海外監管公告 季度活動報告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 BROCKMAN MINING LIMITED 布 萊 克 萬 礦 業 有 限 公 司 * ( 於百慕達註冊成立之有限公司 ) (香港聯交所股份代號 : 159) (澳洲交易所股份代號 : B CK) 於百慕達註冊成立之有限公司 香港聯交所股份代號: 159 澳洲交易所股份代號: BCK 以下為布萊克萬礦業有限公司（「本公司」）是日於 ASX Limited 發表之季度活動 報告全文。 季度報告 截至二零二五年 六月三十日止季度 承董事會命 Brockman Mining Limited 布萊克萬礦業有限公司* 公司秘書 陳錦坤 香港，二零二五年七月三十日 於本公告日期，本公司董事會成員包括桂四海先生（主席）及 Ross Stewart Norgard 先生（分別為非執 行董事）；桂冠先生、Colin Paterson 先生及陳錦坤先生（公司秘書）（分別為執行董事）；David ...

Financial Performance - For the six months ended December 31, 2024, the company reported a total comprehensive loss of HKD 58,855,000, compared to a total comprehensive income of HKD 1,234,000 for the same period in 2023[8]. - The operating loss for the period was HKD 13,043,000, slightly higher than the operating loss of HKD 12,975,000 in the previous year[8]. - The company incurred a net financing cost of HKD 8,582,000, a significant increase from HKD 162,000 in the prior year[8]. - The company reported a basic and diluted loss per share of HKD 0.21 for the current period, compared to HKD 0.11 in the previous year[8]. - The company reported a pre-tax loss of HKD 21,680,000 for the six months ended December 31, 2024, compared to a loss of HKD 13,206,000 for the same period in 2023, representing a 64% increase in losses[18]. - The group reported a total loss before tax of HKD 21,680,000 for the six months ended December 31, 2024, compared to a loss of HKD 13,206,000 for the same period in 2023, representing a 64.5% increase in losses[75]. - The group recognized a tax benefit of HKD 2,210,000 for the six months ended December 31, 2024, compared to HKD 3,147,000 for the same period in 2023, a decrease of 29.7%[78]. - The group’s basic loss per share for the six months ended December 31, 2024, was HKD 0.21, compared to HKD 0.11 for the same period in 2023, indicating an increase of 90.9% in losses per share[82]. Assets and Liabilities - The total assets decreased to HKD 658,288,000 as of December 31, 2024, down from HKD 713,302,000 as of June 30, 2024[10]. - Non-current assets, primarily mining exploration assets, decreased to HKD 654,692,000 from HKD 707,867,000[10]. - The company's equity attributable to owners decreased to HKD 439,669,000 from HKD 498,524,000, reflecting ongoing losses[10]. - The total liabilities increased slightly to HKD 218,619,000 from HKD 214,778,000, indicating a stable debt position[10]. - As of December 31, 2024, the company's long-term debt increased to HKD 86,412,000, resulting in a debt-to-equity ratio of 16.40%, up from 13.3% as of June 30, 2024[48]. - The total equity decreased to HKD 439,669,000 as of December 31, 2024, compared to HKD 498,524,000 as of June 30, 2024[48]. - The company has a total capital of HKD 526,081,000 as of December 31, 2024, down from HKD 574,174,000 as of June 30, 2024[48]. Cash Flow and Liquidity - Cash and cash equivalents dropped to HKD 2,036,000 from HKD 4,559,000, indicating a liquidity challenge[10]. - The net cash outflow from operating activities was HKD 10,361,000, slightly improved from HKD 10,813,000 in the previous year[18]. - As of December 31, 2024, the company's cash and cash equivalents decreased to HKD 2,036,000 from HKD 4,559,000 at the end of June 2024, a decline of 55%[18]. - The company has taken measures to improve its liquidity position, including reviewing cash flow forecasts for the next twelve months[21]. - The net cash flow from financing activities was HKD 7,981,000, compared to a net outflow of HKD 239,000 in the previous year[18]. Shareholder Financing - The company has extended the repayment date of a major shareholder's existing loan of HKD 49,499,000 to December 31, 2026, with an annual interest rate of 17%[22]. - A commitment was made by a major shareholder to increase existing loan financing from USD 4,300,000 (approximately HKD 33,454,000) to USD 6,800,000 (approximately HKD 52,904,000) to meet future working capital needs[22]. - The total loans from a major shareholder increased from HKD 38,319,000 as of June 30, 2024, to HKD 49,499,000 as of December 31, 2024[130]. Exploration and Development - The company has a joint venture with Polaris Metals Pty Ltd, with initial development costs estimated at AUD 36,000,000 (approximately HKD 173,428,000)[20]. - The group has entered into a joint venture agreement with Polaris for exploration activities in the Pilbara region, with Polaris required to meet minimum expenditure commitments of AUD 250,000 and AUD 150,000 to acquire a 50% interest in the Marillana and Ophthalmia projects, respectively[117]. - The group must achieve or exceed a minimum exploration expenditure level of AUD 1,241,000 (approximately HKD 5,980,000) within the next year to maintain compliance with existing mineral rights[122]. - The ongoing business activities primarily involve updating environmental approvals and hydrological modeling for the Marillana project[151]. - The group continues to advance exploration activities at the Punda Springs project[151]. - The company is focused on developing its iron ore projects in Western Australia, particularly Marillana and Ophthalmia[189]. Environmental and Social Responsibility - The company is revising its environmental management and monitoring plans, including hydrological and greenhouse gas modeling[160]. - The company is conducting extensive social environment consultations with Indigenous owners, which are crucial for the project's environmental approval process[162]. - The company is committed to operating in an environmentally responsible manner to gain community respect and support[198]. - The group prioritizes the health and safety of employees and local communities, aiming to exceed local health and safety regulations[199]. - The company has established a systematic approach to manage environmental regulations and is not aware of any violations[200]. Accounting and Compliance - The group has adopted new accounting standards and interpretations consistent with those applied in the annual consolidated financial statements for the year ending June 30, 2024, except for new standards effective from July 1, 2024[26]. - The amendments to IFRS 16 regarding lease liabilities from sale and leaseback transactions will be effective for annual reporting periods beginning on or after January 1, 2024, and must be applied retrospectively[29]. - The amendments to IAS 1 clarify the classification of liabilities as current or non-current and will be effective for annual reporting periods beginning on or after January 1, 2024[30]. - The amendments to IAS 21 regarding the effects of changes in foreign exchange rates will be effective for annual reporting periods beginning on or after January 1, 2025, and are not expected to have a significant impact on the group's financial information[38]. - The group has not made any changes to its risk management policies since the year-end on June 30, 2024[44]. - The group has not adopted any new standards or interpretations that are expected to have a significant impact on its financial statements in the foreseeable future[40]. - The group will provide additional disclosures regarding supplier financing arrangements as per the amendments to IFRS 7 and IAS 7, effective from January 1, 2024[33].

Financial Performance - For the six months ended December 31, 2024, Brockman Mining Limited reported a net loss before tax of HKD 21,680,000, compared to a loss of HKD 13,206,000 for the same period in 2023, representing a 64.5% increase in losses[12]. - The company recorded no revenue during the period, with operating cash outflow amounting to HKD 10,361,000, slightly down from HKD 10,813,000 in the previous year[12]. - Total comprehensive loss for the period was HKD 58,855,000, compared to a comprehensive income of HKD 1,234,000 in the same period last year[5]. - The group reported a total loss of HKD 21,625,000 for the six months ending December 31, 2024, compared to a loss of HKD 13,137,000 for the same period in 2023, representing a 64.5% increase in losses year-over-year[38]. - The group incurred a net financing cost of HKD 8,582,000 for the six months ending December 31, 2024, compared to HKD 162,000 in the same period of 2023, showing a significant increase in financing costs[42]. - The basic loss per share for the six months ending December 31, 2024, was HKD 0.21, compared to HKD 0.11 for the same period in 2023, indicating a 90.9% increase in losses per share[45]. - The group recognized a tax benefit of HKD 2,210,000 for the six months ending December 31, 2024, down from HKD 3,147,000 in the same period of 2023, representing a 29.7% decrease[43]. Assets and Liabilities - The company's cash and cash equivalents decreased to HKD 2,036,000 as of December 31, 2024, down from HKD 4,559,000 as of June 30, 2024[12]. - The company's non-current assets decreased to HKD 654,692,000 from HKD 707,867,000, indicating a decline of 7.5%[7]. - Total liabilities increased to HKD 218,619,000 from HKD 214,778,000, showing a slight rise of 1.7%[8]. - The equity attributable to the company's shareholders decreased to HKD 439,669,000 from HKD 498,524,000, a decline of 11.8%[7]. - Total assets as of December 31, 2024, were HKD 658,288,000, a decrease from HKD 731,191,000 as of June 30, 2024, reflecting a 9.9% decline[40]. - The group's net asset value as of December 31, 2024, was HKD 439,700,000, down from HKD 498,500,000 as of June 30, 2024[61]. Operational Activities - Exploration and evaluation expenses for the period were HKD 4,527,000, a decrease of 29.4% from HKD 6,422,000 in the previous year[4]. - The group’s cash outflow from operating activities for the six months ended December 31, 2024, was HKD 10,400,000, slightly lower than HKD 10,800,000 for the same period in 2023[61]. - The group has established a joint venture with Polaris Metals Pty Ltd, with initial development costs estimated at AUD 36,000,000 (approximately HKD 173,428,000)[14]. - The group has completed all on-site technical studies for the Marillana project, indicating improved results[62]. - The group continues to engage in activities related to updating environmental approvals and hydrological modeling for ongoing business operations[62]. - The group has secured a loan of approximately HKD 33,454,000 from a major shareholder, with an interest rate of 17%[58]. Joint Ventures and Projects - The Marillana project is a joint venture between Brockman Iron and Polaris, with Polaris being a wholly-owned subsidiary of the mining company[67]. - The project has completed 18 Bauer drill holes totaling 695 meters to obtain approximately 622 tons of ore samples for metallurgical testing[68]. - The HanMin joint venture has been granted port capacity allocation for the Stanley Point 3 facility, which will support the production requirements of the Marillana project[73]. - The final investment decision for the HanMin joint venture is expected to be made upon completion of access agreements and approvals[78]. - The final investment decision for the Marillana project will be made after obtaining necessary approvals, with infrastructure construction expected to take 26 months[79]. Governance and Compliance - The company has fully complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules for the six months ending December 31, 2024[122]. - The audit committee, consisting of three independent non-executive directors, reviewed the interim results for the six months ending December 31, 2024[128]. - The company emphasizes transparency, accountability, and independence in its corporate governance framework[120]. - The company has developed risk management systems to identify, assess, monitor, and control workplace hazards[114]. Employee and Compensation - The total employee cost for the first half of the year was HKD 6,242,000, an increase from HKD 5,739,000 in the previous period[90]. - The company promotes a performance-based culture in its compensation strategy, ensuring competitive and fair remuneration for employees[91]. - The company maintains a compensation strategy that rewards high-performing employees and ensures competitive remuneration[117]. Risks and Uncertainties - The company faces various risks, including commodity price risk, liquidity risk, and regulatory compliance risk, which it aims to manage through established policies and procedures[103]. - There were significant uncertainties regarding the company's ability to continue as a going concern, as noted in the interim financial information[131].

Financial Performance - The company recorded a loss of approximately HKD 13.4 million for the year ended June 30, 2024, compared to a loss of HKD 56.6 million in 2023[7]. - The net asset value of the company as of June 30, 2024, was HKD 498.5 million, a decrease from HKD 511.2 million in 2023[7]. - The company’s cash balance decreased to HKD 4.5 million from HKD 16.5 million in the previous year[7]. - The basic loss per share for the year was HKD 0.14, compared to HKD 0.61 in 2023[7]. - Financing income from Polaris amounted to HKD 11.4 million, which was not present in the previous year[8]. Exploration and Project Development - Exploration and evaluation expenses amounted to HKD 9.5 million for the year, down from HKD 50.2 million in the previous year[8]. - The joint venture with Hancock Prospecting Pty Ltd is progressing towards the development of new port facilities at Stanley Point[6]. - The company is currently updating environmental approvals and hydrological modeling for the Marillana project[7]. - Preliminary drilling results from the Punda Springs exploration have shown very encouraging outcomes[7]. - The total capital expenditure for the Marillana project was nil in FY2024, compared to HKD 4,000 in FY2023[9]. Mineral Resources - The Marillana project holds a mineral resource of 1.414 billion tons with an iron grade of 42.2%[13]. - The estimated recoverable iron ore from the Marillana project is 404 million tons, with an average iron grade of 59.8%, and a stripping ratio of 1.0:1[24]. - The Ophthalmia iron ore project has a total mineral resource of 341 million tons with an iron grade of 59.3%[26]. - The estimated mineral resources at Marillana include approximately 273 million tons of inferred resources, with potential for upgrading through additional drilling[25]. - The total estimated mineral resources for the DID and CID types at Marillana are 1.013 billion tons[23]. Governance and Corporate Structure - The company emphasizes high standards of corporate governance, focusing on transparency, accountability, and independence[68]. - The board consists of 8 directors, including 3 independent directors, ensuring a balanced composition of executive and non-executive members[69]. - The company has established various committees under the board, including the Nomination Committee, Audit Committee, and Risk Management Committee, to enhance governance[72]. - The company has fully complied with the corporate governance code as of June 30, 2024, according to the Hong Kong Stock Exchange listing rules[69]. - The company is committed to regular reviews and updates of its board charter to align with existing rules and regulations[70]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to ongoing environmental studies and approvals as part of its project development strategy[27]. - The group aims to integrate environmental, social, and governance initiatives into its strategy to reduce its carbon footprint[124]. - The company has established measures to mitigate risks associated with wastewater sources, including alarms for mechanical failures and flood prevention strategies[141]. - The company aims to achieve net-zero emissions by 2050, aligning with Australia's long-term climate goals[137]. - The company has implemented measures to reduce waste and energy consumption, including promoting electronic communication and recycling[128]. Employee and Workplace Practices - The group has 14 employees as of June 30, 2024, maintaining the same number as the previous year[53]. - The employee gender ratio as of June 30, 2024, is approximately 86% male to 14% female, consistent with the previous year[87]. - The company provides employees with a five-day workweek to promote work-life balance, along with various paid leave benefits[142]. - The company has not reported any workplace injuries leading to lost days over the past three years, maintaining a record of zero[151]. - The company emphasizes the importance of diversity in the workplace, aiming to enhance innovation and perspectives[144]. Financial Management and Audit - The independent auditor's report confirmed that the consolidated financial statements present a true and fair view of the group's financial position as of June 30, 2024[194]. - The audit committee is responsible for overseeing the financial reporting system and internal control procedures of the company[99]. - The company has engaged Ernst & Young (Australia) for audit services, which is recognized as a public interest entity auditor, ensuring compliance with relevant regulations[193]. - The audit committee reviewed and approved the scope and fees of the external auditor[102]. - The company has implemented a risk management and internal control system to ensure effective governance[102]. Shareholder Engagement and Dividends - The company has adopted a dividend policy allowing for distribution through cash or shares, subject to shareholder approval[115]. - The board will continuously review the dividend policy and does not guarantee dividends will be proposed or declared in any specific period[116]. - The board emphasizes the importance of maintaining good communication with shareholders through various formal channels, including interim reports and annual reports[115]. - The company will hold its 2023 Annual General Meeting on December 18, 2023[114]. - The board will consider various factors, including financial performance and operational funding requirements, when proposing dividends[115].

Financial Performance - For the fiscal year ending June 30, 2024, Brockman Mining Limited reported a net loss before tax of HKD 20,711,000, a significant improvement compared to a loss of HKD 73,247,000 in the previous year[6]. - The company recorded no revenue during the year, with operating cash outflow amounting to HKD 19,199,000, similar to HKD 19,242,000 in the prior year[6]. - Total comprehensive loss for the year was HKD 12,689,000, compared to HKD 78,924,000 in the previous year, indicating a reduction in overall losses[2]. - The basic and diluted loss per share for the year was HKD 0.14, improving from HKD 0.61 in the previous year[2]. - The company reported a foreign exchange loss of HKD 22,368,000 related to overseas operations, impacting overall financial performance[2]. - The group recorded a loss from continuing operations after tax of approximately HKD 13,400,000 for the year ended June 30, 2024, compared to a loss of HKD 56,600,000 in 2023[39]. - The company reported a tax benefit of HKD 7,349,000 for the year ending June 30, 2024, compared to a tax benefit of HKD 16,691,000 for the previous year[20][21]. - The company did not declare any dividends for the year ending June 30, 2024, consistent with 2023[28]. Assets and Liabilities - As of June 30, 2024, cash and cash equivalents stood at HKD 4,559,000, down from HKD 16,495,000 a year earlier[6]. - Total assets decreased to HKD 713,302,000 from HKD 724,809,000 year-on-year[3]. - Total equity decreased to HKD 498,524,000 from HKD 511,212,000 year-on-year, reflecting ongoing financial challenges[3]. - The company's net asset value was HKD 498,500,000, down from HKD 511,200,000 in 2023[39]. - The group had cash and cash equivalents of HKD 4,559,000 as of June 30, 2024, a decrease from HKD 16,495,000 in 2023[68]. - The current ratio improved to 2.19 as of June 30, 2024, compared to 0.28 in 2023, while the debt-to-equity ratio was 0.13, up from 0.11 in 2023[68]. Joint Ventures and Development Projects - The company has established a joint venture with Polaris Metals Pty Ltd, with initial development costs estimated at AUD 36,000,000 (approximately HKD 184,837,000)[6]. - Polaris has released a loan of AUD 10,000,000 held in a trust account, which will be repaid from the net proceeds of Brockman Iron's sale of its share of the joint venture's products[7]. - The joint venture agreement allows Polaris to acquire a 50% interest in the Marillana project, with the transfer of responsibilities completed[47]. - The company has established a management committee consisting of six representatives to make strategic decisions regarding the joint venture activities[50]. - A loan agreement has been established, with Polaris providing a zero-interest loan of AUD 10 million to Brockman Iron for operational funding, to be repaid from future sales[51]. Exploration and Evaluation - Exploration and evaluation expenses for the year ending June 30, 2024, were HKD 9,518,000, while for the previous year, these expenses were HKD 50,207,000[20][21]. - The company’s total assets related to mining exploration in Australia amounted to HKD 706,596,000 as of June 30, 2024, slightly up from HKD 705,842,000 in 2023[31]. - The Marillana project has a total mineral resource estimate of 1.514 billion tons, with a 42.2% iron grade for the inferred resources (DID) and 55.6% for the indicated and inferred resources (CID)[52]. - The project has a proven ore reserve of 358 million tons with an iron grade of 60.3% and an additional 46 million tons at 55.5% iron grade[52]. - The estimated recoverable portion of DID ore from the Marillana project has an average recovery rate of 37.3%[54]. - The overall stripping ratio for the Marillana project is 1.0:1, indicating a balanced ratio of waste to ore[54]. - The company has completed indigenous cultural heritage surveys to facilitate future work plans for the Ophthalmia project[58]. Financial Obligations and Risks - The repayment date for a loan of HKD 38,319,000 from a major shareholder has been extended to December 31, 2025, with an annual interest rate of 17%[7]. - A major shareholder has committed to increase existing loan financing from USD 1,800,000 to USD 4,300,000 to meet future working capital needs, with the same repayment date and interest rate[7]. - There is significant uncertainty regarding the group's ability to raise sufficient funds for future operational and investment activities, which may impact its going concern ability[7]. - The independent auditor's report highlights significant uncertainties regarding the company's ability to continue as a going concern, indicating potential serious doubts about its sustainability[92]. - The group continues to face various risks, including commodity price fluctuations and financing risks, which it aims to mitigate through established policies and procedures[72]. Governance and Compliance - The company has adopted new accounting policies effective from January 1, 2023, which do not significantly impact the financial statements[9]. - The group is currently assessing the impact of the Hong Kong government's amendment to the Mandatory Provident Fund legislation, effective May 1, 2025[12]. - The company has complied with relevant guidelines, laws, and regulations that significantly impact its business, ensuring a safe working environment for employees[84]. - The company has adopted a comprehensive governance system, which is crucial for its ongoing operations and balancing the interests of stakeholders[83]. - The audit committee, composed of three independent non-executive directors, has reviewed the annual performance for the year ending June 30, 2024, including significant accounting principles and practices adopted by the company[91]. Environmental and Social Responsibility - The company is committed to minimizing its environmental impact and has implemented good practices in environmental design and management[83]. - The company's environmental, social, and governance report is available on its website, aligning with the Hong Kong Stock Exchange's guidelines[83]. - The company is focused on responsible operations and environmental sustainability, adhering to regulations related to exploration and assessment activities[67].

Financial Performance - The company reported a pre-tax loss of HKD 13,206,000 for the six months ending December 31, 2023, compared to a loss of HKD 37,172,000 in the same period last year, indicating a significant improvement [23]. - The company reported a total comprehensive loss of HKD 4,225,454,000 as of December 31, 2023, compared to a loss of HKD 4,187,476,000 the previous year [12]. - The group recorded a net loss before tax of HKD 13,206,000 for the six months ended December 31, 2023, compared to a loss of HKD 37,172,000 for the same period in 2022 [48]. - The loss before tax was HKD 13,206,000, down from HKD 37,172,000, indicating a positive trend in financial performance [89]. - The total comprehensive loss for the period was HKD 1,234,000, a significant improvement from a loss of HKD 38,449,000 in the same period last year [89]. - The basic and diluted loss per share improved to HKD 0.11 from HKD 0.31 year-on-year, reflecting better financial results [89]. - The group recorded a loss of approximately HKD 10,100,000 from continuing operations after tax for the period ending December 31, 2023, compared to a loss of HKD 28,600,000 in 2022 [167]. - The operating loss decreased by 62% to HKD 13,000,000 for the first six months of 2023, down from HKD 34,400,000 in 2022 [167]. Cash Flow and Liquidity - Cash flow from operating activities showed a net outflow of HKD 10,813,000, slightly worse than the previous year's outflow of HKD 10,621,000 [23]. - As of December 31, 2023, the group's cash and cash equivalents amounted to HKD 7,076,000, down from HKD 16,495,000 as of June 30, 2023 [48]. - The group has a net current liability of HKD 58,723,000 as of December 31, 2023, compared to HKD 44,473,000 as of June 30, 2023 [48]. - The group anticipates sufficient financial resources to meet future working capital requirements and financial obligations due within the next twelve months [50]. - The group reported cash outflow from operating activities of HKD 10,800,000 for the period, compared to HKD 10,600,000 in 2022 [167]. Assets and Liabilities - The company’s total assets as of December 31, 2023, were reported at HKD 512,447,000, a decrease from HKD 590,137,000 the previous year [12]. - The total assets of the group as of December 31, 2023, were HKD 731,191,000, compared to HKD 724,809,000 as of June 30, 2023 [43]. - Non-current assets increased to HKD 722,409,000 as of December 31, 2023, from HKD 707,389,000 as of June 30, 2023 [43]. - As of December 31, 2023, long-term debt and lease liabilities amounted to HKD 66,273,000, compared to HKD 65,335,000 as of June 30, 2023, reflecting an increase of approximately 1.43% [68]. - The company’s total capital decreased to HKD 578,720,000 as of December 31, 2023, down from HKD 641,882,000 as of June 30, 2023, representing a decline of approximately 9.83% [68]. Shareholder and Financing Activities - Major shareholder loans amounting to HKD 29,439,000 have had their repayment date extended to December 31, 2025, with an annual interest rate of 17% [28]. - The group has drawn down USD 800,000 (approximately HKD 6,254,000) from a revised standby loan facility of USD 4,300,000 (approximately HKD 33,575,000) at an annual interest rate of 17% [50]. - Major shareholders have committed to increase existing standby loan financing from $1,800,000 to $4,300,000 to meet future operational funding needs, with an annual interest rate of 17% [137]. Exploration and Development - The company is involved in a joint venture with Polaris Metals Pty Ltd, with initial development costs estimated at AUD 36,000,000 (approximately HKD 184,725,000) [27]. - The company has a joint venture arrangement with Polaris for the development of the Ophthalmia iron ore project [131]. - The total mineral resource of the Ophthalmia iron ore project is 341 million tons with an iron grade of 59.3% [170]. - The inferred mineral resource estimate for the Duck Creek iron ore deposit is 21.6 million tons with an iron grade of 55.9% [174]. - The Marillana iron ore project, in which the company holds a 50% interest, is located approximately 100 kilometers northwest of Newman in the Pilbara region of Western Australia [141]. - The company plans to complete a passive seismic survey in early 2024 to enhance groundwater monitoring accuracy and update groundwater models [143]. - The group is advancing infrastructure corridor studies for the Marillana project, including transport road and rail line approvals [167]. Administrative and Operational Expenses - Administrative expenses increased slightly to HKD 8,133,000 from HKD 8,072,000 year-on-year [89]. - Exploration and evaluation expenses decreased sharply to HKD 6,422,000 from HKD 26,443,000, indicating a reduction in exploration activities [89]. - Total wages, salaries, and other short-term benefits for the six months ended December 31, 2023, were HKD 3,315,000, a decrease of 14.5% from HKD 3,876,000 in the same period of 2022 [161]. Taxation and Deferred Tax - The company recorded a tax benefit of HKD 3,147,000, compared to HKD 8,535,000 in the previous year [89]. - The group recognized a deferred tax asset of HKD 3,100,000 due to Australian tax losses for the period, down from HKD 8,500,000 in 2022 [167]. - The deferred tax liabilities include a taxable temporary difference from Australian mining exploration assets amounting to HKD 214,626,000 as of December 31, 2023 [129]. Corporate Governance and Risk Management - The company does not face significant foreign exchange risks as of December 31, 2023, similar to the situation as of December 31, 2022 [70]. - The company has not made any changes to its capital management objectives, policies, or processes since June 30, 2023 [75]. - The group emphasizes responsible business practices, focusing on corporate governance and social responsibility, including safety and environmental compliance [199]. - The group faces significant uncertainty regarding its ability to continue as a going concern, as noted in the interim financial information [166]. Other Financial Information - The company reported other income of HKD 1,580,000 for the six months ended December 31, 2023, compared to HKD 48,000 in the same period last year, representing a significant increase [89]. - Financing income rose to HKD 2,959,000 from HKD 68,000, while financing costs increased to HKD 3,121,000 from HKD 2,717,000, resulting in a net financing cost of HKD 162,000 compared to HKD 2,649,000 last year [89]. - The group has not utilized any financial instruments for hedging purposes during the interim period [78]. - No interim dividend is recommended for the six months ending December 31, 2023, consistent with the previous year [187].

Financial Performance - The company reported a total comprehensive loss of HKD 1,234,000 for the six months ended December 31, 2023, compared to a loss of HKD 38,449,000 in the same period of 2022, indicating a significant improvement [4]. - The attributable loss to equity holders of the company was HKD 10,059,000 for the six months ended December 31, 2023, compared to HKD 28,637,000 for the same period in 2022, reflecting a reduction in losses [4]. - The group reported a loss before tax of HKD 13,000,000 for the six months ended December 31, 2023, a 62% decrease compared to HKD 34,400,000 for the same period in 2022 [46]. - The basic loss per share for the six months ended December 31, 2023, was HKD 0.11, compared to HKD 0.31 for the same period in 2022 [64]. - The Marillana project generated revenue of HKD 3,567,000 for the six months ended December 31, 2023, a significant decrease from HKD 24,157,000 in the same period of 2022 [76]. Liquidity and Funding - The company has undertaken measures to improve its liquidity position, including securing debt and equity funding to meet mid-term operational funding requirements [8]. - The major shareholder has committed to increasing existing standby loan financing from USD 1.8 million (approximately HKD 14,055,000) to USD 4.3 million (approximately HKD 33,575,000) to meet future operational funding needs [20]. - The group has committed to increase existing standby loan financing from USD 1,800,000 (approximately HKD 14,055,000) to USD 4,300,000 (approximately HKD 33,575,000) to meet future working capital needs [45]. - The group’s cash flow forecasts indicate sufficient financial resources to meet future working capital requirements and financial obligations due within the next twelve months [50]. - The group faces liquidity risks related to financial liabilities and plans to maintain funding flexibility through bank loans and/or equity financing [150]. Assets and Market Capitalization - As of December 31, 2023, the group's market capitalization was HKD 1,299,252,000, down from HKD 1,410,595,000 as of June 30, 2023, while net assets increased slightly to HKD 512,447,000 from HKD 511,212,000 [42]. - The group’s total assets as of December 31, 2023, amounted to HKD 731,191,000, compared to HKD 724,809,000 as of June 30, 2023 [60]. - As of December 31, 2023, the group's net asset value was HKD 512,400,000, an increase from HKD 511,200,000 as of June 30, 2023 [71]. - The group's net assets as of December 31, 2023, were HKD 512,447,000, compared to HKD 511,212,000 as of June 30, 2023 [170]. - The group's market capitalization at the end of the period was HKD 1,299,252,000, a decrease from HKD 1,410,595,000 as of June 30, 2023 [170]. Operational Activities - The company’s exploration and evaluation expenses were part of the overall operational costs, contributing to the net loss reported [2]. - The exploration and evaluation expenses decreased, contributing to the overall reduction in operating losses [46]. - The company has made significant progress in ground technical studies for the Marillana project during the review period [72]. - The company is advancing studies and approvals for the new port development at Stanley Point 3 in collaboration with Hancock Prospecting Pty Ltd [101]. - The company has completed a drilling program consisting of 11 reverse circulation drill holes totaling 582 meters to assess iron mineralization [91]. Projects and Development - The company’s joint venture with Polaris Metals Pty Ltd involves an estimated initial development cost of AUD 36 million (approximately HKD 184,725,000) for iron ore projects, with project loan agreements expected to be signed by the second half of 2024 [19]. - The Ophthalmia iron ore project has a total mineral resource of 341 million tons with an iron grade of 59.3% [118]. - The estimated inferred mineral resource for the Duck Creek iron ore deposit is 21.6 million tons with an iron grade of 55.9% [134]. - The Marillana project covers an area of 82 square kilometers adjacent to the Hamersley Range, with significant shallow iron mineralization [105]. - The company is continuing to monitor and study feasible infrastructure solutions for the Duck Creek project [134]. Governance and Risk Management - The group emphasizes transparency, accountability, and independence in its corporate governance, believing that good governance is crucial for success and enhancing shareholder value [192]. - The group faces various risks, including cyberattacks and natural disasters, and aims to mitigate these risks through insurance and continuous monitoring [178]. - The group has a policy to manage interest rate risk by holding cash in reputable financial institutions with a mix of short-term, fixed, and variable rate deposits [178]. - The audit committee, composed of three independent non-executive directors, has reviewed the interim results for the six months ending December 31, 2023 [195]. - The CEO position has been vacant during the reporting period, with the executive director also overseeing the core iron ore business operations [184]. Employee and Corporate Structure - The group employed 14 employees as of December 31, 2023, with 5 in Australia and 9 in Hong Kong, maintaining the same number as June 30, 2023 [181]. - The group has no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period, nor any future major investment or capital asset plans [182]. - The group has not declared or recommended any dividends for the six months ending December 31, 2023, consistent with the previous year [191].

Financial Performance - For the fiscal year ended June 30, 2023, the company reported a net loss before tax of HKD 73,247,000, compared to a loss of HKD 31,865,000 in the previous year, representing an increase in losses of approximately 130%[7] - The total comprehensive loss for the year was HKD 78,924,000, compared to HKD 62,174,000 in the prior year, indicating an increase of approximately 27%[5] - The company reported a net loss before tax of HKD 73,247,000 for the year ended June 30, 2023, compared to a loss of HKD 56,556,000 in the previous year[49] - For the year ended June 30, 2023, the company reported a basic loss per share of HK$0.61, compared to HK$0.22 for the year ended June 30, 2022[126] - The group's loss before tax for the year ended June 30, 2023, was HKD 73.12 million, compared to a loss of HKD 31.73 million in 2022, reflecting an increase in losses[103] Revenue and Expenses - The company recorded no revenue for the fiscal year ended June 30, 2023, consistent with the previous year[3] - The company has not recorded any revenue during the fiscal year, primarily due to exploration and evaluation expenses related to its iron ore projects[7] - The group incurred joint venture expenses of HKD 47.4 million in 2023, compared to HKD 14 million in 2022[172] - The company incurred exploration and evaluation expenses of HKD 48,997,000, compared to HKD 16,271,000 in the previous year[130] - The group's exploration and evaluation expenses for the year were HKD 17.68 million, consistent with ongoing project development efforts[92] Assets and Liabilities - The company's cash and cash equivalents as of June 30, 2023, were HKD 16,495,000, down from HKD 28,797,000 in the previous year, reflecting a decrease of about 43%[7] - The company has a net current liability of HKD 44,473,000 as of June 30, 2023, compared to a net current asset of HKD 13,529,000 in the previous year[7] - Total assets decreased from HKD 765,225,000 to HKD 724,809,000, representing a decline of approximately 5.4%[29][53] - Total equity decreased from HKD 590,137,000 to HKD 511,212,000, a reduction of about 13.4%[31] - Total liabilities increased from HKD 175,088,000 to HKD 213,597,000, indicating an increase of approximately 21.9%[34] Financing and Liquidity - The company plans to secure project financing of approximately AUD 36,000,000 (about HKD 189,192,000) for initial development costs through a joint venture with Polaris Metals Pty Ltd[8] - The company has extended the repayment date of a loan from a major shareholder amounting to HKD 27,328,000 to October 31, 2024[10] - The company has taken measures to improve its liquidity, including replacing an existing loan of HKD 17,457,000 with a new loan of USD 3,300,000 (approximately HKD 25,740,000) from a major shareholder[16] - The company believes it has sufficient financial resources to meet its operational funding needs for the next twelve months, despite significant uncertainties regarding future fundraising[17] - The company plans to maintain funding flexibility through bank loans and/or equity financing to address liquidity risks[69] Current Financial Ratios - As of June 30, 2023, the current ratio is 0.28, down from 1.83 in 2022, indicating a significant decline in short-term liquidity[63] - The company's capital debt ratio is 0.101 as of June 30, 2023, compared to 0.08 in 2022, reflecting an increase in leverage[63] Market and Resource Estimates - The estimated mineral resource at Duck Creek is 21.6 million tons with an iron grade of 55.9%[78] - The total mineral resource at the Ophthalmia project is 340.9 million tons with an iron grade of 59.3%[77] - The total estimated mineral resources for the Duck Creek project amount to 21.6 million tons with an average iron grade of 55.91%[80] - The company has a total resource estimate of 1,404.4 million tons with an average iron grade of 42.2%[167] - Marillana project has a total estimated JORC compliant resource of 1.014 billion tons, with a 60.3% iron grade for Direct Shipping Ore (DSO) and 55.5% for CID[181][195][196] Operational Developments - The company is currently reviewing its accounting policy disclosures to ensure compliance with revised requirements[46] - The group has adopted several new standards and amendments effective from July 1, 2022, which did not have a significant impact on the consolidated financial statements[35][36] - The company is advancing environmental surveys and management plans to update baseline data, including flora and fauna studies, groundwater assessments, and greenhouse gas modeling[186] - The company is conducting research and development for transportation routes to connect the ore to the Roy Hill railway system[188] - The joint venture agreement with Polaris Metals has been finalized, with Polaris acquiring a 50% interest in the Marillana project[182][183] Employee and Workforce - The workforce consists of 14 full-time employees as of June 30, 2023, down from 15 in 2022[74] - The company has not made any significant acquisitions or disposals during the year, nor does it have future major investment plans[67] Risks and Compliance - The company continues to face various risks, including credit risk and interest rate risk, which are actively monitored and managed[58][60] - The company has no identified impairment indicators for its assets as of the reporting date[117]

Financial Performance - For the six months ended December 31, 2022, the company reported a total operating loss of HKD 34,467,000, compared to a loss of HKD 22,780,000 in the same period last year, representing a year-over-year increase of 51.5%[7] - The total comprehensive loss for the period was HKD 38,449,000, compared to HKD 35,936,000 in the previous year, reflecting an increase of 6.9%[7] - The basic and diluted loss per share for the period was HKD 0.31, compared to HKD 0.25 in the previous year, indicating a 24% increase in loss per share[7] - The company reported a pre-tax loss of HKD 37,172,000 for the six months ended December 31, 2022, compared to a pre-tax loss of HKD 26,006,000 for the same period in 2021, representing a 43% increase in losses[47] - The company reported a total loss of HKD 37,116,000 for the six months ended December 31, 2022, compared to a loss of HKD 25,945,000 for the same period in the previous year[74] Exploration and Evaluation Expenses - The company incurred exploration and evaluation expenses of HKD 26,443,000, significantly higher than HKD 8,163,000 in the previous year, indicating an increase of 224.5%[7] - The total expenditure for mineral exploration and evaluation during the six months ended December 31, 2022, was HKD 26,400,000, an increase from HKD 8,100,000 in the previous year[194] Financial Position - The company's cash and cash equivalents decreased to HKD 17,366,000 from HKD 28,797,000, a decline of 39.5%[8] - As of December 31, 2022, total assets amounted to HKD 742,665,000, down from HKD 765,225,000 as of June 30, 2022, a decrease of 2.9%[8] - The company's equity attributable to owners decreased to HKD 551,688,000 from HKD 590,137,000, a decline of 6.5%[8] - The company has a net current liability of HKD 21,124,000 as of December 31, 2022, compared to a net current asset of HKD 13,529,000 as of June 30, 2022[47] - The company reported long-term debt and lease liabilities of HKD 54,063,000, an increase from HKD 51,872,000 as of June 30, 2022[64] Tax and Financing - The company reported a tax benefit of HKD 8,535,000 for the period, compared to HKD 3,108,000 in the previous year, an increase of 174.5%[7] - The company incurred a net financing cost of HKD 2,649,000 for the six months ended December 31, 2022, compared to HKD 3,165,000 for the same period in 2021, reflecting a decrease of 16% in financing costs[123] - The company has secured a standby loan of HKD 10,000,000 from its major shareholder, which is unsecured and bears an interest rate of 12% per annum, due for repayment by October 31, 2024[24] Joint Ventures and Projects - The company is in a joint venture with Polaris Metals Pty Ltd, with an estimated initial development cost of AUD 36,000,000 (approximately HKD 202,082,000) for the project[22] - The company has entered into a joint venture agreement with Polaris for mineral exploration activities, with Polaris responsible for 50% of future costs and capital expenditures[180] - The group holds a 37% interest in the NWIOA Ops. Pty Ltd joint venture, which focuses on port and related infrastructure[200] Stock Options and Employee Benefits - As of December 31, 2022, there were 103 million unexercised stock options, representing approximately 1.11% of the company's issued shares[147] - The company did not recognize any expenses related to stock options granted during the six months ended December 31, 2022, compared to HKD 6.396 million for the same period in 2021[143] - The company incurred total employee benefits expenses of HKD 4.081 million for the six months ended December 31, 2022, down from HKD 7.399 million for the same period in 2021[156] Market Capitalization and Financial Ratios - The market capitalization of the company was HKD 1,466,276,676 as of December 31, 2022, significantly lower than HKD 2,505,662,000 as of June 30, 2022, indicating a decline of 41% in market value[131] - The capital-to-debt ratio increased to 8.92% as of December 31, 2022, compared to 8.08% as of June 30, 2022[64] - The debt-to-equity ratio increased from 8.08% as of June 30, 2022, to 8.92% as of December 31, 2022, due to an increase in net debt[84] Accounting Policies and Compliance - The company has not recorded any significant impacts from the recent accounting policy changes expected to take effect from January 1, 2023[32] - The company is currently reviewing its accounting policy disclosures to ensure compliance with revised requirements[33] - The company is currently evaluating the impact of new accounting standards effective from January 1, 2023[59] Cash Management and Risks - The company’s cash and cash equivalents have limited credit risk due to counterparties being predominantly highly rated banks (AA+)[90] - The company has not faced any significant foreign exchange risks as of December 31, 2022[67] - The company has no significant interest rate risk as of December 31, 2022[91]

Financial Performance - The company reported a loss before tax from continuing operations of HKD 31.9 million, compared to HKD 28.3 million in the previous year, representing an increase of approximately 5.7%[14] - The after-tax loss from continuing operations was approximately HKD 20.8 million, up from HKD 14.2 million in the previous year, indicating a year-over-year increase of about 46.5%[14] - Exploration and evaluation expenses increased, leading to an operating loss that rose by 77% to HKD 40.3 million, compared to HKD 22.8 million in the previous year[15] - The company incurred total exploration expenses of HKD 17.7 million for the year, compared to HKD 5.5 million in the previous year, reflecting a year-over-year increase of about 221%[17] - The liquidity ratio as of June 30, 2022, is 1.83, compared to 13.69 on June 30, 2021[55] - The capital debt ratio remains stable at 0.08 as of June 30, 2022, consistent with the previous year[55] - The company has issued 9,280,232,000 shares as of the reporting period end[56] Project Development - Total exploration expenditure for the Marillana iron ore project was HKD 14.1 million, significantly up from HKD 2.6 million in the previous year, marking an increase of approximately 440%[17] - The company is advancing the Marillana project and its associated infrastructure, which is expected to alleviate logistical bottlenecks and unlock significant value from the mine[11] - The joint venture with Mineral Resources Limited and Hancock Prospecting Pty Ltd aims to develop critical infrastructure at the Stanley Point Berth 3 and associated rail and port facilities[11] - The company recorded no development expenditure in the financial statements for the year, consistent with the previous year[17] - The total capital expenditure for the Marillana project was HKD 51,000, compared to HKD 19,000 in the previous year, indicating a significant increase in investment[19] - The initial development works for the Marillana project are ongoing, with a port capacity allocation expected to support production requirements[26] - The project development is contingent upon receiving capacity allocation from the Pilbara Ports Authority and positive final investment decisions from the joint venture partners[26] Mineral Resources - Marillana project has a mineral resource estimate of 1.404 billion tons with an average iron grade for DID and 102 million tons for CID[23] - The estimated mineral resources include 169.5 million tons of proven resources and 1.046 billion tons of indicated resources[31] - The total mineral resource estimate for the Marillana project is 1.4044 billion tons with an average iron grade of 42.2%[32] - The estimated recoverable ore reserves for the Marillana project include 967 million tons of DID ore and 46 million tons of CID ore, totaling 1.013 billion tons[36] - The Ophthalmia iron ore project has a total mineral resource of 341 million tons with an iron grade of 59.3%[39] - The total estimated mineral resource for the Coondiner project is 157.6 million tons with an iron grade of 58.4%[46] - The total estimated mineral resource for the Kalgan Creek project is 59.3 million tons with an iron grade of 59.4%[46] Environmental and Sustainability Practices - The company is committed to sustainable operations in the iron ore business, actively working to minimize environmental impacts and respecting indigenous rights[61] - The company has not conducted mining operations during the year, which is expected to minimize environmental disturbances[61] - The company promotes a culture of respect and equality among employees, providing training and organizing activities to enhance relationships and communication[61] - The company has implemented measures to reduce unnecessary business travel, transitioning all board meetings to electronic communication during the reporting period[154] - The company has committed to systematically improving its environmental performance through planning, execution, and monitoring[146] - The company aims to minimize its environmental footprint and is closely monitoring areas such as water management and land restoration[160] - The company has established several management plans to effectively manage its environmental impact, including safety, waste, and environmental monitoring plans[161] Corporate Governance - The company has fully complied with the corporate governance code as of June 30, 2022, according to the Hong Kong Listing Rules[70] - The board consists of nine members, with three being independent directors, ensuring a balanced composition[72] - The company is committed to reviewing its corporate governance policies regularly to ensure compliance with regulations[71] - The board is responsible for establishing and monitoring the achievement of management objectives to enhance shareholder value[70] - The company has adopted a written terms of reference for the board to ensure effective governance practices[70] - The company emphasizes the importance of independent judgment from its non-executive directors in decision-making processes[72] Employee and Workplace Diversity - The total number of employees is 15, with 5 in Australia and 10 in Hong Kong[183] - The gender distribution shows 4 males and 1 female in Australia, and 9 males and 1 female in Hong Kong[183] - The percentage of women in the workplace is 13%, down from 15% in the previous year[178] - The company has implemented a diversity policy to promote equal employment opportunities[176] - The company aims to improve the diversity of its board by appointing individuals with relevant experience and skills[178] - The company is committed to creating a culture of equality, respect, and diversity[179] Risk Management - The company has implemented a risk management system to monitor and address any significant deficiencies identified by the audit committee[110] - The risk management committee has been established to oversee risk management processes and internal controls related to the company's ongoing operations and future actions[118] - The risk management and internal control systems were deemed sufficient and effective, with no significant deficiencies identified as of June 30, 2022[123] Shareholder Engagement - The company is committed to enhancing corporate governance and welcomes shareholder feedback to improve transparency[135] - The company encourages shareholder participation in annual general meetings, providing at least 20 business days' notice[131] - The company has established a communication strategy and continuous disclosure policy to handle insider information appropriately[131]