Comptes semestriels
Métaux GreenX Limitée
Interim Financial Report for the Half-Year Ended 31 December 2023
ABN 23 008 677 852
CORPORATE DIRECTORY
ADMINISTRATEURS: Mr Dylan Browne Company Secretary +44 207 487 3900
Australia (Registered Office):
Groenland: ARC Joint Venture Company ApS
SOLICITORS:
AUDITOR: | BANKERS: National Australia Bank Ltd
SHARE REGISTRIES:
Royaume-Uni:
Pologne:
STOCK EXCHANGE LISTINGS: Australie:
Royaume-Uni:
Pologne:
|
CONTENU | |
Données financières sélectionnées | |
Rapport des administrateurs | |
Déclaration des administrateurs | |
Consolidated Statement of Profit or Loss and other Comprehensive Income | |
État consolidé de la situation financière | |
État consolidé de l'évolution des capitaux propres | |
État consolidé des flux de trésorerie | |
Condensed Notes to the Consolidated Financial Statements | |
Déclaration d'indépendance de l'auditeur | |
Rapport d'examen de l'auditeur indépendant |
SELECTED FINANCIAL DATA (CONVERTED INTO PLN AND EUR)
| Semestre clos | Semestre clos | Semestre clos | Semestre clos |
|
|
|
|
|
Arbitration finance facility income | 1,088,623 | 15,028,789 | 244,981 | 3,174,012 |
Gas and property lease revenue | 7,193 | 418,291 | 1,619 | 88,341 |
Frais d'exploration et d'évaluation | (1,253,279) | (2,093,485) | (282,035) | (442,135) |
Dépenses liées à l'arbitrage | (1,599,361) | (15,137,985) | (359,916) | (3,197,074) |
Perte nette de la période | (5,372,179) | (4,488,239) | (1,208,943) | (947,896) |
Flux nets de trésorerie liés aux activités d'exploitation | (3,885,394) | (4,264,524) | (874,360) | (900,648) |
Flux nets de trésorerie liés aux activités d'investissement | (4,737,288) | (10,072,066) | (1,066,068) | (2,127,175) |
Flux nets de trésorerie liés aux activités de financement | (429,445) | 3,267,631 | (96,641) | 690,109 |
Augmentation nette de la trésorerie et des équivalents de trésorerie | (9,052,127) | (11,068,959) | (2,037,070) | (2,337,714) |
Basic and diluted loss per share (Grosz/EUR cents per share) | (1.97) | (1.73) | (0.44) | (0.37) |
31 Décembre 2023 | 30 Juin 2023 | 31 Décembre 2023 | 30 Juin 2023 | |
Trésorerie et équivalents de trésorerie | 24,952,597 | 23,572,705 | 5,738,868 | 5,296,880 |
Total des actifs | 52,464,610 | 48,746,541 | 12,066,378 | 10,953,540 |
Total du passif | (4,944,625) | 6,024,909 | (1,137,218) | 1,353,821 |
Actif net | 47,519,985 | 42,721,632 | 10,929,159 | 9,599,720 |
Fonds propres apportés | 241,744,490 | 216,970,230 | 54,401,623 | 51,912,177 |
Figures of the consolidated statement of profit or loss and other comprehensive income and consolidated statement of cash flows have been converted into PLN and EUR by applying the arithmetic average for the final day of each month for the reporting period, as published by the National Bank of Poland (NBP). These exchange rates were 2.6889 AUD:PLN and 4.4437 PLN:EUR for the six months ended 31 December 2023, and 3.1337 AUD:PLN and 4.7350 PLN:EUR for the six months ended 31 December 2022.
Assets and liabilities in the consolidated statement of financial position have been converted into PLN and EUR by applying the exchange rate on the final day of each respective reporting period as published by the NBP. These exchange rates were: 2.6778 AUD:PLN and 4.3480 PLN:EUR on 31 December 2023, and 2.7174 AUD:PLN and 4.4503 PLN:EUR sur 30 Juin 2023.
RAPPORT DES ADMINISTRATEURS
The Directors of GreenX Metals Limited present their report on the Consolidated Entity consisting of GreenX Metals Limited (Entreprise or GreenX) and the entities it controlled during the half-year ended 31 December 2023 (Entité consolidée or Réservation de groupe).
DIRECTEURS
The names and details of the Company's Directors in office at any time during the half-year and until the date of this report are:
Administration:
Mr Ian Middlemas Chairman
Mr Benjamin Stoikovich Director and CEO
Mr Garry Hemming Non-Executive Director
Mr Mark Pearce Non-Executive Director
Unless otherwise shown, all Directors were in office from the beginning of the half-year until the date of this report.
REVUE OPÉRATIONNELLE ET FINANCIÈRE
Opérations
Points forts:
· In July 2023 GreenX entered into an Option Agreement with Greenfields Exploration Limited (Champs verts) to acquire up to 100% of the Eleonore North Gold Project (Éléonore Nord or ELN) dans l'est du Groenland.
o 2023 field work at Eleonore North was focused on determining the depth of an intrusion within the project area by deployment of an array of seismic nodes. The nodes have been retrieved with the recorded data now being processed by a geophysics specialist consulting firm.
o During the period, GreenX visited the Geological Survey of Denmark and Greenland in Copenhagen and discussed general co-operation and data sharing in respect of the Eleonore North region. GreenX also met with specialised arctic logistics service providers having extensive experience in East Greenland.
o Eleonore North has the potential to host a "reduced intrusion-related gold system" (RIG), analogous to large bulk-tonnage deposit types found in Canada.
· In November 2022, the hearing for the claim against the Republic of Poland under both the Energy Charter Treaty and the Australia-Poland Bilateral Investment Treaty was concluded (Réclamer).
o Combined arbitration hearing took place in front of the Tribunal in London under the UNCITRAL Arbitration Rules.
o With completion of the hearing, the Tribunal will render an Award (decision) in due course.
o Damages of up to £737 million (A$1.3 billion / PLN4.0 billion) have been claimed including the assessed value of GreenX's lost profits and damages related to both the Jan Karski and Debiensko projects, and accrued interest related to any damages.
· Cash balance as at 31 December 2023 was A$9.3 million.
Arctic Rift Copper Project
La Arctic Rift Copper Project (ARC) is an exploration joint venture between GreenX and Greenfields. ARC is targeting large scale copper in multiple settings across a 5,774 km2 Permis spécial d'exploration dans l'est du nord du Groenland. La zone a été historiquement sous-explorée mais est prometteuse pour le cuivre, faisant partie de la province métallogénique nouvellement identifiée de Kiffaanngissuseq.
The results of the work program announced last year have demonstrated the high-grade nature of the known copper sulphide mineralisation and wider copper mineralisation in fault hosted Black Earth zones and adjacent sandstone units. The exact position of a native copper fissure at the Neergaard Dal prospect was also identified.
The Company is in the process of analysing further remote-sensing options for ARC, which would be used to supplement current understanding of the known copper sulphide mineralisation and refine plans for the next exploration program.
Figure 1: Map of Greenland showing GreenX's ARC and Eleonore North license areas |
Eleonore North Gold Project
En juillet 2023, GreenX a conclu un accord d'option (contrat) with Greenfields to acquire up to 100% of Eleonore North in eastern Greenland.
Eleonore North has the potential to host a RIRGS, analogous to large bulk-tonnage deposit types found in Canada including Donlin Creek, Fort Knox and Dublin Gulch.
Gold indicators documented at the high-priority Noa Pluton prospect within Eleonore North include:
· Anomalie géophysique en « cible » de 6 km de largeur coïncidant avec une minéralisation aurifère élevée issue d'un échantillonnage géochimique historique.
· Minéralisation aurifère anormale associée à des veines de quartz exposées en surface sur une longueur pouvant atteindre 15 km.
· Historical sampling includes 4 m chip sample grading 1.93 g/t Au and 1.9% Sb (refer to Appendix 1 of the Company's announcement on 10 July 2023).
Eleonore North has potential to host large scale, shallow, bulk tonnage gold deposits. Eleonore North remains underexplored, with the existence of a possible RIRGS being a relatively new geological interpretation based on the historical data. Initial field work consists of a seismic survey to determine the depth from surface to the Noa Pluton to aid in drill targeting.
Figure 2: Eleonore North licence area showing the 6km diameter geophysical anomaly co-incident with gold veining visible at surface over some 15km at the high priority Noa Pluton prospect
The Eleonore North license area contains other gold targets as well as copper, antimony and tungsten prospects. At Holmesø there is copper and antimony mineralisation outcropping at surface. Historical mapping and sampling in the 1970s at Holmesø show a prospective horizon between 15 m and 20 m thick, with per cent level grades for both metals.
Eleonore North provides GreenX with gold exposure in Greenland and complements GreenX's existing exploration prospect in Greenland, the Arctic Rift Copper Project (ARC). There are significant synergies with regards to personnel, logistics and equipment in having multiple exploration projects in Greenland. Field works were conducted during the 2023 field season at Eleonore North, with data collected from the seismic survey presently being analysed to inform follow-on exploration program design. Results from the seismic analysis are expected in the coming months.
Le Groenland est une juridiction favorable au secteur minier, bénéficiant d’un fort soutien du gouvernement pour développer son industrie minière, de lois et réglementations simples et d’un régime fiscal compétitif.
The primary target in Eleonore North is the Noa Pluton, followed by the Holmesø prospect and its source intrusion. The Noa Veins provide a near-term drill target, however, the Company's 2023 field work was focussed on determining the depth of the causative intrusion with greater precision using a passive seismic survey. Once analysed, this information will assist with the magnetic interpretation, provide more certainty for a future exploration program, and help identify the size of the intrusion within the well-defined hornfels.
Figure 3: Map showing prospects and geological features within the Eleonore North license areas
Dispute with the Polish Government
En novembre 2022, la Société a annoncé la conclusion de la réclamation contre la République de Pologne au titre du Traité sur la Charte de l'énergie (ECT) et le Traité bilatéral d'investissement Australie-Pologne (BIT) (ensemble le Traités). L'audience a eu lieu à Londres et a duré deux semaines.
Une fois l'audience terminée, le Tribunal rendra une sentence (c'est-à-dire le terme juridique utilisé pour désigner une « décision » du Tribunal) en temps utile sans qu'aucune date précise ne soit disponible pour la décision du Tribunal.
Comme indiqué précédemment, les procédures d'arbitrage et d'audience relatives à la réclamation doivent rester confidentielles.
Détails de la réclamation
La réclamation de la société contre la République de Pologne fait l'objet de poursuites dans le cadre d'un cadre juridique établi et applicable, GreenX et la Pologne acceptant d'appliquer les règles de la Commission des Nations Unies pour les règles du droit commercial international (CNUDCI) règle la procédure. Les demandes d'arbitrage sont administrées par la Cour permanente d'arbitrage de La Haye.
La phase d'audition des preuves de la procédure d'arbitrage est désormais terminée devant le tribunal arbitral. Une fois l'audience terminée, le tribunal arbitral rendra sa sentence en temps utile. Il n’y a pas de date précise pour qu’une sentence soit rendue. Les demandes de dommages-intérêts de la Société contre la Pologne s'élèvent à 737 millions de livres sterling (1.3 milliard de dollars australiens/4.0 milliards de PLN), ce qui comprend une évaluation révisée de la valeur des profits perdus de GreenX et des dommages liés aux projets Jan Karski et Debiensko. projets et les intérêts courus liés à tout dommage. La demande de dommages et intérêts a été évaluée par des experts quantiques externes indépendants nommés par GreenX spécifiquement aux fins de la demande.
En février 2019, GreenX a officiellement informé le gouvernement polonais qu'il existe un différend en matière d'investissement entre GreenX et le gouvernement polonais. La notification de GreenX appelait à des négociations rapides avec le gouvernement pour résoudre le différend à l'amiable et indiquait le droit de GreenX de soumettre le différend à un arbitrage international au cas où le différend ne serait pas résolu à l'amiable.
In July 2020, the Company announced it had executed a litigation funding agreement (LFA) pour 12.3 millions de dollars US avec Litigation Capital Management (LCM). US$10.7 million of the facility has been drawn down to cover legal, tribunal and external expert costs as well as defined operating expenses associated with the Claim. The Company does not anticipate further material drawdowns in relation to the ongoing BIT and ECT Tribunal proceedings. The LFA is a limited recourse loan with LCM that is on a "no win - no fee" basis.
In September 2020, GreenX announced that it had formally commenced with the Claim by serving the Notices of Arbitration against the Republic of Poland. In June 2021, GreenX announced that it had formally lodged its Statement of Claim in the BIT arbitration, including the first assessed claim for compensation. The Company's Statement of Reply, the last material filing to be made by the Company for the BIT arbitration proceedings, was submitted in July 2021. The Statement of Reply addresses various points raised by the Republic of Poland in its Statement of Defence. The Statement of Reply also contains a re-evaluation of the claim for damages based on responses to Poland's Statement of Defence.
Le différend de GreenX allègue que la République de Pologne a manqué à ses obligations en vertu des traités applicables par ses actions visant à bloquer le développement des projets Jan Karski et Debiensko de la Société en Pologne, ce qui a effectivement privé GreenX de la valeur totale de ses investissements en Pologne.
CORPORATE
Partager le placement
In July 2023, the Company successfully completed a placing of 5.2 million new ordinary shares at a price of A$0.80 (41 pence) per share to raise gross proceeds of approximately A$4.2 million (~£2.1 million) from new and existing investors.
The net proceeds from the placing will be used for exploration activities at the Company's projects in Greenland and to ensure that GreenX retains its strong balance sheet position.
Situation financière
GreenX had cash of A$9.3 million as at 31 December 2023.
Résultats d'exploitation
The net loss of the Consolidated Entity for the half-year ended 31 December 2023 was $1,997,911 (31 December 2022: $1,432,272 ). Significant items contributing to the current half-year loss and the substantial differences from the previous half-year include to the following:
(i) Arbitration related expenses of $594,802 (31 December 2022: $4,830,784) relating to the Claim against the Republic of Poland. This has been offset by the arbitration funding income of $404,858 (31 December 2022: $4,795,937);
(ii) Exploration and evaluation expenses of $466,094 (31 December 2022: $298,378), which is attributable to the Group's accounting policy of expensing exploration and evaluation expenditure incurred by the Group subsequent to the acquisition of rights to explore and up to the commencement of a bankable feasibility study for each separate area of interest;
(iii) Business development expenses of $195,882 (31 December 2022: $132,578) which includes expenses relating to the Group's review of new business and project opportunities plus also investor relations activities during the six months to 31 December 2023 including public relations, digital marketing, legal related expenses and business development consultant costs; and
(iv) Revenue of $252,221 (31 December 2022: $161,385) consisting of interest income of $249,546 (31 December 2022: $27,901) and the receipt of $ 2,675 (31 December 2022: $133,484) of gas and property lease income derived at Debiensko.
Situation financière
Au 31 décembre 2023, le Groupe disposait de réserves de trésorerie de 9,318,320 30 2023 $ (XNUMX juin XNUMX : $8,674,728) placing it in a good financial position to continue with exploration activities at in Greenland as well as pursuing business development activities.
Au 31 décembre 2023, la Société avait un actif net de 17,745,904 30 2023 $ (XNUMX juin XNUMX : $15,721,510) an increase of approximately 11% compared with 30 June 2023. This is largely attributable to the increase in exploration and evaluation assets which amounts to A$8,984,599 (30 June 2023: $7,750,883).
Stratégies commerciales et perspectives pour les prochains exercices financiers
GreenX's strategy is to create long-term shareholder value through the discovery, exploration, development and acquisition of technically and economically viable mineral deposits. This also includes pursuing the Claim against the Republic of Poland through international arbitration in the short to medium term.
To date, the Group has not commenced production of any minerals, nor has it identified any Ore reserves in accordance with the JORC Code. To achieve its objective, the Group currently has the following business strategies and prospects over the medium to long term:
· Continue to enforce its rights through an established and enforceable legal framework in relation to international arbitration for the investment dispute between GreenX and the Polish Government that has arisen out of certain measures taken by Poland in breach of the Treaties;
· Identify and assess other suitable business opportunities in the resources sector; and
· Continue with current exploration activities in Greenland for minerals, including for copper and gold.
All of these activities are inherently risky and the Board is unable to provide certainty of the expected results of these activities, or that any or all of these likely activities will be achieved. Furthermore, GreenX will continue to take all necessary actions to preserve the Company's rights and protect its investments in Poland, if and as required. The material business risks faced by the Group that could have an effect on the Group's future prospects, and how the Group manages these risks, include the following:
· Risque contentieux - All industries, including the mining industry, are subject to legal and arbitration claims. Specifically, and as noted above, the Company is continuing with its Claim against the Republic of Poland, and will strongly defend its position and will continue to take all relevant actions to pursue its legal rights in the Claim process. In November 2022, the hearing for the Claim was completed with the Tribunal to render an Award (i.e., a decision) in due course with no specified date available for the Tribunal decision. There is however no certainty that the Claim will be successful. If the Claim is unsuccessful, then this may have a material impact on the value of the Company's securities.
· Earn-in and joint venture contractual risk - The Company's earn-in right to the ARC project is subject to the EIA with Greenfields as announced in October 2021. The Company's ability to achieve its objectives is dependent on it and other parties complying with their obligations under the EIA. Any failure to comply with these obligations may result in the Company not obtaining its interests in ARC and being unable to achieve its commercial objectives, which may have a material adverse effect on the Company's operations and the performance and value of the Shares. There is also the risk of disputes arising with the Company's joint venture partner, Greenfields, the resolution of which could lead to delays in the Company's proposed development activities or financial loss.
When the Company earns in its interest in ARC, an incorporated joint venture will be established between the Company and Greenfields. The nature of the joint venture may change in future, including the ownership structure and voting rights in relation to ARC, which may have an effect on the ability of the Company to influence decisions on ARC.
With regards to the Option Agreement for ELN, it should be noted that the Option Agreement is subject to a number of conditions precedent including the payment of the option fee by the Company and there is a risk that the transaction may not complete and the Company will not acquire the ELN project.
· Operations in overseas jurisdictions risk - ELN and ARC are located in Greenland, and as such, the operations of the Company will be exposed to related risks and uncertainties associated with the country, regional and local jurisdictions. Opposition to the projects, or changes in local community support for the projects, along with any changes in mining or investment policies or in political attitude in Greenland and, in particular to the mining, processing or use of copper, may adversely affect the operations, delay or impact the approval process or conditions imposed, increase exploration and development costs, or reduce profitability of the Company. Moreover, logistical difficulties may arise due to the assets being located overseas such as the incurring of additional costs with respect to overseeing and managing the projects, including expenses associated with taking advice in relation to the application of local laws as well as the cost of establishing a local presence in Greenland. Fluctuations in the currency of Greenland may also affect the dealings and operations of the Company.
Failure to comply strictly with applicable laws, regulations and local practices relating to mineral rights applications and tenure, could result in loss, reduction or expropriation of entitlements, or the imposition of additional local or foreign parties as joint venture partners with carried or other interests. Further, the outcomes in courts in Greenland may be less predictable than in Australia, which could affect the enforceability of contracts entered into by the Company.
The projects are remotely located in an area that has an arctic climate and that is categorised as an arctic desert, and as such, the operations of the Company will be exposed to related risks and uncertainties of arctic exploration, including adverse weather or ice conditions which may and has prevented access to the projects, which can impact exploration and field activities or generate unexpected costs. It is not possible for the Company to predict or protect the Company against all such risks.
The Company also had previous operations in Poland which may be subject to regulations concerning protection of the environment, including at the Debiensko and Kaczyce projects which have both been relinquished by the Company. As with all exploration projects and mining operations, activities will have an impact on the environment including the possible requirement to make good any disturbed or damaged land.
Existing and possible future environmental protection legislation, regulations and actions could cause additional expense, capital expenditures and restrictions, the extent of which cannot be predicted which could have a material adverse effect on the Company's business, financial condition and results of operations.
· The Group's exploration and development activities will require further capital - The exploration and any development of the Company's exploration properties will require substantial additional financing. Failure to obtain sufficient financing may result in delaying or indefinite postponement of exploration and any development of the Company's properties or even a loss of property interest. There can be no assurance that additional capital or other types of financing will be available if needed or that, if available, the terms of such financing will be favourable to the Company.
· The Group's exploration properties may never be brought into production - The exploration for, and development of, mineral deposits involves a high degree of risk. Few properties which are explored are ultimately developed into producing mines. To mitigate this risk, the Company will undertake systematic and staged exploration and testing programs on its mineral properties and, subject to the results of these exploration programs, the Company will then progressively undertake a number of technical and economic studies with respect to its projects prior to making a decision to mine. However, there can be no guarantee that the studies will confirm the technical and economic viability of the Company's mineral properties or that the properties will be successfully brought into production.
· The Group may be adversely affected by fluctuations in mineral prices - The price of gold and copper fluctuates widely and is affected by numerous factors beyond the control of the Group. Future production, if any, from the Group's mineral properties will be dependent upon gold and copper prices being adequate to make these properties economic. The Group currently does not engage in any hedging or derivative transactions to manage commodity price risk. As the Group's operations change, this policy will be reviewed periodically going forward.
· The Group may be adversely affected by competition within the mineral industry - The Group competes with other domestic and international copper companies, some of whom have larger financial and operating resources. Increased competition could lead to higher supply or lower overall pricing. There can be no assurance that the Company will not be materially impacted by increased competition. In addition, the Group is continuing to secure additional surface and mineral rights, however there can be no guarantee that the Group will secure additional surface and mineral rights, which could impact on the results of the Group's operations.
· The Company may be adversely affected by fluctuations in foreign exchange - Current and planned activities are predominantly denominated in Sterling, Danish krone and/or Euros and the Company's ability to fund these activates may be adversely affected if the Australian dollar continues to fall against these currencies. The Company currently does not engage in any hedging or derivative transactions to manage foreign exchange risk. As the Company's operations change, this policy will be reviewed periodically going forward.
INFORMATION RELATIVE AUX PARTIES LIÉES
Balances and transactions between the Company and its subsidiaries, which are related parties to the Company, have been eliminated on consolidation. There have been no other transactions with related parties during the half-year ended 31 December 2023, other than remuneration for Key Management Personnel and payments of $170,000 (31 December 2022: $144,000) to Apollo Group Pty Ltd, a Company of which Mr Mark Pearce is a Director and beneficial shareholder, for the provision of serviced office facilities and administration services. The amount is based on a monthly retainer due and payable in advance, with no fixed term, and is able to be terminated by either party with one month's notice. This item has been recognised as an expense in the Statement of Profit or Loss and other Comprehensive Income.
SUBSTANTIAL SHAREHOLDERS (shareholder with voting power of at least 5%)
Substantial Shareholder notices have been received by the following:
Substantial Shareholder | Number of Shares/Votes | Pouvoir de vote |
CD Capital Natural Resources Fund III LP | 44,776,120 | 16.4% |
ORDINARY SHARES HELD BY DIRECTORS'
At the Date of this Report | 31 Décembre 2023 | 30 Juin 2023 | |
Mr Ian Middlemas | 11,660,000 | 11,660,000 | 11,660,000 |
Mr Benjamin Stoikovich | 819,406 | 819,406 | 1,492,262 |
Mr Garry Hemming | - | - | - |
Mr Mark Pearce | 2,850,000 | 2,850,000 | 3,300,000 |
ÉVÉNEMENTS IMPORTANTS SURVENUS SUR LA PÉRIODE DE RÉCUPÉRATION
Aucun événement important ne s’est produit après la date de clôture nécessitant une information.
DÉCLARATION D'INDÉPENDANCE DE L'AUDITEUR
Section 307C of the Corporations Act 2001 requires our auditors, Ernst and Young, to provide the Directors of GreenX Metals Limited with an Independence Declaration in relation to the review of the half-year financial report. This Independence Declaration is on page 19 et fait partie du présent rapport des administrateurs.
Signed in accordance with a resolution of the Directors.
BEN STOIKOVICH
Directeur
13 Mars 2024
Déclaration des personnes compétentes
The information in this report that relates to exploration results were extracted from the ASX announcement dated 10 July 2023 which is available to view at www.greenxmetals.com.
GreenX confirms that (a) it is not aware of any new information or data that materially affects the information included in the original announcement; (b) all material assumptions and technical parameters underpinning the content in the relevant announcement continue to apply and have not materially changed; and (c) the form and context in which the Competent Person's findings are presented have not been materially modified from the original announcement
Énoncés prospectifs
Ce communiqué peut contenir des déclarations prospectives. Ces déclarations prospectives sont basées sur les attentes et les convictions de GreenX concernant des événements futurs. Les déclarations prospectives sont nécessairement soumises à des risques, des incertitudes et d'autres facteurs, dont beaucoup échappent au contrôle de GreenX, ce qui pourrait faire en sorte que les résultats réels diffèrent sensiblement de ces déclarations. GreenX ne s'engage pas à mettre à jour ou à réviser ultérieurement les déclarations prospectives faites dans ce communiqué, afin de refléter les circonstances ou les événements après la date de ce communiqué.
DÉCLARATION DES ADMINISTRATEURS
In accordance with a resolution of the Directors of GreenX Metals Limited, I state that:
In the reasonable opinion of the Directors and to the best of their knowledge:
(a) the attached financial statements and notes thereto for the period ended 31 December 2023 are in accordance with the Corporations Act 2001, including:
(i) complying with Accounting Standard AASB 134 Rapports financiers intermédiaires et les Règlements sur les sociétés de 2001 ; et
(ii) giving a true and fair view of the financial position of the Group as at 31 December 2023 and of its performance for the half-year ended on that date; and
(b) The Directors Report, which includes the Operating and Financial Review, includes a fair review of:
(i) important events during the first six months of the current financial year and their impact on the half-year financial statements, and a description of the principal risks and uncertainties for the remaining six months of the year; and
(ii) related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Group during that period, and any changes in the related party transactions described in the last annual report that could have such a material effect; and
(c) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.
Au nom du conseil
BEN STOIKOVICH
Directeur
13 Mars 2024
ÉTAT DE RÉSULTAT CONSOLIDÉ ET AUTRES RÉSULTAT GLOBAL
POUR LE SEMESTRE CLOS LE 31 DÉCEMBRE 2023
| Notes | Semestre clos | Semestre clos |
|
|
| |
Revenu | 4(une) | 252,221 | 161,385 |
Autres revenus | 4(B) | 404,858 | 4,795,937 |
Frais d'exploration et d'évaluation |
| (466,094) | (298,378) |
Employment expenses |
| (660,233) | (553,444) |
Administration and corporate expenses |
| (263,358) | (167,031) |
Frais d'occupation | (447,045) | (419,887) | |
Frais de paiement fondés sur des actions | (42,341) | - | |
Frais de développement des affaires | (195,882) | (132,578) | |
Dépenses liées à l'arbitrage | (594,802) | (4,830,784) | |
Autre |
| 14,765 | 12,508 |
Perte avant impôt sur le revenu |
| (1,997,911) | (1,432,272) |
La charge d'impôt sur le revenu |
| - | - |
Perte nette de la période |
| (1,997,911) | (1,432,272) |
| |||
Net loss attributable to members of GreenX Metals Limited | (1,997,911) | (1,432,272) | |
| |||
L'autre résultat étendu |
|
| |
Eléments susceptibles d'être reclassés ultérieurement en résultat: |
|
| |
Différences de change sur la conversion des opérations étrangères |
| (7,127) | (50,479) |
Total other comprehensive loss for the period |
| (7,127) | (50,479) |
Total du résultat global de la période |
| (2,005,038) | (1,482,751) |
|
|
| |
Total comprehensive loss attributable to members of Métaux GreenX Limitée |
| (2,005,038) | (1,482,751) |
|
|
| |
Perte de base et diluée par action (cents par action) |
| (0.73) | (0.55) |
The above Consolidated Statement of Profit or Loss and other Comprehensive Income should be read in conjunction with the accompanying notes.
ÉTAT DE LA SITUATION FINANCIÈRE CONSOLIDÉE
AU 31 DÉCEMBRE 2023
Notes | 31 Décembre 2023 | 30 Juin 2023 $ | |
ACTIF | |||
Actif à court terme |
| ||
Trésorerie et équivalents de trésorerie | 9,318,320 | 8,674,728 | |
Clients et autres débiteurs | 5 | 262,834 | 203,552 |
Total des actifs à court terme | 9,581,154 | 8,878,280 | |
| |||
Actifs non courants |
| ||
Actifs d'exploration et d'évaluation | 6 | 8,984,599 | 7,750,883 |
Immobilisations corporelles | 7 | 838,064 | 1,119,212 |
Autre |
| 188,614 | 190,295 |
Total des actifs non courants |
| 10,011,277 | 9,060,390 |
|
|
| |
TOTAL DE L'ACTIF |
| 19,592,431 | 17,938,670 |
| |||
PASSIF |
| ||
Passif à court terme |
| ||
Fournisseurs et autres créditeurs |
| 754,616 | 973,564 |
Autres passifs financiers | 8(une) | 285,006 | 281,443 |
Des provisions | 9(une) | 458,086 | 450,857 |
Total des passifs à court terme | 1,497,708 | 1,705,864 | |
|
|
| |
Passifs non courants |
|
| |
Autres passifs financiers | 8(B) | 152,954 | 300,897 |
Des provisions | 9(B) | 195,865 | 210,399 |
Total des passifs non courants |
| 348,819 | 511,296 |
|
|
| |
RESPONSABILITÉS TOTALES |
| 1,846,527 | 2,217,160 |
| |||
ACTIF NET | 17,745,904 | 15,721,510 | |
| |||
ÉQUITÉ |
| ||
Fonds propres apportés | 10 | 89,969,344 | 85,917,513 |
réservations | 11 | 10,950,676 | 10,980,202 |
Défaites accumulées | (83,174,116) | (81,176,205) | |
ÉQUITÉ TOTALE |
| 17,745,904 | 15,721,510 |
L’état consolidé de la situation financière ci-dessus doit être lu conjointement avec les notes complémentaires.
ÉTAT CONSOLIDÉ DE VARIATION DES CAPITAUX PROPRES
POUR LE SEMESTRE CLOS LE 31 DÉCEMBRE 2023
| Capitaux d'apport | Share-based Payments Reserve | Réserve de conversion des devises étrangères | Autres capitaux propres | Défaites accumulées | Total |
| $ | $ | $ | $ | $ | $ |
Solde au 1er juillet 2023 | 85,917,513 | 4,583,192 | 189,517 | 6,207,493 | (81,176,205) | 15,721,510 |
Perte nette de la période | - | - | - | - | (1,997,911) | (1,997,911) |
Other comprehensive income for the half-year |
|
|
|
|
|
|
Différences de change sur la conversion des opérations étrangères | - | - | (7,127) | - | - | (7,127) |
Total du résultat global de la période | - | - | (7,127) | - | (1,997,911) | (2,005,038) |
Émission d'actions | 4,163,600 | - | - | - | - | 4,163,600 |
Partager les frais d'émission | (176,509) | - | - | - | - | (176,509) |
Transfer from share-based payment reserve | 64,740 | (64,740) | - | - | - | - |
Comptabilisation des paiements fondés sur des actions | - | 42,341 | - | - | - | 42,341 |
Solde au 31 décembre 2023 | 89,969,344 | 4,560,793 | 182,390 | 6,207,493 | (83,174,116) | 17,745,904 |
| ||||||
Solde au 1er juillet 2022 | 78,410,052 | 4,558,339 | 287,891 | 6,207,493 | (77,651,359) | 11,812,416 |
Perte nette de la période | - | - | - | - | (1,432,272) | (1,432,272) |
Other comprehensive income for the half-year | ||||||
Différences de change sur la conversion des opérations étrangères | - | - | (50,479) | - | - | (50,479) |
Total du résultat global de la période | - | - | (50,479) | - | (1,432,272) | (1,482,751) |
Solde au 31 décembre 2022 | 78,410,052 | 4,558,339 | 237,412 | 6,207,493 | (79,083,631) | 10,329,665 |
L’état consolidé des variations des capitaux propres ci-dessus doit être lu conjointement avec les notes complémentaires.
TABLEAU DES FLUX DE TRÉSORERIE CONSOLIDÉ
POUR LE SEMESTRE CLOS LE 31 DÉCEMBRE 2023
| Semestre clos | Semestre clos | |
Flux de trésorerie liés aux activités d'exploitation | |||
Paiements aux fournisseurs et aux employés |
| (2,139,190) | (1,481,931) |
Proceeds from property lease and gas sales |
| 2,675 | 92,114 |
Interest revenue from third parties |
| 254,435 | 28,936 |
Sortie nette de trésorerie liée aux activités d'exploitation |
| (1,882,080) | (1,360,881) |
|
| ||
Flux de trésorerie liés aux activités d'investissement |
|
| |
Paiements pour immobilisations corporelles |
| (2,244) | - |
Payments for arbitration related expenses |
| - | (1,316,530) |
Payments for exploration and expenditure |
| (1,322,446) | (1,897,634) |
Sortie nette de trésorerie liée aux activités d'investissement |
| (1,324,690) | (3,214,164) |
|
| ||
Flux de trésorerie provenant des activités de financement |
|
| |
Produit de l'émission d'actions |
| 4,163,600 | - |
Paiements des frais d'émission d'actions |
| (153,528) | - |
Receipts from arbitration funding |
| - | 1,187,056 |
Payments for lease liabilities |
| (159,710) | (144,300) |
Entrée nette de trésorerie liée aux activités de financement |
| 3,850,362 | 1,042,756 |
|
| ||
Augmentation/(diminution) nette de la trésorerie et des équivalents de trésorerie |
| 643,592 | (3,532,289) |
Trésorerie et équivalents de trésorerie en début de période |
| 8,674,728 | 6,106,847 |
Trésorerie et équivalents de trésorerie à la fin de la période |
| 9,318,320 | 2,574,558 |
L’état consolidé des flux de trésorerie ci-dessus doit être lu conjointement avec les notes complémentaires.
NOTES RÉSUMÉES AUX ÉTATS FINANCIERS CONSOLIDÉS
POUR LE SEMESTRE CLOS LE 31 DÉCEMBRE 2023
1. SUMMARY OF MATERIAL ACCOUNTING POLICIES
(une) Déclaration de conformité
The interim consolidated financial statements of the Group for the half-year ended 31 December 2023 were authorised for issue in accordance with the resolution of the Directors.
This general purpose financial report for the interim half-year reporting period ended 31 December 2023 has been prepared in accordance with Accounting Standard AASB 134 Interim Financial Reporting and the Loi sur les sociétés 2001.
This interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report of GreenX Metals Limited for the year ended 30 June 2023 and any public announcements made by the Company and its controlled entities during the interim reporting period in accordance with the continuous disclosure requirements of the Loi sur les sociétés 2001.
2. BASIS OF PREPARATION AND CHANGES TO THE GROUP'S ACCOUNTING POLICIES
(une) Basis of Preparation of Half-Year Financial Report
The consolidated financial statements have been prepared on the basis of historical cost. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are presented in Australian dollars. The financial statements have been prepared on the going concern basis, which contemplates the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the normal course of business.
The Group has updated the classification of expenses to make the Statement of Profit or Loss and other Comprehensive Income more relevant to users of the financial report. This has resulted in the reclassification of some items in the prior period, however, has not impacted the reported loss for the period. The Group has also updated the classification of the Ordinary Shares relating to the calculation for basic and diluted earnings per share (EPS) for the prior period, this has resulted in an updated EPS. The update was made to ensure EPS is more relevant to users of the financial report.
(B) New Standards, interpretations and amendments thereof, adopted by the Group
The accounting policies and methods of computation adopted in the preparation of the consolidated half-year financial report are consistent with those adopted and disclosed in the company's annual financial report for the year ended 30 June 2023 and the comparative interim period, other than as detailed below.
In the current period, the Group has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (the CNAC) that are relevant to its operations and effective for annual reporting periods beginning on or after 1 July 2023.
New and revised Standards and amendments thereof and Interpretations effective for the current half-year that are relevant to the Group include:
· AASB 2020-3 Amendment to AASB 9 - Test for Derecognition of Financial Liabilities
· Conceptual Framework and Financial Reporting
The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.
(c) Normes et interprétations publiées non adoptées par anticipation
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet effective have not been adopted by the Company for the reporting period ended 31 December 2023. Those which may be relevant to the Company are set out in the table below, but these are not expected to have any significant impact on the Company's financial statements:
Norme/Interprétation | Date d'application de la norme | Date de candidature pour l'entreprise |
AASB 2020-1 Amendements aux normes comptables australiennes - Classification des passifs comme courants ou non courants | 1 Janvier 2024 | 1 Juillet 2024 |
CNAC 2021-7(ac) Amendements aux normes comptables australiennes - Date d'entrée en vigueur des amendements à l'AASB 10 et à l'AASB 128 et corrections éditoriales | 1 Janvier 2025 | 1 Juillet 2025 |
3. SEGMENT INFORMATION
L'ACAC 8 exige que les secteurs opérationnels soient identifiés sur la base de rapports internes sur les composantes de l'entité consolidée qui sont régulièrement examinés par le principal décideur opérationnel afin d'allouer des ressources au secteur et d'évaluer sa performance.
The Consolidated Entity operates in one segment, being mineral exploration. This is the basis on which internal reports are provided to the Chief Executive Officer for assessing performance and determining the allocation of resources within the Consolidated Entité.
|
| Half-Year ended 31 December 2023 | Half-Year ended |
4. REVENUE AND OTHER INCOME |
| ||
(une) Revenu |
| ||
Le revenu d'intérêts |
| 249,546 | 27,901 |
Gas and property lease revenue |
| 2,675 | 133,484 |
| 252,221 | 161,385 | |
(B) Autres revenus |
|
| |
Arbitration finance facility income |
| 404,858 | 4,795,937 |
| 404,858 | 4,795,937 | |
|
| ||
|
| 31 Décembre 2023 | 30 Juin 2023 |
5. CLIENTS ET AUTRES DÉBITEURS | |||
Créances clients |
| 24,214 | 46,076 |
Arbitration finance facility receivable |
| - | 9,590 |
Intérêts à recevoir |
| 17,621 | 22,458 |
Deposits/prepayments |
| 1,558 | 2,932 |
GST and other receivables |
| 219,441 | 122,496 |
|
| 262,834 | 203,552 |
| Arctic Rift Copper Project | Eleonore North Gold Project | Total |
6. ACTIFS D'EXPLORATION ET D'ÉVALUATION | |||
Valeur comptable au 1 juillet 2023 | 7,750,883 | - | 7,750,883 |
ARC Earn-in expenditure2 | 14,871 | - | 14,871 |
ELN work program expenditure3 | - | 1,218,845 | 1,218,845 |
Valeur comptable au 31 décembre 20231 | 7,765,754 | 1,218,845 | 8,984,599 |
Remarque:
1 The ultimate recoupment of costs carried forward for exploration and evaluation is dependent on the successful development and commercial exploitation or sale of the respective areas of interest.
2 GreenX will earn an interest of up 80% in ARC through an EIA between Mineral Investment Pty Ltd ("MIPL"), a wholly owned subsidiary of the Company. Other key terms of the EIA are included in the 2023 annual report.
3 In July 2023, GreenX entered into an Option Agreement with Greenfields to acquire up to 100% of ELN. The option to acquire ELN vested once GreenX spent a minimum A$600,000 on an agreed work exploration program at ELN with results from the program expected in the coming months. The option to acquire ELN expires on 30 June 2024.
Plante et | Actifs liés au droit d'utilisation | Total | |
$ | $ | $ | |
7. IMMOBILIERES, USINES ET ÉQUIPEMENTS | |||
Valeur comptable au 1 juillet 2023 | 582,720 | 536,492 | 1,119,212 |
Récents | 2,244 | - | 2,244 |
Dépréciation et amortissement | (152,202) | (131,190) | (283,392) |
Valeur comptable au 31 décembre 2023 | 432,762 | 405,302 | 838,064 |
- au coût | 1,231,258 | 1,487,519 | 2,720,837 |
- accumulated depreciation and amortisation | (798,496) | (1,082,217) | (1,882,773) |
|
| 31 décembre 2023 | 30 Juin 2023 |
8. AUTRES PASSIFS FINANCIERS | |||
(une) Courant: |
|
| |
Responsabilité locative1 |
| 285,006 | 281,443 |
|
| ||
(B) Non-Current: |
|
| |
Responsabilité locative1 |
| 152,954 | 300,897 |
Remarque:
1 The Company has a lease agreement for the rental of a property. Refer to Note 7 for the carrying amount of the right of use asset relating to the lease. The following are amounts recognised in the Statement of Profit and Loss: (i) amortisation expense of right of use asset $131,190 (31 December 2022: $131,190); (ii) interest expense on lease liabilities of $18,594 (31 December 2022: $25,193); and (iii) rent expense of $116,504 (31 December 2022: $108,873).
|
| 31 décembre 2023 | 30 Juin 2023 |
9. DES PROVISIONS | |||
(une) Current Provisions: |
| ||
Provisions for the protection against mining damage at Debiensko1 |
| 417,578 | 390,841 |
Provision for closure of gas project2 |
| 33,903 | 54,336 |
Annual leave provision |
| 6,605 | 5,680 |
| 458,086 | 450,857 | |
|
| ||
(B) Non-Current Provisions: |
|
| |
Provisions for the protection against mining damage at Debiensko1 |
| 195,865 | 210,399 |
|
| 195,865 | 210,399 |
Remarque:
1 As Debiensko was previously an operating mine, the Group has provided for the pay out of mining land damages to surrounding land owners who have made a legitimate legal claim under Polish law.
2 In the prior period, the Company completed the sale of the Kaczyce 1 licence infrastructure to a third party following the expiry of the licence.
Notes | 31 décembre 2023 | 30 Juin 2023 | |
10. CAPITAUX APPORTÉS | |||
(une) Issued and Unissued Capital | |||
273,478,939 (30 juin 2023 : 267,674,439) actions ordinaires entièrement libérées | 10(B) | 87,369,332 | 83,317,501 |
Loan Note 2 exchangeable into fully paid ordinary shares at $0.46 per share, net of transaction costs1 |
| 2,600,012 | 2,600,012 |
Total Contributed Equity |
| 89,969,344 | 85,917,513 |
Remarque:
1 On 2 July 2017, GreenX and CD Capital completed an investment of US$2.0 million (A$2.6 million) in the form of the non-redeemable, non-interest-bearing convertible Loan Note 2. The Loan Note 2 is convertible into ordinary shares of GreenX at an issue price of A$0.46 per share and is accounted for as equity (in full). Other key terms of the Loan Note 2 are included in the 2023 annual report.
(b) Movements in fully paid ordinary shares during the past six months
Date | Détails | Nombre d'actions ordinaires | $ |
1 Jul 23 | Solde d'ouverture | 267,674,439 | 83,317,501 |
21 Jul 2023 | Issue of placing shares | 5,204,500 | 4,163,600 |
1 novembre 2023 | Exercise of $0.45 incentive options (cashless) | 600,000 | - |
23 juillet au 23 décembre | Transfer from share-based payment reserve upon exercise of options | - | 64,740 |
23 juillet au 23 décembre | Partager les frais d'émission | - | (176,509) |
31 Dec 23 | Solde de clôture | 273,478,939 | 87,369,332 |
|
| ||
1 Jul 22 | Solde d'ouverture | 253,620,464 | 75,810,040 |
14 Mar 2023 | Issue of placing shares | 14,053,975 | 7,729,686 |
Jul 22 to Jun 23 | Partager les frais d'émission | - | (222,225) |
30 Jun 23 | Solde de clôture | 267,674,439 | 83,317,501 |
Notes | 31 décembre 2023 | 30 Juin 2023 | |
11. RÉSERVES | |||
Réserve pour paiements fondés sur des actions | 11(une) | 4,560,793 | 4,583,192 |
Réserve de conversion des devises |
| 182,390 | 189,517 |
Other equity reserve |
| 6,207,493 | 6,207,493 |
|
| 10,950,676 | 10,980,202 |
(a) Movements in share-based payments reserve during the past six months
Date | Détails | nombre de | Nombre de droits de performance | $ |
|
| |||
1 Jul 2023 | Solde d'ouverture | 10,900,000 | 11,000,000 | 4,583,192 |
30 oct 2023 | Exercise of $0.45 incentive options (cashless) | (600,000) | - | (64,740) |
23 juillet au 23 décembre | Frais de paiements fondés sur des actions | - | - | 42,341 |
31 Dec 2023 | Solde de clôture | 10,300,000 | 11,000,000 | 4,560,793 |
|
| |||
1 Jul 2022 | Solde d'ouverture | 10,750,000 | 11,000,000 | 4,558,339 |
15 Mar 2023 | Question des options incitatives | 150,000 | - | - |
Jul 22 to Jun 23 | Frais de paiements fondés sur des actions | - | - | 24,853 |
30 Jun 2023 | Solde de clôture | 10,900,000 | 11,000,000 | 4,583,192 |
12. CONTINGENT ASSETS AND LIABILITIES
There have been no changes to contingent assets or liabilities since the date of the last annual report which relate to the arbitration Claim against the Republic of Poland and the associated LFA with LCM. Please refer to the 2023 annual report for further details.
13. ENGAGEMENTS
To secure the services of the Greenfields exploration team in relation to the ARC and ELN projects, GreenX will pay a services fee of approximately $59,500 per month to 30 June 2024.
14. INSTRUMENTS FINANCIERS
The Group's financial assets and liabilities, which comprise of cash and cash equivalents, trade and other receivables, trade and other payables and other financial liabilities, may be impacted by foreign exchange movements. At 31 December 2023 and 30 June 2023, the carrying value of the Group's financial assets and liabilities approximate their fair value.
15. DIVIDENDES VERSÉS OU PRÉVUS
No dividend has been paid or provided for during the half-year (31 December 2022: nil).
16. ÉVÉNEMENTS IMPORTANTS SURVENUS SUR LA PÉRIODE DE RÉCUPÉRATION
Aucun événement important ne s’est produit après la date de clôture nécessitant une information.
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