,increasing Asras global Mineral Resource to more than 200,000 ounces at 1.8 g/t gold.Figu

22、re 2:Leonora North Gold Project Location Map(inc Kookynie East tenement)During the Quarter,Phase 1 confirmatory diamond drilling at Orion and Sapphire returned significant gold grades,verifying the presence of strong gold grades at depth and extending mineralisation indicated by historical drilling.

23、The three-hole diamond drill program,consisted of 150m of RC pre-collars and 370.9m of HQ drill core in 3 confirmatory drill holes,comprising one hole at Orion and two holes at the Sapphire gold mine,located on the Kookynie East Project.Each hole intersected the targeted mineralised structure slight

24、ly deeper than expected,validating geological interpretation based on historical drilling.Results returned include:0.8m 23.97 g/t Au from 161.2m(drill hole NICD003 at Orion)1m at 47.95 g/t Au from 115.2m(drill hole NICD005 at Sapphire)1m 23.12 g/t Au from 148.7m(drill hole NICD006 at Sapphire)Phase

25、2 drilling is expected to commence in Q2 2025.5 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 5 LEONORA NORTH GOLD PROJECT-MT STIRLING The Companys flagship Leonora North Project covers 222km2 of land north of Leonora(figure 3)and

26、 contains more than 20 potential gold targets.The exploration team has been working to prioritise these targets based on structural,geophysical,spectral and geochemical assessments.Figure 3:Leonora South Gold Project In Q4 2024,Asra completed a 78-hole air core(AC)and a 12-hole reverse circulation(R

27、C)drill program,testing six high-priority targets identified during the Mt Stirling Project exploration target ranking stage.The drilling,totalling 1,310m of RC and 2,400m of AC,identified significant gold grades and structural traps for gold-bearing fluids,achieving the goal of identifying structur

28、e and mineralisation.The program also included the analysis of samples from vacuum drill holes completed by Asra between 2021 to 2022.The original 1786-hole program primarily focused on rare earth elements(REE)exploration with less than 10%of samples analysed at the time.Samples were systematically

29、collected,and the top two samples were submitted to Intertek laboratory in Perth for gold analyses by Aqua Regia digest and MS finish.Anomalous values were returned from the Yttria-Wishbone Prospect areas and from the Mt Stirling Viserion and Mt Stirling Well areas(see Figure 3).Including 1219 ppb i

30、n vacuum drill hole MSAV0532,located 340m south of the Mt Stirling Viserion gold deposit in M 37/1306,where 400m of untested Hydra Fault occurs to the north.Phase 2 drilling to expand the findings and further test the area is planned for Q2 2025.EXTENSIVE AIRBORN SURVEY AT LEONORA NORTH AND LEONORA

31、SOUTH During the year,an extensive airborne magnetic survey was conducted over Leonora North and South Projects to deliver magnetic data,radiometrics and a digital elevation model.The survey,covering 6,714-line kilometres at Mt Stirling and 12,423-line kilometres at Kookynie was conducted by MagSpec

32、 Airborne Survey Pty Ltd.6 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 6 Final processed data will be provided to Southern Geoscience Consultants for processing and interpretation.Southern Geoscience Consultants will also comple

33、te the detailed processing and a thorough review of data to provide a litho-structural interpretation of both project areas.This interpretation will guide the Company in prioritising targets for an upcoming drill campaign across the project areas.Figures 4 and 5:Kookynie(left)and Mt Stirling(right)s

34、urvey areas and lines.CORPORATE TARMOOLA PASTORAL LEASE PURCHASED FOR$3M In September 2024,Asra advised that the Company has executed a binding Sale and Purchase Agreement(“Agreement”)for Vault Minerals Limited(ASX:VAU)(“Vault”)to acquire the Tarmoola Pastoral Lease,remaining livestock and relevant

35、plant and equipment for$3 million in cash(“Purchase Price”).Subsequent to the reporting period,on the 16th January 2025,the Company announced the completion of the sale and receipt of funds.Asra retains the accommodation camp,kitchen,laundry,ablution facilities(“Exploration Camp”)and access road,all

36、 located in an area approximately 10km and the subject of miscellaneous licence applications,37/271 and 37/272,currently with the Department of Energy,Mines,Industry Regulation and Safety(“DEMIRS”).The Agreement was executed between Asras wholly owned subsidiary Tarmoola Holdings Pty Ltd and Greenst

37、one Resources(WA)Pty Ltd,a wholly owned subsidiary of Vault.The Purchase Price includes the initial deposit of$250,000 received by Asra.Proceeds from the sale have been and will continue to be used to support Asras upcoming exploration and drilling campaign across both its Mt Stirling and Kookynie G

38、old Projects.The divestment of Tarmoola Pastoral Lease will also deliver substantial operational savings to the Company,which can be directed towards Asras future exploration activity.NEW APPOINTMENTS In December,Asra welcomed Mr Paul Stephen as Chief Executive Officer.Mr Stephen brings a strong tra

39、ck record of delivering projects from discovery through to fully permitted and operational mines,as well as in-depth experience in commercial and corporate aspects required to successfully lead a publicly listed exploration company.In his role with Asra,Mr Stephen will utilise these skill sets to he

40、lp drive shareholder value.7 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 7 STATE GOVERNMENT EIS CO-FUNDING In October,Asra advised that the Company was a successful applicant for the Western Australian Governments Exploration In

41、centive Scheme(EIS)Co-funded drilling program under round 30.Funds will be utilised on its Yttria Rare Earth Elements(REE)deposit(Yttria),located in Leonora,Western Australia.The EIS Grant will contribute up to 50%of direct drilling costs,assisting in building an exploration model that will be used

42、to target potential hosts for HREE enrichment.Competent Person Statement The information in this report that relates to Exploration Results is based on information compiled by Mr.John Harris who is a full-time employee of the Company and is a member of the Australian Institute of Geoscientists.Mr.Ha

43、rris has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results,Mineral Resources

44、 and Ore Reserves.Mr.Harris consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.The Information in this report that relates to the Orion-Sapphire Mineral Resources is based on information compiled by Mr Paul Payne,a Competent Pe

45、rson who is a Fellow of the Australasian Institute of Mining and Metallurgy and is an employee of Payne Geological Services.Mr Payne has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a

46、Competent Person as defined in the 2012 Edition of the“Australasian Code for Reporting of Exploration Results,Mineral Resources and Ore Reserves”.Mr Payne consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.Information on the go

47、ld JORC Mineral Resources presented for the Mt Stirling Project,together with JORC Table 1 information,is contained in the ASX announcement released on 25 February 2019,29 January 2020 and 5 September 2022.The Company confirms that it is not aware of any new information or data that materially affec

48、ts the information in the relevant market announcements,and that the form and context in which the Competent Persons findings are presented have not been materially modified from the original announcements.Where the Company refers to Mineral Resources in this announcement(referencing previous releas

49、es made to the ASX),it confirms that it is not aware of any new information or data that materially affects the information included in that announcement and all material assumptions and technical parameters underpinning the Mineral Resource estimate with that announcement continue to apply and have

50、 not materially changed.The Company confirms that the form and context in which the Competent Persons findings are presented have not materially changed from the original announcement.8 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 56

51、5 8 Directors Report The directors present their report,together with the financial statements,on the consolidated entity(referred to hereafter as the consolidated entity)consisting of Asra Minerals Limited(referred to hereafter as the company or parent entity)and the entities it controlled at the e

52、nd of,or during,the year ended 31 December 2024.Directors The following persons were directors of Asra Minerals Limited during the whole of the financial year and up to the date of this report,unless otherwise stated:Mr Paul Summers(Executive Chairman)Mr Mathew Longworth(Non-Executive Director)Mr Le

53、onard Math(Non-Executive Director)appointed on 9 July 2024 Mr Rob Longley(Managing Director)resigned on 9 July 2024 Mr Bishoy Habib(Non-Executive Director)appointed on 22 July 2024 and resigned on 4 October 2024 Principal activities The activities of the company and its subsidiaries during the year

54、ended 31 December 2024 was mineral exploration for gold and rare earth in Western Australia.Significant changes in the state of affairs On 9 July 2024,Mr Rob Longley resigned as Managing Director of the Company.Mr Leonard Math was appointed as Non-Executive Director on the same day.On 22 July 2024,M

55、r Bishoy Habib was appointed as Non-Executive Director.He resigned on 4 October 2024.In December 2024,Mr Paul Stephen was appointed as Chief Executive Officer of the Company.There were no other significant changes in the state of affairs of the consolidated entity during the financial year.Matters s

56、ubsequent to the end of the financial year The following events have occurred subsequent to the period end:Completion of the sale of the Tarmoola Pastoral Lease to Vault Minerals Limited for$3 million as announced on 4th September 2024.The Company received the remaining balance of$2.75 million from

57、the sale.The Company issued 60,489,324 shares on 21 February 2025 as part of the acquisition consideration for the Kookynie East Gold Project as announced on 28 May 2024.The Company issued 7,381 shares on 21 February 2025 due to the exercise of options at$0.01 per option.A variation agreement was ma

58、de on the Kookynie East Gold Project for commitments to be spread across 10 months from Feb 2025 with an initial payment of$100,000 followed by eight monthly payments of$65,000 and a final payment of$80,000(Refer Note 25).No other matter or circumstance has arisen since 31 December 2024 that has sig

59、nificantly affected,or may significantly affect the consolidated entitys operations,the results of those operations,or the consolidated entitys state of affairs in future financial years.9 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261

60、 565 9 Directors Report(Continued)Likely developments and expected results of operations Information on likely developments in the operations of the consolidated entity and the expected results of operations have not been included in this report because the directors believe it would be likely to re

61、sult in unreasonable prejudice to the consolidated entity.Environmental regulation The consolidated entity is subject to and is compliant with all aspects of environmental regulation of its exploration and mining activities.The directors are not aware of any environmental law that is not being compl

62、ied with.Information on directors Name:Mr Paul Summers Title:Executive Chairman Qualifications:LLB Experience and expertise:Paul has been a legal practitioner since 1985,and founded his own firm,Summers Legal in 1989.Paul has been the Companys legal counsel for more than 10 years and has provided ex

63、tensive advice and service during the takeover of Cascade Resources Pty Ltd.Paul is currently Lead Counsel Commercial,Corporate and Property of Summers Legal and is familiar with the Companys affairs,projects and strategy.For more than 30 years Paul has provided his clients advice on complex propert

64、y developments and transactions,syndication,joint ventures and financing,structuring of new business projects,complex commercial and corporate contracts and structures and a wide range of estates and asset structuring matters including the resources sector.Paul will be active on the board with parti

65、cular responsibility for the corporate governance of the day-to-day affairs of the company.Other current directorships:-Former directorships(last 3 years):-Interests in shares:57,010,675 Interests in options:38,252,950 Interests in rights:9,000,000 10 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annua

66、l Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 10 Directors Report(Continued)Name:Mr Mathew Longworth Title:Non-Executive Director Qualifications:Bsc(Hons)Geology,MAusIMM Experience and expertise:Mat is a geologist with over 35 years experience across exploration,project evaluat

67、ion/development,operations and corporate management.He previously held roles as Exploration Manager,COO,and CEO/Managing Director with numerous mining and exploration companies,as well as General Manager of a national mining consultancy.In his senior corporate roles,he led multi-disciplinary project

68、 evaluation and development teams.He also holds significant gold,copper,nickel(sulphide and laterite),base metals,iron ore and coal experience in Australia,Greenland,Africa,South America and the Pacific.Mat is currently the Non-Executive Chairman of ASX listed Ardea Resources Limited,as well as publ

69、ic unlisted Northam Resources Limited and Greenfields Exploration Limited.He was previously Non-Executive Chairman of Echo Resources from 2012 to 2016,Director,CEO and then Non-Executive Chairman at Metalicity Limited from 2014 until 2021 and Managing Director of Heron Resources from 2007 to 2011.He

70、 is a member of the Australian Institute of Mining and Metallurgy.Other current directorships:Ardea Resources Limited Former directorships(last 3 years):Interests in shares:2,142,857 Interests in options:2,892,857 Interests in rights:6,000,000 Name:Mr Leonard Math Title:Non-Executive Director and Co

71、mpany Secretary Qualifications:BCom,CA Experience and expertise:Mr Leonard Math is a Chartered Accountant with more than 15 years of resources industry experience.He previously worked as an auditor at Deloitte and is experienced with public company responsibilities including ASX and ASIC compliance,

72、control and implementation of corporate governance,statutory financial reporting and shareholder relations.Mr Math also previously held CFO,Company Secretary and directorship roles for a number of ASX listed companies.Other current directorships:Askari Metals Limited Former directorships(last 3 year

73、s):Global Uranium and Enrichment Limited(resigned 18 November 2022)Interests in shares:-Interests in options:-Interests in rights:3,750,000 11 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 11 Directors Report(Continued)Meetings of

74、 directors The number of meetings of the companys Board of Directors(the Board)held during the year ended 31 December 2024,and the number of meetings attended by each director were:Full Board Attended Held Paul Summers 11 11 Mathew Longworth 11 11 Leonard Math(Appointed on 9 July 2024)5 5 Mr Bishoy

75、Habib(Appointed on 22 July 2024 and resigned on 4 October 2024)2 2 Mr Robin Longley(Resigned on 9 July 2024)5 5 Held:represents the number of meetings and circular resolutions held during the time the director held office.During the financial year,the Board held the role of the Nomination and Remune

76、ration Committee as well as the Audit and Risk Committee.Remuneration report(audited)The remuneration report details the key management personnel remuneration arrangements for the consolidated entity,in accordance with the requirements of the Corporations Act 2001 and its Regulations.Key management

77、personnel are those persons having authority and responsibility for planning,directing and controlling the activities of the entity,directly or indirectly,including all directors.The remuneration report is set out under the following main headings:Principles used to determine the nature and amount o

78、f remuneration Details of remuneration Service agreements Share-based compensation Additional information Additional disclosures relating to key management personnel Principles used to determine the nature and amount of remuneration The objective of the consolidated entitys executive reward framewor

79、k is to ensure reward for performance is competitive and appropriate for the results delivered.The framework aligns executive reward with the achievement of strategic objectives and the creation of value for shareholders,and it is considered to conform to the market best practice for the delivery of

80、 reward.The Board of Directors(the Board)ensures that executive reward satisfies the following key criteria for good reward governance practices:competitiveness and reasonableness acceptability to shareholders performance linkage/alignment of executive compensation transparency The Board responsible

81、 for determining and reviewing remuneration arrangements for its directors and executives.The performance of the consolidated entity depends on the quality of its directors and executives.The remuneration philosophy is to attract,motivate and retain high performance and high quality personnel.12 ASX

82、:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 12 Directors Report(Continued)ASX listing rules require the aggregate non-executive directors remuneration be determine periodically by a general meeting.The most recent determination was

83、 at the Annual General Meeting on 30 May 2013,where the shareholders approved a maximum annual aggregate remuneration of$250,000.In accordance with best practice corporate governance,the structure of non-executive director and executive director remuneration is separate.Non-executive directors remun

84、eration Fees and payments to non-executive directors reflect the demands and responsibilities of their role.Non-executive directors fees and payments are reviewed annually by the Board.The Board may,from time to time,receive advice from independent remuneration consultants to ensure non-executive di

85、rectors fees and payments are appropriate and in line with the market.The chairmans fees are determined independently to the fees of other non-executive directors based on comparative roles in the external market.The chairman is not present at any discussions relating to the determination of his own

86、 remuneration.Executive remuneration The consolidated entity aims to reward executives based on their position and responsibility,with a level and mix of remuneration which has both fixed and variable components.The executive remuneration and reward framework has four components:base pay and non-mon

87、etary benefits short-term performance incentives long-term performance incentives(share-based payments)other remuneration such as superannuation and long service leave The combination of these comprises the executives total remuneration.Fixed remuneration,consisting of base salary,superannuation and

88、 non-monetary benefits,are reviewed annually by the Board based on individual and business unit performance,the overall performance of the consolidated entity and comparable market remunerations.Executives may receive their fixed remuneration in the form of cash or other fringe benefits(for example

89、motor vehicle benefits)where it does not create any additional costs to the consolidated entity and provides additional value to the executive.The short-term incentives(STI)program is designed to align the targets of the business units with the performance hurdles of executives.STI payments are gran

90、ted to executives based on specific key performance indicators(KPIs)being achieved.KPIs include market capitalisation hurdles and specific resource and other vesting conditions as detailed in issued Performance rights hurdles.The long-term incentives(LTI)include share-based payments.Performance righ

91、ts are awarded to executives that include long-term incentive measures.These include increase in shareholders value relative to the entire market and the increase compared to the consolidated entitys direct competitors.The Board reviewed the long-term equity-linked performance incentives specificall

92、y for executives during the year ended 31 December 2024.Consolidated entity performance and link to remuneration Remuneration for certain individuals is directly linked to the performance of the consolidated entity.A portion of cash bonus and incentive payments are dependent on defined earnings per

93、share targets being met.The remaining portion of the cash bonus and incentive payments are at the discretion of the Board.Refer to the section“Additional information below for details of the earnings and total shareholders return for the last five years.13 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024

94、Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 13 Directors Report(Continued)The Board is of the opinion that the continued improved results can be attributed in part to the adoption of performance based compensation and is satisfied that this improvement will continue to i

95、ncrease shareholder wealth if maintained over the coming years.Voting and comments made at the companys 2023 Annual General Meeting(AGM)At the 2023 AGM,98.69%of the votes received supported the adoption of the remuneration report for the year ended 31 December 2023.The company did not receive any sp

96、ecific feedback at the AGM regarding its remuneration practices.Use of remuneration consultants During the year,there was no use of remuneration consultants by the consolidated entity.Details of remuneration Amounts of remuneration Details of the remuneration of key management personnel of the conso

97、lidated entity are set out in the following tables.Short-term benefits Post-employment benefits Long-term benefits Share-based payments Cash salary and fees Cash bonus Non-monetary Super-annuation Long service leave Total Linked to performance$%2024 Paul Summers 180,000-180,000-Paul Stephen 1 19,318

98、-2,222-985 22,525 4%Mathew Longworth 76,500-76,500-Leonard Math 2 11,484-11,484-Bishoy Habib 3 8,129-8,129-Robin Longley 4 296,825-(39,314)257,511(15%)592,256-2,222-(38,329)556,149-14 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565

99、14 Directors Report(Continued)Short-term benefits Post-employment benefits Long-term benefits Share-based payments Cash salary and fees Cash bonus Non-monetary Super-annuation Long service leave Total Linked to performance$%2023 Paul Summers 180,000-180,000-Mathew Longworth 45,000-45,000-Robin Longl

100、ey 4 332,250-57,774 390,024 15%557,250-57,774 615,024 Notes:1.Mr Paul Stephen-Chief Executive Officer was appointed on 9 December 2024.2.Mr Leonard Math-Non-Executive Director was appointed on 9 July 2024.Mr Leonard Math provides Company Secretary services through Lilhorse Corporate Pty Ltd.3.Mr Bis

101、hoy Habib-Non-Executive Director was appointed on 22 July 2024 and resigned on 4 October 2024.4.Mr Robin Longley-Managing Director was appointed 14 November 2022 and resigned on 9 July 2024.Mr Robin Longley contracted his services through a private Company and charges fees the equivalent of an annua

102、l salary of$300,000 plus statutory superannuation.Service agreements Remuneration and other terms of employment for key management personnel are formalised in service agreements.Details of these agreements are as follows:Name:Paul Summers Title:Executive Chairman Agreement commenced:30 October 2022

103、Term of agreement:3 months notice period Details:Director and consultancy fees of$15,000 plus GST per month.No performance based remuneration incentive has been specified.Name:Paul Stephen Title:Chief Executive Officer Agreement commenced:9 December 2024 Term of agreement:1 month notice period Detai

104、ls:Mr Stephen is employed on an annual salary of$300,000 plus statutory superannuation.Name:Mathew Longworth Title:Non-Executive Director Agreement commenced:16 May 2022 Term of agreement:6 months notice period Details:Director fees of$5,000 including statutory superannuation per month.No performanc

105、e based remuneration incentive has been specified.15 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 15 Directors Report(Continued)Name:Leonard Math Title:Non-Executive Director and Company Secretary Agreement commenced:16 May 2022(

106、Company Secretary)9 July 2024(Non-Executive Director)Term of agreement:1 months notice period Details:Director fees of$2,000 and Company Secretary fees of$4,000 per month plus GST through Lilhorse Corporate Pty Ltd.No performance based remuneration incentive has been specified.Name:Robin Longley Tit

107、le:Managing Director Agreement commenced:14 November 2022 Term of agreement:3 months notice period Details:Mr Longley contracts his services through a private Company and charges fees the equivalent of an annual salary of$300,000 plus statutory superannuation.Key management personnel have no entitle

108、ment to termination payments in the event of removal for misconduct.Share-based compensation Issue of shares There were no shares issued to directors and other key management personnel as part of compensation during the year ended 31 December 2024.Options The terms and conditions of each grant of op

109、tions over ordinary shares affecting remuneration of directors and other key management personnel in the prior financial year or future reporting years are as follows:Managing Director-Robin Longley Options 1 Managing Director-Robin Longley Options 2 Managing Director-Robin Longley Options 3 Recogni

110、sed in Profit or loss Profit or loss Profit or loss Grant date 31/05/2023 31/05/2023 31/05/2023 Number of options issued 1,000,000 1,000,000 1,000,000 Valuation methodology Listed options Black Scholes Black Scholes Expiry date 30/11/2023 23/06/2026 23/06/2026 Vesting date 31/05/2023 14/11/2023 14/1

111、1/2024 Exercise price($)0.035 0.04 0.04 Last traded price($)0.01 0.01 0.01 Fair value at grant date($)0.001 0.00241 0.00241 Fair value($)1,000 2,408 2,408 16 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 16 Directors Report(Contin

112、ued)Options granted carry no dividend or voting rights.All options were granted over unissued fully paid ordinary shares in the company.The number of options granted was determined having regard to the satisfaction of performance measures and weightings as described above in the section Consolidated

113、 entity performance and link to remuneration.Options vest based on the provision of service over the vesting period whereby the executive becomes beneficially entitled to the option on vesting date.Options are exercisable by the holder as from the vesting date.There has not been any alteration to th

114、e terms or conditions of the grant since the grant date.There are no amounts paid or payable by the recipient in relation to the granting of such options other than on their potential exercise.Options 3 did not meet the vesting requirements and were cancelled following resignation of Robin Longley o

115、n 9 July 2024.Performance rights During the prior year the Company issued performance rights to the Managing Director-Robin Longley.The performance rights are long-term incentives to offer conditional rights to fully paid ordinary shares in the Company upon satisfaction of vesting criteria over the

116、vesting periods for no cash consideration.Vesting conditions for the performance rights are set out in the table below:Tranche Number of Performance Rights Performance Hurdle Class A 1,000,000 Vest upon the Company achieving and maintaining a VWAP share price equal of$0.04 or more for a continuous p

117、eriod of 20 trading days and 6 months of continuous employment.Class B 1,000,000 Vest upon the Company achieving a maiden Mineral Resource Estimates for the Companys REE project of at least 10Mt at 500ppm TREYO/Sc/Co and 6 months of continuous employment.Class C 1,000,000 Vest upon the Company achie

118、ving a Mineral Resource Estimates for the Companys Gold project of at least 200,000 Au oz and 6 months of continuous employment.Class D 1,000,000 Vest upon the Company achieving and maintaining a VWAP share price equal of$0.06 or more for a continuous period of 20 trading days and 12 months of conti

119、nuous employment.Class E 1,000,000 Vest upon the Company announce a positive scoping study at the Companys REE project and 12 months of continuous employment.Class F 2,000,000 Vest upon the Company achieving a Mineral Resource Estimates for the Companys Gold project of at least 300,000 Au oz and 18

120、months of continuous employment.Class G 2,000,000 Vest upon the Company achieving and maintaining a VWAP share price equal of$0.08 or more for a continuous period of 20 trading days and 18 months of continuous employment.Class H 2,000,000 Vest upon the Company announcing an execution of a binding of

121、ftake agreement on the Companys REE project and 18 months continuous employment.Class I 2,000,000 Vest upon the Company achieving and maintaining a VWAP share price equal of$0.10 or more for a continuous period of 20 trading days and 24 months of continuous employment.Class J 2,000,000 Vest upon the

122、 Company achieving a Mineral Resource Estimates for the Companys Gold project of at least 500,000 Au oz and 24 months of continuous employment.Total 15,000,000 17 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 17 Directors Report(C

123、ontinued)The performance rights with non-market conditions(Class B,C,E,F,H,J)were valued at$0.01 on the grant date of 31 May 2023.The performance rights with market conditions(Class A,D,G,I)were valued using the Black-Scholes option pricing model.The valuation model inputs used to determine the fair

124、 value at the grant date,are as follows:Class A Class D Class G Class I Recognised in Profit&Loss Profit&Loss Profit&Loss Profit&Loss Grant date 31/05/2023 31/05/2023 31/05/2023 31/05/2023 Issued date 23/06/2023 23/06/2023 23/06/2023 23/06/2023 Number of options issued 1,000,000 1,000,000 2,000,000

125、2,000,000 Valuation methodology Black Scholes Black Scholes Black Scholes Black Scholes Expiry date 23/06/2026 23/06/2026 23/06/2026 23/06/2026 Vesting date 31/05/2023 14/11/2023 14/05/2024 14/11/2024 Exercise price($)0.04 0.06 0.08 0.10 Volatility 100%100%100%100%Interest Rate 3.37%3.37%3.37%3.37%L

126、ast traded price($)0.0080 0.0080 0.0080 0.0080 Fair value at grant date($)0.0024 0.0019 0.0015 0.0013 Fair value($)2,400 1,900 3,000 2,600 During the year the Company granted performance rights to the Chief Executive Office Paul Stephen and at 31 December 2024 had not been issued.The performance rig

127、hts are long-term incentives to offer conditional rights to fully paid ordinary shares in the Company upon satisfaction of vesting criteria over the vesting periods for no cash consideration.Vesting conditions for the performance rights are set out in the table below:Tranche Number of Performance Ri

128、ghts Performance Hurdle Class A(iii)15,000,000 Vest upon achieving and maintaining a VWAP share price of$0.01 for a continuous of 10 trading days expiring 12 months from date of issue.Class B(iii)15,000,000 Vest upon achieving and maintaining a market capitalisation of$50 million or more for a conti

129、nuous of 10 trading days expiring 24 months from date of issue.Class C(iii)12,000,000 Vest upon achieving and maintaining a market capitalisation of$100 million or more for a continuous of 10 trading days expiring 36 months from date of issue.Class D(iii)9,000,000 Vest upon the Company announcing a

130、total JORC Code compliant Indicated and Measured category of 150,000oz Au or Inferred.category of 350,000oz Au signed off by a competent person(via exploration,acquisitions and/or staking new tenements).Class E(iii)9,000,000 Vest upon the Company announcing a total JORC Code compliant Indicated and

131、Measured category of 250,000oz Au or Inferred category of 500,000oz Au signed off by a competent person(via exploration,acquisitions and/or staking new tenements).Total 60,000,000 18 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 1

132、8 Directors Report(Continued)The performance rights with non-market conditions(Class D(iii),E(iii)were valued at$0.04 on the grant date of 9 December 2024.The performance rights with market conditions(Class A(iii),B(iii),C(iii)were valued using the Black-Scholes option pricing model.The valuation mo

133、del inputs used to determine the fair value at the grant date,are as follows:Class A(iii)Class B(iii)Class C(iii)Recognised in Profit&Loss Profit&Loss Profit&Loss Grant date 9/12/2024 9/12/2024 9/12/2024 Issued date TBC TBC TBC Number of options issued 15,000,000 15,000,000 12,000,000 Valuation meth

134、odology Black Scholes Black Scholes Black Scholes Expiry date 1 year from issue 2 year from issue 3 year from issue Vesting date Issue date Issue date Issue date Exercise price($)0.01 0.0216 0.0432 Volatility 100%100%100%Interest Rate 3.83%3.83%3.79%Last traded price($)0.0040 0.0040 0.0040 Fair valu

135、e at grant date($)0.00057 0.000063 0.00068 Fair value($)9,013 10,203 8,884 Share-based payment expense recognised from the amortisation as of 31 December 2024 for the performance rights to Key Management Personal was($38,329)(31 December 2023:$57,774)Performance rights granted carry no dividend or v

136、oting rights.19 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 19 Directors Report(Continued)Additional disclosures relating to key management personnel Shareholding The number of shares in the company held during the financial yea

137、r by each director and other members of key management personnel of the consolidated entity,including their personally related parties,is set out below:Balance at the start of the year Received as part of remuneration Acquired Disposals/other Balance at the end of the year 2024 Paul Summers 28,260,6

138、75-28,750,000-57,010,675 Paul Stephen 1-Mathew Longworth 476,190-1,666,667-2,142,857 Leonard Math 2-Bishoy Habib 3-Robin Longley 4-6,250,000(6,250,000)-28,736,865-36,666,667(6,250,000)59,153,532 2023 Paul Summers 25,879,723-2,380,952-28,260,675 Mathew Longworth-476,190-476,190 Robin Longley 4-25,879

139、,723-2,857,142-28,736,865 Notes:1.Mr Paul Stephen-Chief Executive Officer was appointed on 9 December 2024.2.Mr Leonard Math-Non-Executive Director was appointed on 9 July 2024.3.Mr Bishoy Habib-Non-Executive Director was appointed on 22 July 2024 and resigned on 4 October 2024.4.Mr Robin Longley-Ma

140、naging Director was appointed 14 November 2022 and resigned on 9 July 2024.Shareholding disclosure removed on resignation.20 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 20 Directors Report(Continued)Option holding The number of

141、options over ordinary shares in the company held during the financial year by each director and other members of key management personnel of the consolidated entity,including their personally related parties,is set out below:Balance at the start of the year Additions 5 Exercised Lapsed/cancelled/oth

142、er Balance at the end of the year 2024 Paul Summers 2,000,000 38,252,950-(2,000,000)38,252,950 Paul Stephen 1-Mathew Longworth-2,892,857-2,892,857 Leonard Math 2-Bishoy Habib 3-Robin Longley 4 2,000,000 9,875,000-(11,875,000)-4,000,000 51,020,807-(13,875,000)41,145,807 2023 Paul Summers 19,068,049 1

143、,785,714-(18,853,763)2,000,000 Mathew Longworth-357,143-(357,143)-Robin Longley 4-3,000,000-(1,000,000)2,000,000 19,068,049 5,142,857-(20,210,906)4,000,000 Notes:1.Mr Paul Stephen-Chief Executive Officer was appointed on 9 December 2024.2.Mr Leonard Math-Non-Executive Director was appointed on 9 Jul

144、y 2024.3.Mr Bishoy Habib-Non-Executive Director was appointed on 22 July 2024 and resigned on 4 October 2024.4.Mr Robin Longley-Managing Director was appointed 14 November 2022 and resigned on 9 July 2024.Option holding disclosure removed on resignation.5.Option additions in 2024 included free attac

145、hing options and bonus option issues.21 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 21 Directors Report(Continued)Performance right The number of performance rights in the company held during the financial year by each director

146、and other members of key management personnel of the consolidated entity,including their personally related parties,is set out below:Balance at Received Balance at start of as part of Disposals/the end of Year remuneration Additions other the year 2024 Paul Summers 13,000,000-(4,000,000)9,000,000 Pa

147、ul Stephen 1-60,000,000-60,000,000 Mathew Longworth 6,000,000-6,000,000 Leonard Math 2-3,750,000-3,750,000 Bishoy Habib 3-Robin Longley 4 15,000,000-(15,000,000)-34,000,000 60,000,000-(15,250,000)78,750,000 2023 Paul Summers 13,000,000-13,000,000 Mathew Longworth 6,000,000-6,000,000 Robin Longley 4-

148、15,000,000-15,000,000 19,000,000 15,000,000-34,000,000 Notes:1.Mr Paul Stephen-Chief Executive Officer was appointed on 9 December 2024.Performance right is part of remuneration,it is not issued yet.2.Mr Leonard Math-Non-Executive Director was appointed on 9 July 2024.Performance rights disclosure a

149、dded on appointment.3.Mr Bishoy Habib-Non-Executive Director was appointed on 22 July 2024 and resigned on 4 October 2024.4.Mr Robin Longley-Managing Director was appointed 14 November 2022 and resigned on 9 July 2024.Performance rights disclosure removed on resignation.Loans to key management perso

150、nnel and their related parties During the financial year,there were no loans provided to Directors.Other transactions with key management personnel and their related parties During the financial year,the Company obtained legal services from Summers Legal.Summers Legal Pty Ltd is a related party of A

151、sras director Paul Summers.Total fee in the year were$23,371.There is an outstanding balance of$1,755 as at 31 December 2024.During the financial year,the Company sublet office space from Summers Legal for its corporate head office.NSFA Pty Ltd is a related party of Asras director Paul Summers.Total

152、 fee in the year were$72,428.There is an outstanding balance of$12,739 as at 31 December 2024.During the financial year,the Company obtained geological services from Andromeda Resources Pty Ltd.Andromeda Resources Pty Ltd is a related party of Asras prior director Robin Longley.Total fees in the yea

153、r were$50,600.There is no outstanding balance as at 31 December 2024.During the period from 9 July to December 2024,the Company obtained company secretary services from Lilhorse Corporate Pty Ltd.Lilhorse Corporate Pty Ltd is a related party of Asras director Leonard Math.Total fee during the period

154、 Leonard Math was a director were$24,000.There is an outstanding balance of$4,000 as at 31 December 2024.Terms and conditions All transactions were made on normal commercial terms and conditions and at market rates.This concludes the remuneration report,which has been audited.22 ASX:ASR ASX:ASR I AS

155、RAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 22 Directors Report(Continued)Additional information The earnings of the consolidated entity for the five years to 31 December 2024 are summarised below:2024 2023 2022 2021 2020$Loss after income tax(3,58

156、5,344)(21,319,979)(4,567,443)(3,275,380)(2,070,357)Basic loss per share(cents per share)(0.18)(1.45)(0.38)(0.37)(0.38)Share price at financial year end($)0.003 0.007 0.020 0.023 0.028 Shares under option and performance rights vested Unissued ordinary shares of Asra Minerals Limited under option and

157、 performance rights at the date of this report are as follows:Listed/Unlisted Grant date Expiry date Exercise price Number under option Unlisted options 31/05/2023 23/06/2026$0.040 1,000,000 Listed options Various 1/02/2026$0.018 600,950,022 Unlisted options Various 2/09/2027$0.010 524,384,471 Unlis

158、ted Class Grant date Expiry date Number Performance rights 1 16/05/2022 15/05/2025 4,000,000 Performance rights 2 16/05/2022 15/05/2025 6,000,000 Performance rights 3 16/05/2022 15/05/2025 8,000,000 Performance rights 1 12/12/2022 10/01/2026 1,500,000 Performance rights 2 12/12/2022 10/01/2026 2,000

159、,000 Performance rights 3 12/12/2022 10/01/2026 2,500,000 Performance rights Tranche A 16/05/2022 15/05/2025 500,000 Performance rights Tranche B 16/05/2022 15/05/2025 500,000 Performance rights Tranche C 16/05/2022 15/05/2025 625,000 Performance rights Tranche D 16/05/2022 15/05/2025 625,000 Perfor

160、mance rights Tranche E 16/05/2022 15/05/2025 750,000 Performance rights Tranche F 16/05/2022 15/05/2025 750,000 Total 27,750,000 The following Performance Rights were granted and not issued.Unlisted Class Grant date Expiry date Number Performance rights Class A(ii)9/09/2024 3 years from issue 2,500,

161、000 Performance rights Class B(ii)9/09/2024 3 years from issue 3,000,000 Performance rights Class C(ii)9/09/2024 3 years from issue 3,000,000 Performance rights Class D(ii)9/09/2024 3 years from issue 3,500,000 Performance rights Class E(ii)9/09/2024 3 years from issue 4,000,000 Performance rights C

162、lass F(ii)9/09/2024 3 years from issue 4,000,000 Performance rights Class A(iii)9/12/2024 12 months from issue 15,000,000 Performance rights Class B(iii)9/12/2024 24 months from issue 15,000,000 Performance rights Class C(iii)9/12/2024 36 months from issue 12,000,000 Performance rights Class D(iii)9

163、/12/2024 3 years from issue 9,000,000 Performance rights Class E(iii)9/12/2024 3 years from issue 9,000,000 Total 80,000,000 No person entitled to exercise the options had or has any right by virtue of the option to participate in any share issue of the company or of any other body corporate.23 ASX:

164、ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 23 Directors Report(Continued)Shares issued on the exercise of options The following ordinary shares of Asra Minerals Limited were issued during the year ended 31 December 2024 and up to t

165、he date of this report on the exercise of options granted:Exercise Number of Date options granted price shares issued 12/11/2024$0.010 512,770 23/12/2024$0.010 27,637 21/02/2025$0.010 7,381 Indemnity and insurance of officer The company has indemnified the directors and executives of the company for

166、 costs incurred,in their capacity as a director or executive,for which they may be held personally liable,except where there is a lack of good faith.During the financial year,the company paid a premium in respect of a contract to ensure the directors and executives of the company against a liability

167、 to the extent permitted by the Corporations Act 2001.The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium.Indemnity and insurance of auditor The company has not,during or since the end of the financial year,indemnified or agreed to indemnify th

168、e auditor of the company or any related entity against a liability incurred by the auditor.During the financial year,the company has not paid a premium in respect of a contract to insure the auditor of the company or any related entity.Proceedings on behalf of the company No person has applied to th

169、e Court under section 237 of the Corporations Act 2001 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 responsibility on behalf of the company for all or part of those proceedings.Non-audit services

170、Details of the amounts paid or payable to the auditor for non-audit services provided during the financial year by the auditor are outlined in note 23 to the financial statements.The directors are satisfied that the provision of non-audit services during the financial year,by the auditor(or by anoth

171、er person or firm on the auditors behalf),is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001.The directors are of the opinion that the services as disclosed in note 23 to the financial statements do not compromise the external auditors independe

172、nce requirements of the Corporations Act 2001 for the following reasons:all non-audit services have been reviewed and approved to ensure that they do not impact the integrity and objectivity of the auditor;and none of the services undermine the general principles relating to auditor independence as

173、set out in APES 110 Code of Ethics for Professional Accountants issued by the Accounting Professional and Ethical Standards Board,including reviewing or auditing the auditors own work,acting in a management or decision-making capacity for the company,acting as advocate for the company or jointly sha

174、ring economic risks and rewards.24 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 24 Directors Report(Continued)Officers of the company who are former partners of RSM Australia Partners There are no officers of the company who are

175、former partners of RSM Australia Partners.Auditors independence declaration A copy of the auditors independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors report.Auditor RSM Australia Partners continues in office in accordance

176、with section 327 of the Corporations Act 2001.This report is made in accordance with a resolution of directors,pursuant to section 298(2)(a)of the Corporations Act 2001.On behalf of the directors _ Paul Summers Executive Chairman 28 March 2025 General information The financial statements cover Asra

177、Minerals Limited as a consolidated entity consisting of Asra Minerals Limited and the entities it controlled at the end of,or during,the year.The financial statements are presented in Australian dollars,which is Asra Minerals Limiteds functional and presentation currency.Asra Minerals Limited is a l

178、isted public company limited by shares,incorporated and domiciled in Australia.Its registered office and principal place of business is:104 Colin Street West Perth WA 6005 A description of the nature of the consolidated entitys operations and its principal activities are included in the directors re

179、port,which is not part of the financial statements.The financial statements were authorised for issue,in accordance with a resolution of directors,on 28 March 2025.The directors have the power to amend and reissue the financial statements.RSM Australia Partners is a member of the RSM network and tra

180、des as RSM.RSM is the trading name used by the members of the RSM network.Each member of the RSM network is an independent accounting and consulting firm which practices in its own right.The RSM network is not itself a separate legal entity in any jurisdiction.RSM Australia Partners ABN 36 965 185 0

181、36 Liability limited by a scheme approved under Professional Standards Legislation RSM Australia Partners Level 32 Exchange Tower,2 The Esplanade Perth WA 6000 GPO Box R1253 Perth WA 6844 T+61(0)8 9261 9100 .au AUDITORS INDEPENDENCE DECLARATION As lead auditor for the audit of the financial report o

182、f Asra Minerals Limited for the year ended 31 December 2024,I declare that,to the best of my knowledge and belief,there have been no contraventions of:(i)the auditor independence requirements of the Corporations Act 2001 in relation to the audit;and (ii)any applicable code of professional conduct in

183、 relation to the audit.RSM AUSTRALIA Perth,WA AIK KONG TING Dated:28 March 2025 Partner 26 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 26 Consolidated statement of profit or loss and other comprehensive income For the year ended

184、 31 December 2024 Consolidated Note 2024 2023$Revenue Revenue 4 20,247 90,644 Revenue&other income 4 191,956 205,472 Total revenue 212,203 296,116 Expenses Depreciation expense 5(326,647)(282,374)Employee benefits expense 5(577,709)(410,038)Other administration and compliance costs (591,518)(632,827

185、)Professional services (565,919)(564,931)Share-based payments 19 61,303(97,640)Tarmoola operational expenses (48,400)(274,644)Option fee on acquisition of tenements -(325,833)Impairment of exploration expenditure 14(1,276,521)(18,538,615)Impairment of receivables (181,348)(34,818)Loss on fair value

186、of investments 10(180,000)-Finance costs (40,961)(343,730)Cost of sales livestock -(110,645)Loss on disposal of fixed assets (69,827)-Total expenses (3,797,547)(21,616,095)Loss before income tax expense (3,585,344)(21,319,979)Income tax expense 6-Loss after income tax expense for the year (3,585,344

187、)(21,319,979)Other comprehensive income Items that will not be reclassified subsequently to profit or loss Gain/(Loss)on the revaluation of equity instruments at fair value through other comprehensive income,net of tax -1,343,034 Other comprehensive income for the year,net of tax -1,343,034 Total co

188、mprehensive loss for the year (3,585,344)(19,976,945)Cents Cents Basic and diluted loss per share attributable to the owners of Asra Minerals Limited 33(0.18)(1.45)The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying no

189、tes.27 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 27 Consolidated statement of financial position As at 31 December 2024 Consolidated Note 2024 2023$Assets Current assets Cash and cash equivalents 7 59,500 2,849,082 Trade and o

190、ther receivables 8 296,862 961,232 Non-current assets classified for sale 9 1,541,002-Total current assets 1,897,364 3,810,314 Non-current assets Financial assets at fair value through other comprehensive income 10 1,429 181,429 Property,plant and equipment 12 797,774 2,651,782 Right-of-use assets 1

191、3 97,440 178,007 Exploration and evaluation Asset 14 15,198,747 11,313,576 Total non-current assets 16,095,390 14,324,794 Total assets 17,992,754 18,135,108 Liabilities Current liabilities Trade and other payables 15 1,988,129 578,874 Lease liability 13 72,850 78,130 Borrowings 16 612,528 2,203,799

192、Total current liabilities 2,673,507 2,860,803 Non-current liabilities Lease liability 13 29,376 102,226 Borrowings 16 287,902 248,631 Total non-current liabilities 317,278 350,857 Total liabilities 2,990,785 3,211,660 Net assets 15,001,969 14,923,448 Equity Issued capital 17 110,022,581 106,822,043

193、Reserves 18 1,035,717 1,316,390 Accumulated losses (96,056,329)(93,214,985)Total equity 15,001,969 14,923,448 The above consolidated statement of financial position should be read in conjunction with the accompanying notes.28 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders A

194、SRA Minerals Limited I ABN:72 002 261 565 28 Consolidated statement of changes in equity For the year ended 31 December 2024 Note Issued capital Financial assets at FVTOCI Share-based payments reserve Accumulated losses Total equity Consolidated$Balance at 1 January 2023 104,717,588(548,647)2,932,49

195、1(74,458,134)32,643,298 Loss after income tax expense for the year -(21,319,979)(21,319,979)Other comprehensive income for the year,net of tax -452,647-890,387 1,343,034 Total comprehensive income for the year -452,647 -(20,429,592)(19,976,945)Transactions with owners in their capacity as owners:Sha

196、res issued during the year,net of capital raising costs 2,104,455-55,000-2,159,455 Share-based payments -97,640-97,640 Transfer to accumulated losses 19-(1,672,741)1,672,741-Balance at 31 December 2023 106,822,043(96,000)1,412,390 (93,214,985)14,923,448 Note Issued capital Financial assets at FVTOCI

197、 Share-based payments reserve Accumulated losses Total equity Consolidated$Balance at 1 January 2024 106,822,043(96,000)1,412,390 (93,214,985)14,923,448 Loss after income tax expense for the year -(3,585,344)(3,585,344)Other comprehensive income for the year,net of tax -Total comprehensive income fo

198、r the year -(3,585,344)(3,585,344)Transactions with owners in their capacity as owners:Shares issued during the year,net of capital raising costs 3,161,134-558,630-3,719,764 Share-based payments 19-(61,303)-(61,303)Options exercised 5,404-5,404 Conversion of performance rights 34,000-(34,000)-Transf

199、er to accumulated losses -96,000(840,000)744,000-Balance at 31 December 2024 110,022,581-1,035,717(96,056,329)15,001,969 The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.29 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shar

200、eholders ASRA Minerals Limited I ABN:72 002 261 565 29 Consolidated statement of cash flows For the year ended 31 December 2024 Consolidated Note 2024 2023$Cash flows from operating activities Receipts from customers(inclusive of GST)25,610 80,899 Payments to suppliers and employees(inclusive of GST

201、)(1,447,913)(1,593,717)Option fees paid -(238,333)Finance charges (115,756)(238,935)Interest received 13,285 82,860 Net cash used in operating activities 30(1,524,774)(1,907,226)Cash flows from investing activities Payments for property,plant and equipment (167,629)(425,757)Receipts from sale of pro

202、perty,plant and equipment 164,727-Payments for exploration and evaluation (3,252,700)(1,990,903)Proceeds from disposal of tenements 185,545 20,000 Proceeds from R&D tax net of costs 658,355-Proceeds from exclusive purchase option on Tarmoola Holdings 250,000 -Net cash used in investing activities (2

203、,161,702)(2,396,660)Cash flows from financing activities Proceeds from issue of shares,net of capital raising costs 2,164,501 1,633,133 Proceeds from exercise of options 5,404 13,070 Proceeds from issue of options 262,325-Proceeds from issued of convertible note -70,000 Repayment of convertible note

204、s (2,022,357)(145,643)Repayment of lease liability (78,130)(34,882)Proceeds from loan receivable 20,000 475,572 Proceeds from loan 773,706 297,000 Repayment of loan (228,555)(48,178)Proceeds from investing -2,624,034 Payment for conversion of LLI options -(300,000)Net cash from financing activities

205、896,894 4,584,106 Net increase in cash and cash equivalents (2,789,582)280,220 Cash and cash equivalents at the beginning of the financial year 2,849,082 2,568,862 Cash and cash equivalents at the end of the financial year 7 59,500 2,849,082 The above consolidated statement of cash flows should be r

206、ead in conjunction with the accompanying notes.30 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 30 Notes to the financial statements Note 1.Material accounting policy information The principal accounting policies adopted in the pr

207、eparation of the financial statements are set out below.These policies have been consistently applied to all the years presented,unless otherwise stated.New or amended Accounting Standards and Interpretations adopted The consolidated entity has adopted all of the new or amended Accounting Standards

208、and Interpretations issued by the Australian Accounting Standards Board(AASB)that are mandatory for the current reporting period.Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.Going concern The Directors have prepared the financial r

209、eport on a going concern basis,which contemplates the continuity of normal business activities and the realisation of assets and the settlement of liabilities in the ordinary course of business.For the financial year ended 31 December 2024,the consolidated entity incurred a net loss after tax of$3,5

210、85,344 and utilised cash in operating and investing activities of$1,524,774 and$2,161,702 respectively.As at that date,the consolidated entity had net current liabilities of$776,143.The ability to continue as a going concern and realise its exploration asset is dependent on a number of factors,the m

211、ost significant of which is obtaining additional funding to complete the exploration activities.These factors indicate a material uncertainty which may cast significant doubt as to whether the consolidated entity will continue as a going concern and therefore whether it will realise its assets and e

212、xtinguish its liabilities in the normal course of business and at the amounts stated in the financial report.The directors have reviewed the consolidated entitys overall position and outlook in respect of the matters identified above and are of the opinion that the use of the going concern basis is

213、appropriate in the circumstances for the following reasons:The consolidated entity has a strong track record in raising external capital.The Directors are confident of raising further capital through equity raising when deemed necessary with placement capacity under ASX Listing Rule 7.1 and 7.1A;The

214、 consolidated entity is exploring the possibility of entering into a number of joint venture arrangements for the development of some of its mining projects;The consolidated entity has the ability to dispose some of its assets as and when required;As disclosed in Note 29,subsequent to year end,the c

215、onsolidated entity completed the sale of the Tarmoola Pastoral Lease and received the remaining balance of$2.75 million from the sale;and The consolidated entity has the ability to scale back its exploration activities should funding not be available continue exploration at its current levels.Accord

216、ingly,the Directors believe that the consolidated entity will be able to continue as a going concern and that it is appropriate to adopt the going concern basis in the preparation of the financial report.The financial report does not include any adjustments relating to the amounts or classification

217、of recorded assets or liabilities that might be necessary if the consolidated entity do not continue as a going concern.31 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 31 Notes to the financial statements(Continued)Basis of prepa

218、ration These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board(AASB)and the Corporations Act 2001,as appropriate for for-profit oriented entities.These financial statement

219、s also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board(IASB).Historical cost convention The financial statements have been prepared under the historical cost convention,except for,where applicable,the revaluation of financial assets a

220、nd liabilities at fair value through profit or loss,financial assets at fair value through other comprehensive income,investment properties,certain classes of property,plant and equipment and derivative financial instruments.Critical accounting estimates The preparation of the financial statements r

221、equires the use of certain critical accounting estimates.It also requires management to exercise its judgement in the process of applying the consolidated entitys accounting policies.The areas involving a higher degree of judgement or complexity,or areas where assumptions and estimates are significa

222、nt to the financial statements,are disclosed in note 2.Parent entity information In accordance with the Corporations Act 2001,these financial statements present the results of the consolidated entity only.Supplementary information about the parent entity is disclosed in note 27.Principles of consoli

223、dation The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Asra Minerals Limited(company or parent entity)as at 31 December 2024 and the results of all subsidiaries for the year then ended.Asra Minerals Limited and its subsidiaries together are referre

224、d to in these financial statements as the consolidated entity.Subsidiaries are all those entities over which the consolidated entity has control.The consolidated entity controls an entity when the consolidated entity is exposed to,or has rights to,variable returns from its involvement with the entit

225、y and has the ability to affect those returns through its power to direct the activities of the entity.Subsidiaries are fully consolidated from the date on which control is transferred to the consolidated entity.They are de-consolidated from the date that control ceases.Intercompany transactions,bal

226、ances and unrealised gains on transactions between entities in the consolidated entity are eliminated.Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred.Accounting policies of subsidiaries have been changed where necessary to ens

227、ure consistency with the policies adopted by the consolidated entity.The acquisition of subsidiaries is accounted for using the acquisition method of accounting.A change in ownership interest,without the loss of control,is accounted for as an equity transaction,where the difference between the consi

228、deration transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity attributable to the parent.Non-controlling interest in the results and equity of subsidiaries are shown separately in the statement of profit or loss and other comprehensive

229、 income,statement of financial position and statement of changes in equity of the consolidated entity.Losses incurred by the consolidated entity are attributed to the non-controlling interest in full,even if that results in a deficit balance.32 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Repor

230、t to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 32 Notes to the financial statements(Continued)Where the consolidated entity loses control over a subsidiary,it derecognises the assets including goodwill,liabilities and non-controlling interest in the subsidiary together with any cumulat

231、ive translation differences recognised in equity.The consolidated entity recognises the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss.Operating segments Operating segments are presented using the management app

232、roach,where the information presented is on the same basis as the internal reports provided to the Chief Operating Decision Makers(CODM).The CODM is responsible for the allocation of resources to operating segments and assessing their performance.Revenue recognition The consolidated entity recognise

233、s revenue as follows:Sale of goods Revenue from the sale of goods is recognised at the point in time when the customer obtains control of the goods,which is generally at the time of delivery.Rendering of services Revenue from a contract to provide services is recognised over time as the services are

234、 rendered based on either a fixed price or an hourly rate.Interest Interest revenue is recognised as interest accrues.Other revenue Other revenue is recognised when it is received or when the right to receive payment is established.Government grants Government grants relating to costs are deferred a

235、nd recognised in profit or loss over the period necessary to match them with the costs that they are intended to compensate.Income tax The income tax expense or benefit for the period is the tax payable on that periods taxable income based on the applicable income tax rate for each jurisdiction,adju

236、sted by the changes in deferred tax assets and liabilities attributable to temporary differences,unused tax losses and the adjustment recognised for prior periods,where applicable.33 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 3

237、3 Notes to the financial statements(Continued)Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the assets are recovered or liabilities are settled,based on those tax rates that are enacted or substantively enacted,except for:Wh

238、en the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that,at the time of the transaction,affects neither the accounting nor taxable profits;or When the taxable temporary differen

239、ce is associated with interests in subsidiaries,associates or joint ventures,and the timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.Deferred tax assets are recognised for deductible temporary differences and unused

240、 tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date.Deferred tax assets recognised are reduced to the extent that

241、it is no longer probable that future taxable profits will be available for the carrying amount to be recovered.Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset.Deferred tax assets and lia

242、bilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities;and they relate to the same taxable authority on either the same taxable entity or different taxable entities whic

243、h intend to settle simultaneously.Convertible notes Convertible notes are accounted for as the aggregate of a liability component and an equity component.At initial recognition,the fair value of the liability component of the convertible notes is determined using a market interest rate for an equiva

244、lent non-convertible note.The remainder of the proceeds is allocated to the conversion option as an equity component,recognised in the Statement of Changes in Equity.Transaction costs associated with the convertible notes are allocated to the liability and equity components in proportion to the allo

245、cation of proceeds.The liability component is subsequently carried at amortised cost,calculated using effective interest rate method,until extinguished in conversion or maturity.Current and non-current classification Assets and liabilities are presented in the statement of financial position based o

246、n current and non-current classification.An asset is classified as current when:it is either expected to be realised or intended to be sold or consumed in the consolidated entitys normal operating cycle;it is held primarily for the purpose of trading;it is expected to be realised within 12 months af

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

248、 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 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 perio

249、d.All other liabilities are classified as non-current.Deferred tax assets and liabilities are always classified as non-current.34 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 34 Notes to the financial statements(Continued)Cash an

250、d cash equivalents Cash and cash equivalents includes cash on hand,deposits held at call with financial institutions,other short-term,highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignifi

251、cant risk of changes in value.Trade and other receivables Other receivables are recognised at amortised cost,less any allowance for expected credit losses.Investments and other financial assets Investments and other financial assets are initially measured at fair value.Transaction costs are included

252、 as part of the initial measurement,except for financial assets at fair value through profit or loss.Such assets are subsequently measured at either amortised cost or fair value depending on their classification.Classification is determined based on both the business model within which such assets a

253、re held and the contractual cash flow characteristics of the financial asset unless an accounting mismatch is being avoided.Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and the consolidated entity has transferred substantially all the

254、risks and rewards of ownership.When there is no reasonable expectation of recovering part or all of a financial asset,its carrying value is written off.Financial assets at fair value through other comprehensive income Financial assets at fair value through other comprehensive income include equity i

255、nvestments which the consolidated entity intends to hold for the foreseeable future and has irrevocably elected to classify them as such upon initial recognition.Impairment of financial assets The consolidated entity recognises a loss allowance for expected credit losses on financial assets which ar

256、e either measured at amortised cost or fair value through other comprehensive income.The measurement of the loss allowance depends upon the consolidated entitys assessment at the end of each reporting period as to whether the financial instruments credit risk has increased significantly since initia

257、l recognition,based on reasonable and supportable information that is available,without undue cost or effort to obtain.Where there has not been a significant increase in exposure to credit risk since initial recognition,a 12-month expected credit loss allowance is estimated.This represents a portion

258、 of the assets lifetime expected credit losses that is attributable to a default event that is possible within the next 12 months.Where a financial asset has become credit impaired or where it is determined that credit risk has increased significantly,the loss allowance is based on the assets lifeti

259、me expected credit losses.The amount of expected credit loss recognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls over the life of the instrument discounted at the original effective interest rate.For financial assets mandatorily measured at fa

260、ir value through other comprehensive income,the loss allowance is recognised in other comprehensive income with a corresponding expense through profit or loss.In all other cases,the loss allowance reduces the assets carrying value with a corresponding expense through profit or loss.Trade and other p

261、ayables These amounts represent liabilities for goods and services provided to the consolidated entity prior to the end of the financial year and which are unpaid.Due to their short-term nature they are measured at amortised cost and are not discounted.The amounts are unsecured and are usually paid

262、within 30 days of recognition.35 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 35 Notes to the financial statements(Continued)Livestock Livestock is measured at fair value less costs to sell.Costs to sell include all costs that wo

263、uld be necessary to sell the assets,including freight and direct selling costs.Property,plant and equipment Plant and equipment is stated at historical cost less accumulated depreciation and impairment.Historical cost includes expenditure that is directly attributable to the acquisition of the items

264、.Depreciation is calculated on a straight-line basis to write off the net cost of each item of property,plant and equipment(excluding land)over their expected useful lives as follows:Structural improvements 40 years Plant and equipment 1-10 years Motor vehicles 3-4 years Computer equipment 1 year Of

265、fice equipment 3 years Materials 5 years Mining camp 10 years Earth moving equipment 7-10 years Pastoral lease-The residual values,useful lives and depreciation methods are reviewed,and adjusted if appropriate,at each reporting date.An item of property,plant and equipment is derecognised upon dispos

266、al or when there is no future economic benefit to the consolidated entity.Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss.Right-of-use assets A right-of-use asset is recognised at the commencement date of a lease.The right-of-use asset is measured a

267、t cost,which comprises the initial amount of the lease liability,adjusted for,as applicable,any lease payments made at or before the commencement date net of any lease incentives received,any initial direct costs incurred,and,except where included in the cost of inventories,an estimate of costs expe

268、cted to be incurred for dismantling and removing the underlying asset,and restoring the site or asset.Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful life of the asset,whichever is the shorter.Where the consolidated entity e

269、xpects to obtain ownership of the leased asset at the end of the lease term,the depreciation is over its estimated useful life.Right-of use assets are subject to impairment or adjusted for any remeasurement of lease liabilities.The consolidated entity has elected not to recognise a right-of-use asse

270、t and corresponding lease liability for short-term leases with terms of 12 months or less and leases of low-value assets.Lease payments on these assets are expensed to profit or loss as incurred.36 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:7

271、2 002 261 565 36 Notes to the financial statements(Continued)Exploration and evaluation assets Exploration and evaluation expenditure in relation to separate areas of interest for which rights of tenure are current is carried forward as an asset in the statement of financial position where it is exp

272、ected that the expenditure will be recovered through the successful development and exploitation of an area of interest,or by its sale;or exploration activities are continuing in an area and activities have not reached a stage which permits a reasonable estimate of the existence or otherwise of econ

273、omically recoverable reserves.Where a project or an area of interest has been abandoned,the expenditure incurred thereon is written off in the year in which the decision is made.When production commences,the accumulated costs for the relevant area of interest are amortised over the life of the area

274、according to the rate of depletion of the economically recoverable reserves.A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest.Carrying value The licences held in respect of the consolidat

275、ed entitys exploration operations comprise a large number of licenses across a large geographic area.Management has applied their judgement and determined that all of these licenses are to be treated as six separate and distinct areas for the purposes of considering abandoned areas or impairment.The

276、 costs of acquiring the licenses as well as all subsequent costs have been ascribed to these six projects,and consequently,there are no impairment expenses for expired licenses in unexplored areas outside these six projects.Impairment of non-financial assets Non-financial assets are reviewed for imp

277、airment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.An impairment loss is recognised for the amount by which the assets carrying amount exceeds its recoverable amount.Recoverable amount is the higher of an assets fair value less costs of dispo

278、sal and value-in-use.The value-in-use is the present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or cash-generating unit to which the asset belongs.Assets that do not have independent cash flows are grouped together to form a cas

279、h-generating unit.Lease liabilities A lease liability is recognised at the commencement date of a lease.The lease liability is initially recognised at the present value of the lease payments to be made over the term of the lease,discounted using the interest rate implicit in the lease or,if that rat

280、e cannot be readily determined,the consolidated entitys incremental borrowing rate.Lease payments comprise of fixed payments less any lease incentives receivable,variable lease payments that depend on an index or a rate,amounts expected to be paid under residual value guarantees,exercise price of a

281、purchase option when the exercise of the option is reasonably certain to occur,and any anticipated termination penalties.The variable lease payments that do not depend on an index or a rate are expensed in the period in which they are incurred.Lease liabilities are measured at amortised cost using t

282、he effective interest method.The carrying amounts are remeasured if there is a change in the following:future lease payments arising from a change in an index or a rate used;residual guarantee;lease term;certainty of a purchase option and termination penalties.When a lease liability is remeasured,an

283、 adjustment is made to the corresponding right-of use asset,or to profit or loss if the carrying amount of the right-of-use asset is fully written down.37 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 37 Notes to the financial sta

284、tements(Continued)Finance costs Finance costs attributable to qualifying assets are capitalised as part of the asset.All other finance costs are expensed in the period in which they are incurred.Employee benefits Short-term employee benefits Liabilities for wages and salaries,including non-monetary

285、benefits,annual leave and long service leave expected to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled.Other long-term employee benefits The liability for annual leave and long service leave not expected to b

286、e settled within 12 months of the reporting date are measured at the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method.Consideration is given to expected future wage and salary levels,expe

287、rience of employee departures and periods of service.Expected future payments are discounted using market yields at the reporting date on corporate bonds with terms to maturity and currency that match,as closely as possible,the estimated future cash outflows.Defined contribution superannuation expen

288、se Contributions to defined contribution superannuation plans are expensed in the period in which they are incurred.Share-based payments Equity-settled and cash-settled share-based compensation benefits are provided to employees and advisors.Equity-settled transactions are awards of shares,or option

289、s over shares,that are provided to employees in exchange for the rendering of services.Cash-settled transactions are awards of cash for the exchange of services,where the amount of cash is determined by reference to the share price.The cost of equity-settled transactions are measured at fair value o

290、n grant date.Fair value is independently determined using either the Binomial or Black-Scholes option pricing model that takes into account the exercise price,the term of the option,the impact of dilution,the share price at grant date and expected price volatility of the underlying share,the expecte

291、d dividend yield and the risk free interest rate for the term of the option,together with non-vesting conditions that do not determine whether the consolidated entity receives the services that entitle the employees to receive payment.No account is taken of any other vesting conditions.The cost of e

292、quity-settled transactions are recognised as an expense with a corresponding increase in equity over the vesting period.The cumulative charge to profit or loss is calculated based on the grant date fair value of the award,the best estimate of the number of awards that are likely to vest and the expi

293、red portion of the vesting period.The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods.The cost of cash-settled transactions is initially,and at each reporting date until vested,determine

294、d by applying either the Binomial or Black-Scholes option pricing model,taking into consideration the terms and conditions on which the award was granted.The cumulative charge to profit or loss until settlement of the liability is calculated as follows:during the vesting period,the liability at each

295、 reporting date is the fair value of the award at that date multiplied by the expired portion of the vesting period.from the end of the vesting period until settlement of the award,the liability is the full fair value of the liability at the reporting date.38 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 20

296、24 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 38 Notes to the financial statements(Continued)All changes in the liability are recognised in profit or loss.The ultimate cost of cash-settled transactions is the cash paid to settle the liability.Market conditions are taken

297、 into consideration in determining fair value.Therefore any awards subject to market conditions are considered to vest irrespective of whether or not that market condition has been met,provided all other conditions are satisfied.If equity-settled awards are modified,as a minimum an expense is recogn

298、ised as if the modification has not been made.An additional expense is recognised,over the remaining vesting period,for any modification that increases the total fair value of the share-based compensation benefit as at the date of modification.If the non-vesting condition is within the control of th

299、e consolidated entity or employee/advisors,the failure to satisfy the condition is treated as a cancellation.If the condition is not within the control of the consolidated entity or employee and is not satisfied during the vesting period,any remaining expense for the award is recognised over the rem

300、aining vesting period,unless the award is forfeited.If equity-settled awards are cancelled,it is treated as if it has vested on the date of cancellation,and any remaining expense is recognised immediately.If a new replacement award is substituted for the cancelled award,the cancelled and new award i

301、s treated as if they were a modification.Fair value measurement When an asset or liability,financial or non-financial,is measured at fair value for recognition or disclosure purposes,the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an or

302、derly transaction between market participants at the measurement date;and assumes that the transaction will take place either:in the principal market;or in the absence of a principal market,in the most advantageous market.Fair value is measured using the assumptions that market participants would us

303、e when pricing the asset or liability,assuming they act in their economic best interests.For non-financial assets,the fair value measurement is based on its highest and best use.Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair

304、 value,are used,maximising the use of relevant observable inputs and minimising the use of unobservable inputs.Assets and liabilities measured at fair value are classified into three levels,using a fair value hierarchy that reflects the significance of the inputs used in making the measurements.Clas

305、sifications are reviewed at each reporting date and transfers between levels are determined based on a reassessment of the lowest level of input that is significant to the fair value measurement.For recurring and non-recurring fair value measurements,external valuers may be used when internal expert

306、ise is either not available or when the valuation is deemed to be significant.External valuers are selected based on market knowledge and reputation.Where there is a significant change in fair value of an asset or liability from one period to another,an analysis is undertaken,which includes a verifi

307、cation of the major inputs applied in the latest valuation and a comparison,where applicable,with external sources of data.Issued capital Ordinary 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 t

308、ax,from the proceeds.39 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 39 Notes to the financial statements(Continued)Earnings per share Basic earnings per share Basic earnings per share is calculated by dividing the profit attribu

309、table to the owners of Asra Minerals Limited,excluding any costs of servicing equity other than ordinary shares,by the weighted average number of ordinary shares outstanding during the financial year,adjusted for bonus elements in ordinary shares issued during the financial year.Diluted earnings per

310、 share Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to h

311、ave been issued for no consideration in relation to dilutive potential ordinary shares.Goods and Services Tax(GST)and other similar taxes Revenues,expenses and assets are recognised net of the amount of associated GST,unless the GST incurred is not recoverable from the tax authority.In this case it

312、is recognised as part of the cost of the acquisition of the asset or as part of the expense.Receivables and payables are stated inclusive of the amount of GST receivable or payable.The net amount of GST recoverable from,or payable to,the tax authority is included in other receivables or other payabl

313、es in the statement of financial position.Cash flows are presented on a gross basis.The GST components of cash flows arising from investing or financing activities which are recoverable from,or payable to the tax authority,are presented as operating cash flows.Commitments and contingencies are discl

314、osed net of the amount of GST recoverable from,or payable to,the tax authority.New Accounting Standards and Interpretations not yet mandatory or early adopted Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory,have not been early a

315、dopted by the consolidated entity for the annual reporting period ended 31 December 2024.The Groups assessment of the impact of these new or amended Accounting Standards and Interpretations,most relevant to the consolidated entity,are set out below.AASB 18 Presentation and Disclosure in Financial St

316、atements This standard is applicable to annual reporting periods beginning on or after 1 January 2027 and early adoption is permitted.The standard replaces IAS 1 Presentation of Financial Statements,with many of the original disclosure requirements retained and there will be no impact on the recogni

317、tion and measurement of items in the financial statements.But the standard will affect presentation and disclosure in the financial statements,including introducing five categories in the statement of profit or loss and other comprehensive income:operating,investing,financing,income taxes and discon

318、tinued operations.The standard introduces two mandatory sub-totals in the statement:Operating profit and Profit before financing and income taxes.There are also new disclosure requirements for management-defined performance measures,such as earnings before interest,taxes,depreciation and amortisatio

319、n(EBITDA)or adjusted profit.The standard provides enhanced guidance on grouping of information(aggregation and disaggregation),including whether to present this information in the primary financial statements or in the notes.The consolidated entity will adopt this standard from 1 January 2027 and it

320、 is expected that there will be a significant change to the layout of the statement of profit or loss and other comprehensive income.40 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 40 Notes to the financial statements(Continued)N

321、ote 2.Critical accounting judgements,estimates and assumptions The preparation of the financial statements requires management to make judgements,estimates and assumptions that affect the reported amounts in the financial statements.Management continually evaluates its judgements and estimates in re

322、lation to assets,liabilities,contingent liabilities,revenue and expenses.Management bases its judgements,estimates and assumptions on historical experience and on other various factors,including expectations of future events,management believes to be reasonable under the circumstances.The resulting

323、accounting judgements and estimates will seldom equal the related actual results.The judgements,estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities(refer to the respective notes)within the next financial year are d

324、iscussed below.Share-based payment transactions The consolidated entity measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted.The fair value is determined by using either the Binomial or Black-Sc

325、holes model taking into account the terms and conditions upon which the instruments were granted.The accounting estimates and assumptions relating to equity-settled share-based payments would have no impact on the carrying amounts of assets and liabilities within the next annual reporting period but

326、 may impact profit or loss and equity.Estimation of useful lives of assets The consolidated entity determines the estimated useful lives and related depreciation and amortisation charges for its property,plant and equipment and finite life intangible assets.The useful lives could change significantl

327、y as a result of technical innovations or some other event.The depreciation and amortisation charge will increase where the useful lives are less than previously estimated lives,or technically obsolete or non-strategic assets that have been abandoned or sold will be written off or written down.Impai

328、rment of non-financial assets other than goodwill and other indefinite life intangible assets The consolidated entity assesses impairment of non-financial assets other than goodwill and other indefinite life intangible assets at each reporting date by evaluating conditions specific to the consolidat

329、ed entity and to the particular asset that may lead to impairment.If an impairment trigger exists,the recoverable amount of the asset is determined.This involves fair value less costs of disposal or value-in-use calculations,which incorporate a number of key estimates and assumptions.Exploration and

330、 revaluation costs Exploration and evaluation costs have been capitalised on the basis that the consolidated entity will commence commercial production in the future,from which time the costs will be amortised in proportion to the depletion of the mineral resources.Key judgements are applied in cons

331、idering costs to be capitalised which includes determining expenditures directly related to these activities and allocating overheads between those that are expensed and capitalised.In addition,costs are only capitalised that are expected to be recovered either through successful development or sale

332、 of the relevant mining interest.Factors that could impact the future commercial production at the mine include the level of reserves and resources,future technology changes,which could impact the cost of mining,future legal changes and changes in commodity prices.To the extent that capitalised cost

333、s are determined not to be recoverable in the future,they will be written off in the period in which this determination is made.41 ASX:ASR ASX:ASR I ASRAMINERALS.COM.AU 2024 Annual Report to Shareholders ASRA Minerals Limited I ABN:72 002 261 565 41 Notes to the financial statements(Continued)Note 3.Operating segments Identification of reportable operating segments The consolidated entity is organ