鉴于各国央行持续买入黄金、地缘政治局势紧张、经济不确定性加剧，以及近期去美元化与美元资产流 走的新趋势，公司对黄金的前景保持乐观。这将为Donlin项目未来几年的最终开发创造有利条件，而建 设及生产进程的推进可望重塑Novagold股份价值。董事认为，此项投资不仅能创造丰厚回报，亦高度契 合公司价值创造的战略重点。 公司专注于天然资源领域的战略投资，强调采矿机会，特别是采矿业。Novagold作为领先的黄金开采企 业，过往曾持有阿拉斯加Donlin Gold项目("Donlin")50%权益。该项目属世界级资源，拥有约3,900万盎 司探明及控制级别黄金资源量，平均品位达2.24克╱吨。 过去数年间，由于合资者Barrick Mining Corporation战略聚焦于铜等其他大型项目，开发进度较为缓 慢。Novagold近期宣布斥资10亿美元收购Barrick所持50%权益，其中Novagold出资2亿美元将持股比例 提升至60%，PaulsonAdvisors("Paulson")以8亿美元收购40%权益。Donlin项目已形成新的股权结构，双 方股东均有意推进项目开发。Novagold及Paulson ...

于该收购事项及场内交易收购事项前，附属公司于该收购事项当日及场内交易收购事项日期前12个月期 间内透过在澳交所进行场内交易合共收购1250万股Bellevue Gold股份(相当于该等配售后Bellevue Gold经 扩大已发行股本约0.85%)，总代价净额约为1422.1万澳元(不包括交易成本)，即每股股份约 1.14澳元。 智通财经APP讯，亚太资源(01104)发布公告，于2025年4月15日，附属公司(亚太资源商品贸易有限公 司)根据股份配售接纳获配发588.2万股Bellevue Gold股份(相当于该等配售后Bellevue Gold经扩大已发行 股本约0.40%)，涉及款额约为500万澳元(不包括交易成本)，即每股股份约0.85澳元。 于2025年4月15日，附属公司透过在澳交所进行场内交易合共收购200万股Bellevue Gold股份(相当于该 等配售后Bellevue Gold经扩大已发行股本约0.14%)，总代价净额约为179.1万澳元(不包括交易成本)，即 每股股份约0.90澳元。 公司专注于天然资源领域的战略投资，强调采矿机会。Bellevue Gold是一家著名的黄金生产商，在西 ...

Financial Performance - For the six months ended December 31, 2024, the company recorded a net loss attributable to shareholders of HK$309,884,000, primarily due to a HK$111,986,000 impairment loss on Mount Gibson Iron Limited and a HK$132,552,000 loss shared from it[19]. - The company reported a net loss attributable to shareholders of HK$309,884,000 for the six months ended 31 December 2024, compared to a net profit of HK$593,272,000 for the same period in 2023[27]. - The underlying segment loss for 1H FY2025 was HK$191,956,000, primarily driven by the Resource Investment and Commodity Business divisions, which reported losses of HK$183,612,000 and HK$6,468,000 respectively[27]. - The combined net attributable loss from associates Mount Gibson, Tanami Gold, and Metals X for 1H FY2025 was HK$22,687,000, a significant decline from a profit of HK$298,065,000 in 1H FY2024[29]. - The company reported a loss before taxation of HK$324,020,000, compared to a profit of HK$591,908,000 for the same period in 2023[189]. - The loss for the period attributable to owners of the company was HK$309,884,000, compared to a profit of HK$593,272,000 in the prior year[189]. - Basic and diluted loss per share for the period was HK$22.8 cents, compared to earnings of HK$45.5 cents per share in the same period last year[189]. - Total revenue for the six months ended December 31, 2024, was HK$147,813,000, a decrease of 84.3% compared to HK$941,434,000 for the same period in 2023[189]. - Gross profit for the period was HK$5,749,000, down 92.5% from HK$77,055,000 in the previous year[189]. - Total comprehensive income for the period was HK$(419,432,000), down from HK$627,860,000 in the prior year, indicating a decrease of approximately 167%[191]. Economic Outlook - China's full-year GDP growth for 2024 was 5%, slightly surpassing market expectations of 4.8%, but did not restore broad-based confidence in the economy[12]. - The company maintains a cautious near-term outlook for the global economy and commodities due to potential demand destruction from trade wars, particularly with China[153]. - The company acknowledges short-term volatility but maintains a fundamentally optimistic view on the commodities sector[20]. - The company highlights the resilience of the US economy but notes risks of elevated interest rates due to persistent inflation and reduced expectations for US rate cuts in 2025[153]. - Ongoing stimulus measures in China include stock swap programs, interest rate cuts, and debt packages, aimed at stabilizing the economy and supporting GDP growth[16]. Investment Strategy - The company remains optimistic about the long-term outlook for commodities, driven by the global transition to green energy and the expansion of AI infrastructure, increasing demand for materials like copper, tin, lithium, and rare earth elements[20]. - The company is focused on capturing long-term opportunities through disciplined, high-quality investments across a diversified portfolio[20]. - The company will regularly review its investment strategy to mitigate risks associated with market sentiment influenced by commodity prices, interest rates, and geopolitical conditions[152]. - The company emphasizes the importance of shareholder support and confidence in its vision and strategy[22]. Dividends and Shareholder Returns - The company has decided not to declare a dividend at this time due to current economic uncertainties, with plans to review the dividend policy based on evolving market conditions[21]. - The company has decided not to declare dividends due to current economic uncertainties, while continuously reviewing its dividend policy based on market conditions[24]. - A final dividend of HK$0.10 per share was declared for the year ended June 30, 2024, totaling approximately HK$135,664,000 paid or payable in cash[145]. - The company declared a final dividend of HKD 0.10 per share for the year ending June 30, 2024, amounting to approximately HKD 135,664,000, with no dividend proposed for the six months ending December 31, 2024[150]. Geopolitical and Market Risks - Geopolitical risks may be easing, with a ceasefire between Israel and Hamas and active negotiations regarding the Russia-Ukraine conflict, which could alleviate inflationary pressures and improve global supply chain stability[18]. - The geopolitical risks are easing, which may help alleviate inflationary pressures and improve global supply chain stability[23]. Asset and Liability Management - As of December 31, 2024, the Group's non-current assets were HK$1,389,185,000, and net current assets were HK$1,900,523,000, with a current ratio of 3.8 times[113][115]. - Borrowings as of December 31, 2024, totaled HK$578,774,000, an increase from HK$280,105,000 as of June 30, 2024[117]. - The Group's liquidity position is supported by undrawn letter of credit, bank, and other loan facilities amounting to HK$406,366,000 as of December 31, 2024[117]. - The current ratio decreased from 7.7 times as of June 30, 2024, to 3.8 times as of December 31, 2024, indicating a tighter liquidity position[113][115]. - The Group provided for impairment losses on loan receivables of approximately HK$588,000 during the period, compared to a reversal of impairment loss of HK$24,110,000 in the first half of FY2024[102][106]. Operational Performance - The Resource Investment division posted a fair value loss of HK$199,084,000 in 1H FY2025, resulting in a segment loss of HK$183,612,000[64]. - The Commodity Business generated a segment loss of HK$6,468,000 in 1H FY2025, compared to a profit of HK$69,373,000 in 1H FY2024[94]. - The Energy segment reported a fair value loss of HK$61,989,000 in 1H FY2025, with a carrying value of HK$262,074,000 as of December 31, 2024[87]. - The Base Metals segment experienced a fair value loss of HK$21,592,000 in 1H FY2025, with copper prices down 9.8%, nickel down 11.6%, and zinc down 2.9%[86]. - The Bulk commodities segment recorded a fair value loss of HK$128,771,000 in 1H FY2025, with a carrying value of HK$479,352,000 as of December 31, 2024[85]. Shareholding and Corporate Governance - As of December 31, 2024, the total number of issued shares of the Company was 1,356,636,962[165]. - AGL held 615,497,629 shares and 123,099,525 warrants, representing a total interest of 738,597,154 shares, approximately 54.44% of the Company's shareholding[167]. - The Company has a significant concentration of shareholding among a few major shareholders, indicating potential influence on corporate decisions[167]. - The interests stated represent long positions in the Company[165]. Miscellaneous - The Group did not hold any significant investments or have any material acquisitions or disposals during the six months ended December 31, 2024[141]. - There were no important events affecting the Group after the end of the financial period for the six months ended December 31, 2024[144]. - The Group faces various operational risks, which are mitigated through robust internal controls and effective internal reporting[134]. - The Group's financial risk includes market risk, credit risk, and liquidity risk, with a focus on managing these risks through established policies and procedures[129].

Financial Performance - For the six months ending December 31, 2024, total revenue was HKD 147,813,000, a decrease of 84.3% compared to HKD 941,434,000 in the same period of 2023[3] - Gross profit for the same period was HKD 77,055,000, compared to HKD 5,749,000 in 2023, indicating a significant increase[3] - The company reported a loss before tax of HKD 324,020,000, compared to a profit of HKD 591,908,000 in the previous year[3] - The net loss attributable to shareholders was HKD 309,884,000, a substantial decline from a profit of HKD 593,272,000 in the prior year[3] - The company’s basic and diluted loss per share was HKD 45.5, compared to a profit of HKD 22.8 in the previous year[3] - Other comprehensive loss for the period was HKD 106,460,000, compared to a gain of HKD 55,448,000 in the same period last year[4] - Total revenue from external customers for the six months ended December 31, 2024, was HKD 147,813,000, compared to HKD 941,434,000 for the same period in 2023, representing a significant decline[30] - The company reported a comprehensive loss before tax of HKD 324,020,000 for the six months ended December 31, 2024, compared to a profit of HKD 591,908,000 for the same period in 2023[21][25] - The company reported a net loss of HKD 309,884,000 for the six months ended December 31, 2024, compared to a profit of HKD 593,272,000 for the same period in 2023[42] Assets and Liabilities - Total assets as of December 31, 2024, were HKD 3,960,305,000, down from HKD 4,219,922,000 as of June 30, 2024[6] - Current assets amounted to HKD 2,571,120,000, slightly decreasing from HKD 2,584,253,000 in the previous period[6] - The company's cash and cash equivalents were HKD 605,982,000, an increase from HKD 574,680,000 in the previous period[6] - The total liabilities increased to HKD 672,905,000 from HKD 360,639,000, indicating a rise in financial obligations[7] - The total liabilities of the company as of December 31, 2024, amounted to HKD 672,905,000, compared to HKD 360,639,000 as of June 30, 2024[23][27] - The company's equity in associates decreased to HKD 1,297,726,000 as of December 31, 2024, down from HKD 1,515,506,000 in June 2024[44] - As of December 31, 2024, the group's non-current assets amounted to HKD 1,389,185,000, down from HKD 1,633,082,000 as of June 30, 2024[93] - The group's current assets net value was HKD 1,900,523,000, a decrease from HKD 2,252,960,000 as of June 30, 2024, with a current ratio of 3.8 times[93] - Total borrowings (excluding lease liabilities) as of December 31, 2024, were HKD 578,774,000, significantly up from HKD 280,105,000 as of June 30, 2024[94] Segment Performance - The company has three reportable segments: Commodity Trading, Resource Investment, and Major Investments and Financial Services[18] - The company recorded a segment performance loss of HKD 186,483,000 in the resources investment sector for the six months ended December 31, 2024[21] - The company’s segment performance in the financial services sector showed a profit of HKD 3,597,000 for the six months ended December 31, 2024[21] - The company’s commodity business recorded a segment loss of HKD 6,468,000 in the first half of fiscal year 2025, a significant decline from a profit of HKD 69,373,000 in the same period of the previous fiscal year[85] - The group recorded a segment loss of HKD 191,956,000, primarily due to weak commodity markets affecting resource investment and commodity business segments, which incurred losses of HKD 183,612,000 and HKD 6,468,000 respectively[51] Investments and Fair Value - The investment in Shougang Fushan recorded a fair value loss of HKD 93,513,000, with a carrying value of HKD 352,056,000 as of December 31, 2024[66] - The resource investment segment reported a fair value loss of HKD 199,084,000 for the first half of the 2025 fiscal year, compared to a gain of HKD 214,274,000 in the same period of the previous year[70] - The gold segment recorded a fair value gain of HKD 55,082,000 in the first half of the fiscal year 2025, with a book value of HKD 719,663,000 as of December 31, 2024[79] - The commodities segment recorded a fair value loss of HKD 128,771,000 in the first half of fiscal year 2025, with a book value of HKD 479,352,000 as of December 31, 2024[81] - The base metals segment, including copper, nickel, zinc, aluminum, tin, and cobalt, recorded a fair value loss of HKD 21,592,000, with copper prices down 9.8% and nickel prices down 11.6%[82] - The energy segment recorded a fair value loss of HKD 61,989,000 in the first half of fiscal year 2025, with a book value of HKD 262,074,000 as of December 31, 2024[83] Dividends and Shareholder Returns - The company declared a final dividend of HKD 0.10 per share, totaling HKD 135,664,000, compared to HKD 130,249,000 for the interim dividend in the previous year[40] - The company declared a final dividend of HKD 0.10 per share, amounting to approximately HKD 135,664,000, paid on December 16, 2024[109] Risk Management and Compliance - The group has established a comprehensive risk management framework, regularly reviewing and updating policies to enhance risk management[99] - Financial risks include market risk, credit risk, and liquidity risk, with market risk further divided into foreign exchange risk, interest rate risk, and other price risks[101] - The group regularly monitors the effectiveness of standards used to identify significant increases in credit risk[92] - The group employs an expected credit loss model for assessing loan impairment, based on historical credit loss experience and adjustments for specific borrower factors[90] - The company has fully complied with the corporate governance code as per the Hong Kong Stock Exchange regulations[112] Market Outlook - The board believes that market sentiment will be influenced by commodity prices, interest rate changes, geopolitical situations, and macroeconomic performance[110] - The company maintains a cautious outlook on the global economy and commodity demand due to potential trade tensions, particularly between the US and China[111] Other Notable Points - The company has not been affected by the revised HKFRS 16 regarding lease liabilities, as there were no variable lease payments dependent on indices or exchange rates[9] - There were no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the six months ending December 31, 2024[105] - The company has no significant capital commitments as of December 31, 2024[106] - There are no known significant contingent liabilities as of the announcement date and December 31, 2024[107] - The company is actively seeking potential investment opportunities to maximize shareholder value[110]

ESG Performance and Governance - APAC Resources Limited focuses on strategic investments in metals, mining, and energy sectors, with a commitment to sustainable development initiatives and key performance indicators[3]. - The report period covers from July 1, 2023, to June 30, 2024, detailing the company's environmental, social, and governance (ESG) performance[3]. - The company emphasizes the importance of stakeholder engagement and has employed an independent third-party consultancy to assess ESG issues and performance[8]. - The board of directors oversees ESG matters and has delegated daily responsibilities to senior management and department heads for risk management[9]. - APAC Resources has established a sustainable development policy that integrates principles related to employment, labor practices, business integrity, and community engagement[10]. - The report adheres to the Hong Kong Stock Exchange's ESG reporting guidelines, ensuring compliance with mandatory disclosure requirements[4]. - The company aims to create long-term value for all stakeholders, including employees and the broader community, through its ESG initiatives[8]. - Key performance indicators are disclosed quantitatively, providing a comprehensive overview of the company's ESG performance[2]. - The governance framework is designed to effectively manage risks and enhance ESG performance, with regular reviews and updates to policies and practices[9]. - The report highlights the significance of continuous communication with stakeholders to understand their interests and expectations regarding ESG issues[8]. - The company identified key stakeholders including the board, management, shareholders, employees, and suppliers for effective communication and collaboration[11]. Environmental Impact - The company reported a significant increase in particulate matter emissions from 299 grams in 2023 to 1,475 grams in 2024, representing a 393% increase[16]. - Sulfur oxide emissions rose from 4,341 grams in 2023 to 30,372 grams in 2024, indicating a 600% increase[16]. - Nitrogen oxide emissions increased from 2,645 grams in 2023 to 10,066 grams in 2024, reflecting a 280% rise[16]. - The company recorded direct greenhouse gas emissions of approximately 188 tons of CO2 equivalent in 2024, up from 136 tons in 2023[16]. - Indirect greenhouse gas emissions related to purchased electricity were about 126,000 tons of CO2 equivalent in 2024, compared to approximately 53,000 tons in 2023, marking a 138% increase[16]. - The company has not generated any hazardous waste during the reporting period, with only non-hazardous waste produced[17]. - The company aims to minimize greenhouse gas emissions and waste generation, aligning with government carbon neutrality goals for 2050 and 2060[18]. - The company has established a sustainable development policy focused on compliance with laws and reducing environmental impact[15]. - Total electricity consumption for the group was approximately 224,000 kWh, equating to about 9,000 kWh per employee, with a significant portion attributed to operations in Australia[19]. - Total paper usage was around 127,000 sheets, which translates to approximately 5,000 sheets per employee[19]. - Total water consumption was about 120 cubic meters, averaging around 5 cubic meters per employee[20]. - The company is increasingly focusing on investments in low-carbon industries, including electric vehicles, battery metals, and renewable energy[21]. - The company has implemented emergency measures to address extreme weather events, including typhoons and heavy rain[22]. Employee Welfare and Compliance - The company emphasizes employee welfare by ensuring a safe and healthy work environment and promoting work-life balance[23]. - The company adheres to various employment laws and regulations in Hong Kong and mainland China, ensuring compliance with labor standards[25]. - The company has not identified any non-compliance issues with relevant laws and regulations regarding employment practices[26]. - The company encourages resource efficiency and has established guidelines for energy conservation and material recycling[19]. - The company aims to maintain existing levels of energy, paper, and water consumption despite increased activities[20]. - Total number of employees in 2024 is 25, with a turnover rate of 18% for males and 21% for females[27]. - Employee training participation increased to 69% for males and 100% for females in 2024, with average training hours of 11 for males and 22 for females[30]. - No work-related injuries reported in the past three years, maintaining a safe working environment[29]. - The company has a gender diversity goal aiming for balanced male and female employment ratios and equal pay for equal work[27]. - The employee turnover rate for those aged 30 or below is 133% in 2024, compared to 400% in 2023[27]. - The company has established a policy to ensure compliance with labor laws and regulations, with regular reviews of employment standards[32]. Community Engagement and Corporate Social Responsibility - The company has donated a total of approximately HKD 55,000 to various charitable organizations in Hong Kong and Australia during the reporting period, compared to about HKD 1,000 in 2023[39]. - The company encourages employees to participate in community and charitable activities, reinforcing its commitment to corporate social responsibility[39]. - There were no concluded corruption lawsuits against the company or its employees during the reporting period, indicating no significant corruption-related risks[37]. - No product recalls or complaints related to safety or health issues reported during the period[35]. - The management team has participated in various training sessions, including anti-money laundering and regulatory updates[30]. - The company has not reported any incidents of child or forced labor during the reporting period[32]. - The company has implemented a solar energy system at one of its Australian offices to address environmental risks[33].

Financial Performance - APAC Resources reported a net profit attributable to shareholders of HKD 390 million for the fiscal year ending June 30, 2024, compared to a net loss of HKD 319 million in the previous fiscal year[4]. - The resource investment segment generated a segment profit of HKD 404 million, driving the overall strong performance of the company[7]. - The major strategic investments contributed a net profit of HKD 28 million, a significant recovery from a net loss of HKD 10.6 million in the previous fiscal year[8]. - APAC Resources declared a final dividend of HKD 0.10 per share, reflecting the strong financial performance for the fiscal year 2024[5]. - The company reported a net profit after tax of AUD 6 million for FY2024, up from AUD 5 million in FY2023, driven by increased sales volume and iron ore prices[9]. - The commodity business achieved a segment profit of HKD 84,031,000 in fiscal year 2024, a significant increase from HKD 3,470,000 in fiscal year 2023[30]. - The major investment and financial services segment reported a profit of HKD 38,531,000 in fiscal year 2024, recovering from a loss of HKD 17,635,000 in fiscal year 2023[31]. Strategic Investments - The company's strategic investments in Mount Gibson, Tanami Gold, and Metals X showed resilience in a volatile market, with Mount Gibson's cash and investment net assets increasing from AUD 139 million to AUD 441 million[4]. - The company holds equity interests of 37.3% in Mount Gibson, 46.3% in Tanami Gold, 22.8% in Metals X, and 44.3% in Prodigy Gold[8]. - Mount Gibson's Koolan Island project achieved a sales volume of 4.1 million wet tonnes in FY2024, a significant increase from 3.0 million wet tonnes in FY2023[9]. - The company is focusing on identifying potential investment opportunities to maximize shareholder value amidst market fluctuations[53]. - The company plans to focus on investing in quality assets that will benefit from structural trends in the resource sector[4]. Market Outlook - The company maintains a cautious outlook due to global economic uncertainties, particularly concerns over potential recession in the U.S. and structural issues in China's economy[4]. - The long-term fundamentals for commodities remain strong, driven by global efforts for carbon reduction and ongoing urbanization and infrastructure development[4]. - The global economic outlook for 2024 is complex, with concerns over global demand and rising inventory levels impacting key commodities like copper and iron ore[54]. - The company is experiencing cautious investor sentiment, with commodity market positions at their lowest since early 2019[54]. Operational Performance - Iron ore sales revenue rose from AUD 450.586 million in FY2023 to AUD 667.678 million in FY2024, despite non-cash inventory costs and impairment charges offsetting some gains[9]. - The average iron ore price for FY2024 was USD 114 per dry tonne, with prices fluctuating between USD 136 and USD 95 during the year[10]. - Metals X produced 10,037 tonnes of tin concentrate in FY2024, with an EBITDA of AUD 184 million based on a tin price of AUD 41,680 per tonne[12]. - Prodigy Gold recorded a net loss of AUD 10 million in FY2024, primarily due to exploration expenses and impairment of capitalized exploration costs[16]. Financial Position - As of June 30, 2024, the company's non-current assets were valued at HKD 1,633,082,000, down from HKD 2,025,899,000 as of June 30, 2023[39]. - The current ratio improved to 7.7 times as of June 30, 2024, compared to 6.1 times as of June 30, 2023[39]. - As of June 30, 2024, the company's distributable reserves amounted to HKD 1,058,322,000, down from HKD 1,194,959,000 in 2023[85]. - The company has pledged listed securities with a fair value of HKD 416,000,000 as collateral for bank financing[41]. Governance and Management - The company is committed to maintaining high standards of corporate governance and financial management practices[60][61]. - The board includes members with significant qualifications and experience in finance, governance, and engineering, ensuring robust oversight[60][61][65]. - The company has established strict internal controls and effective reporting systems to manage operational risks[48]. - The board's responsibilities include overall strategy, annual and interim performance reviews, and approval of significant contracts and transactions[132]. Risk Management - The company has a system in place to identify, assess, and manage risks associated with its business activities[161]. - The audit committee is informed about significant audit findings and any deficiencies in internal control identified during the audit[200]. - The company has established a whistleblower policy to allow employees and business partners to report potential misconduct confidentially[164]. Shareholder Communication - The company maintains good communication with shareholders through various formal channels, including interim reports and annual reports[166]. - The board has reviewed the implementation and effectiveness of the shareholder communication policy during the year[169]. Audit and Compliance - The independent auditor's report confirmed that the consolidated financial statements give a true and fair view of the Group's financial position as of June 30, 2024[173]. - The financial statements were prepared in compliance with Hong Kong Financial Reporting Standards and the disclosure requirements of the Hong Kong Companies Ordinance[173]. - The audit committee approved the external auditor's proposed audit scope and fees for the year ending June 30, 2024[153].

Financial Performance - Total revenue for the year ended June 30, 2024, was HKD 1,188,528, an increase from HKD 431,937 in the previous year, representing a growth of 174%[1] - Gross profit for the year was HKD 93,380, compared to HKD 21,273 in the previous year, indicating a significant increase in profitability[1] - The net profit for the year was HKD 363,441, a turnaround from a net loss of HKD 328,507 in the previous year[1] - Earnings per share for the year were HKD 29.39, compared to a loss per share of HKD 24.46 in the previous year[1] - The company reported a significant increase in financial assets at fair value through profit or loss, rising to HKD 1,793,152 from HKD 886,384[3] - The company recorded other income of HKD 380,428, a substantial improvement from a loss of HKD 136,337 in the previous year[1] - The segment performance showed a profit of HKD 526,284, with a net loss of HKD 52,031 in other areas, resulting in a consolidated profit before tax of HKD 396,018[13] - The company reported a net gain from changes in fair value of HKD 379,870 from financial assets measured at fair value through profit or loss[14] - The company reported a comprehensive loss before tax of HKD (355,841,000)[16] - The company reported a net profit attributable to shareholders of HKD 390,031,000 for the fiscal year ending June 30, 2024, compared to a net loss of HKD 318,547,000 for the previous fiscal year[35] Assets and Liabilities - Total assets as of June 30, 2024, amounted to HKD 4,219,922, up from HKD 3,902,190 in the previous year, reflecting a growth of 8%[3] - The company's equity attributable to owners increased to HKD 3,841,774 from HKD 3,545,239, marking a rise of 8.4%[4] - Cash and cash equivalents stood at HKD 574,680, slightly up from HKD 555,169 in the previous year[3] - Total assets for the segments were reported at HKD 2,548,177, with total liabilities amounting to HKD 214,380[14] - The group's non-current assets were valued at HKD 1,633,082,000 as of June 30, 2024, down from HKD 2,025,899,000 a year earlier, while current assets net value increased to HKD 2,252,960,000 from HKD 1,569,339,000[60] - Total borrowings (excluding lease liabilities) increased to HKD 280,105,000 as of June 30, 2024, from HKD 183,240,000 a year earlier, reflecting a rise in financial leverage[60] - The total liabilities amounted to HKD 316,902,000, with HKD 260,605,000 in reportable segments[17] Revenue Sources - The total revenue for the group amounted to HKD 1,188,528 thousand, with a significant contribution from commodity trading, particularly iron ore, generating HKD 1,169,403 thousand[9] - The group’s revenue from other sources, including interest income from loans, was reported at HKD 19,125 thousand, reflecting a diverse income stream[9] - Total revenue from external customers reached HKD 431,937,000, with HKD 407,776,000 from commodity business and HKD 24,161,000 from financial services[16] - Total revenue for the segment reached HKD 1,169,403, with external customer revenue contributing HKD 1,188,528, including interest income of HKD 19,125[13] Expenses and Costs - Administrative expenses increased to HKD 78,391 from HKD 67,397, reflecting a rise of 16%[1] - The total cost of goods sold for 2024 was HKD 1,117,125,000, significantly higher than HKD 401,786,000 in 2023, indicating an increase of about 177%[24] - Employee costs increased to HKD 46,053,000 in 2024 from HKD 31,514,000 in 2023, reflecting a rise of approximately 46%[24] - The company incurred a total tax expense of HKD 32,340, reflecting its operational costs[15] - The company reported a tax expense of HKD 32,577,000 in 2024, compared to a tax credit of HKD 27,334,000 in 2023, resulting in a change of HKD 59,911,000[26] Investments and Strategic Initiatives - The group operates three reportable segments: Commodity Trading, Resource Investment, and Major Investment and Financial Services, with performance monitored based on sales generated and expenses incurred[10][11] - The company plans to maintain its strategic investments in Mount Gibson, Tanami Gold, Metals X, and Prodigy Gold, with respective ownership stakes of 37.3%, 46.3%, 22.8%, and 44.3%[36] - The investment strategy generated a return of 17.4%, significantly outperforming the benchmark return of -2.9% by 20.3%[47] - The small-cap mining investment portfolio achieved a return of 558.6% since its inception, significantly outperforming its benchmark return of -1.0%[46] - The company recognized an impairment loss of HKD 80,423,000 related to its equity interests in joint ventures, primarily due to write-downs from Mount Gibson and Tanami Gold[36] Risk Management and Governance - The group has implemented a comprehensive risk management framework, regularly reviewing and updating policies to address market conditions and business strategy changes[64] - The group has not actively hedged against currency risks arising from its assets denominated in AUD, while liabilities are primarily in USD and HKD, indicating a potential exposure to foreign exchange fluctuations[61] - The company has established strict internal controls and reporting systems to manage operational risks effectively[66] - The audit committee has reviewed the company's performance for the year ending June 30, 2024[75] - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules for the year ending June 30, 2024[74] Future Outlook - The global economic outlook for 2024 is complex, with concerns over global demand and rising inventory levels, particularly affecting key commodities like copper and iron ore[70] - The company aims to regularly review its investment strategy to mitigate risks associated with market fluctuations, influenced by commodity prices, interest rates, and geopolitical conditions[69] - The cash ratio in the investment portfolio has slightly increased, indicating a cautious approach while seeking quality companies for long-term returns[70]

Financial Performance - The company reported a net profit attributable to shareholders of HK$593,272,000 for the six months ended December 31, 2023, driven by the Resource Investment segment, which generated a profit of HK$237,951,000 and a share of profit from Mount Gibson Iron Limited of HK$265,908,000[30]. - APAC reported a net profit attributable to shareholders of HK$593,272,000 for 1H FY2024, compared to a net loss of HK$43,424,000 for 1H FY2023[36]. - The Group's underlying segment profit for 1H FY2024 was HK$301,758,000, driven by Resource Investment and Commodity Business divisions, generating segment profits of HK$237,951,000 and HK$69,373,000 respectively[36]. - The consolidated profit before taxation was HK$591,908,000, indicating a strong financial performance[120]. - Total revenue for the six months ended December 31, 2023, was HK$941,434,000, a significant increase from HK$108,933,000 in the same period of 2022, representing a growth of approximately 765%[186]. Investments and Assets - The fair value of the Group's listed securities held-for-trading was HK$374,400,000 as of December 31, 2023, compared to HK$256,100,000 as of June 30, 2023[4]. - The Group's non-current assets amounted to HK$2,041,542,000 as of December 31, 2023, while net current assets were HK$2,055,950,000, reflecting an increase from HK$1,569,339,000 as of June 30, 2023[92]. - The Group's non-current assets as of December 31, 2023, totaled HK$3,024,000, compared to HK$2,430,000 as of June 30, 2023, showing an increase of approximately 24.5%[174]. - The largest investment is in Mount Gibson, which is expected to generate free cash flow in the coming years due to increased production at the Koolan Island mine[113]. Revenue Sources - Revenue from trading of commodities, specifically iron ore, amounted to HK$930,478,000 for the six months ended December 31, 2023, compared to HK$98,260,000 in 2022, indicating a growth of around 846%[186]. - Segment revenue for the commodity business was HK$98,260,000, while gross sales proceeds from resource investment amounted to HK$961,756,000 for the six months ended December 31, 2023[120]. - Interest income from loan receivables was HK$10,956,000 for the six months ended December 31, 2023, slightly up from HK$10,639,000 in 2022, reflecting an increase of about 3%[186]. Employee and Remuneration - Total remuneration and pension contributions for 1H FY2024 amounted to HK$13,234,000, an increase from HK$12,835,000 in 1H FY2023[12]. - The Group had 25 employees as of December 31, 2023, down from 28 as of June 30, 2023[12]. - Staff costs, including directors' emoluments, were HK$16,709,000 for the six months ended December 31, 2023, compared to HK$16,367,000 in 2022, indicating a slight increase of about 2.1%[188]. Risk Management and Economic Outlook - The Group did not actively hedge against foreign exchange risks related to Australian Dollar-denominated assets but will monitor this exposure closely[3]. - The Group's risk management framework is regularly reviewed and updated to respond to changes in market conditions and business strategy[15]. - The company remains cautious about the global economic outlook, which may pressure energy prices[64]. - Geopolitical tensions and upcoming elections, particularly the US election in late 2024, are expected to increase risks related to supply chains and energy supply, presenting both opportunities and risks for the company[27]. - The company anticipates a cyclical recovery in the Chinese economy, which may positively impact commodity markets, amid ongoing economic volatility since the Covid-19 pandemic[25]. Dividends and Shareholder Returns - The company has not declared a dividend due to current uncertainties in the global outlook, with plans to reassess its dividend policy based on economic expectations[31]. - An interim dividend of HK10 cents per share was declared, totaling approximately HK$130,249,000, with HK$80,039,000 paid in cash and 54,151,441 shares issued for scrip dividend[109]. - The company remains committed to providing returns to shareholders while navigating the current economic landscape[31]. Commodity Market Insights - Coking coal prices rebounded in 1H FY2024 due to improved sentiment around China's stimulus measures and low inventories[48]. - Spot uranium prices increased from US$56/lb to US$91/lb, significantly benefiting uranium investments in the portfolio[61]. - The performance of equity investments is expected to be influenced by market sentiment, commodity prices, interest rates, geopolitical conditions, and macroeconomic performance, prompting the Group to regularly review its investment strategy[176]. Financial Position and Liabilities - As of December 31, 2023, the Group's borrowings (excluding lease liabilities) were HK$88,000,000, down from HK$183,240,000 as of June 30, 2023[2]. - The gearing ratio as of December 31, 2023, was nil, consistent with the ratio as of June 30, 2023[2]. - Outstanding loan receivables net of loss allowances amounted to approximately HK$193,885,000 as of December 31, 2023, down from HK$346,074,000 as of June 30, 2023[76]. - The Group reversed impairment losses on loan receivables of approximately HK$24,110,000 in 1H FY2024, compared to an impairment loss of HK$8,676,000 in 1H FY2023[76].

Financial Performance - For the six months ended December 31, 2023, total revenue reached HKD 941,434 thousand, a significant increase from HKD 108,933 thousand in the same period of 2022[10] - Gross profit for the same period was HKD 77,055 thousand, compared to HKD 5,202 thousand in the previous year, indicating a substantial improvement[10] - The net profit for the period was HKD 572,412 thousand, a turnaround from a loss of HKD 45,251 thousand in the prior year[12] - Basic and diluted earnings per share for the period were HKD 45.5, compared to a loss of HKD 3.3 per share in the same period last year[10] - The total comprehensive income for the period was HKD 627,860 thousand, compared to a loss of HKD 74,729 thousand in the previous year[12] - The company reported a total profit before tax loss of HKD (54,887,000) for the six months ended December 31, 2023, compared to a profit of HKD 102,324,000 in the previous period[34] - The company recognized a gain of HKD 214,274,000 from fair value changes of financial assets held for trading for the six months ended December 31, 2023, compared to HKD 54,447,000 in the same period of 2022[33] - The company reported a net foreign exchange gain of HKD 10,178,000 for the six months ended December 31, 2023, compared to a loss of HKD (30,025,000) in the same period of 2022[33] - The company reported a net profit attributable to shareholders of HKD 593,272,000 for the first half of the 2024 fiscal year, compared to a net loss of HKD 43,424,000 in the same period last year[108] Assets and Liabilities - Non-current assets as of December 31, 2023, amounted to HKD 2,041,542 thousand, slightly up from HKD 2,025,899 thousand as of June 30, 2023[13] - Current assets increased to HKD 2,456,401 thousand from HKD 1,876,291 thousand, reflecting a strong liquidity position[13] - As of December 31, 2023, total equity attributable to owners of the company increased to HKD 4,063,241, compared to HKD 3,545,239 as of June 30, 2023, reflecting a growth of approximately 14.6%[20] - Cumulative profits rose to HKD 2,489,872 from HKD 2,026,849, marking an increase of about 22.9%[20] - Non-current liabilities decreased from HKD 1,514 to HKD 589, indicating a reduction of approximately 61.1%[20] - Current liabilities increased to HKD 415,044 from HKD 316,902, representing a rise of about 31.0%[20] - The total assets less total liabilities amounted to HKD 4,082,899, up from HKD 3,585,288, which is an increase of approximately 13.9%[20] - The net value of current assets reached HKD 2,055,950, compared to HKD 1,569,339, reflecting a growth of about 30.9%[20] - Trade and other payables rose significantly from HKD 103,439 to HKD 201,967, an increase of approximately 94.9%[20] - Bank and other loans decreased from HKD 183,240 to HKD 88,000, a decline of about 52.0%[20] - Deferred tax liabilities increased from HKD 523 to HKD 5,815, indicating a rise of approximately 1005.5%[20] Segment Performance - The company has identified three reportable segments: Merchandise Trading, Resource Investment, and Major Investments and Financial Services, which are monitored for performance and resource allocation[5] - The segment performance showed a total profit before tax of HKD 591,908,000, compared to a loss of HKD 43,424,000 in the previous year[48] - The major investment and financial services segment generated a profit of HKD 35,856,000, a significant improvement from a loss of HKD 15,957,000 in the previous year[103] - In the first half of the 2024 fiscal year, resource investments recorded a fair value gain of HKD 214,274,000, compared to HKD 54,447,000 in the same period of the previous fiscal year, resulting in a segment profit of HKD 237,951,000[122] Investment Strategy and Market Outlook - The company plans to continue expanding its market presence and exploring new investment opportunities in the energy and natural resources sectors[5] - The board believes that equity investment performance will depend on market sentiment, influenced by commodity prices, interest rate changes, geopolitical conditions, and macroeconomic performance[174] - The group will regularly review its investment strategy and take appropriate measures to respond to market changes[174] - The group is adopting a cautious investment approach while seeking quality investment opportunities that can generate substantial long-term returns[167] Dividends - The company declared an interim dividend of HKD 0.10 per share, consistent with the previous year[46] - The company has not recommended any dividend for the six months ending December 31, 2023, compared to no dividend for the same period in 2022[168] - The interim dividend declared for the period ending June 30, 2023, is HKD 0.10 per share, totaling approximately HKD 130,249,000, with cash payment of about HKD 80,039,000 and issuance of 54,151,441 shares for shareholders opting for scrip dividend[168] Risk Management - The group has established a comprehensive risk management framework to address various financial and operational risks[146] - The group is closely monitoring foreign exchange risks related to its long-term investments, particularly as its assets are primarily denominated in AUD while liabilities are in USD and HKD[158] Compliance and Accounting - The company has not applied any new standards or interpretations that have not yet come into effect during the reporting period, ensuring compliance with existing accounting policies[22] - The audit committee has reviewed the group's accounting policies and practices, discussing internal controls and financial reporting matters for the six months ending December 31, 2023[179]

Financial Performance and Losses - The company's resource investment division generated a segment profit of HK$92,801,000 for the year ended June 30, 2023, despite weak performance in the commodity sector[17] - Strategic investments in Mount Gibson and Metals X resulted in significant non-cash impairments of HK$267,769,000 and non-cash fair value losses of HK$77,575,000, respectively, leading to an overall net loss attributable to shareholders of HK$318,547,000[17] - The global economic outlook remains weak, with the company recording a net loss attributable to shareholders of HK$318,547,000, primarily due to non-cash impairment losses from the Mount Gibson investment and fair value adjustments for Metals X[28] - The company's attributable net loss for FY2023 was HKD 318,547,000, compared to HKD 465,994,000 in FY2022, including a significant non-cash impairment loss of HKD 267,769,000 related to Mount Gibson[57] - The company recorded a fair value loss of HKD 156,316,000 on its investment in Shougang Fushan Resources Group, with a carrying value of HKD 265,375,000 as of June 30, 2023[79] - The commodities division recorded a net fair value loss of HKD 129,409,000 in the 2023 fiscal year, with a book value of HKD 324,588,000 as of June 30, 2023 (compared to HKD 552,081,000 as of June 30, 2022)[109] - The base metals division (including copper, nickel, and zinc companies) recorded a net fair value loss of HKD 742,000 in the 2023 fiscal year, with copper prices down 0.4%, nickel down 13%, and zinc down 27%[110] - The major investments and financial services division recorded a loss of HKD 17,635,000 in the 2023 fiscal year (compared to a profit of HKD 32,466,000 in the 2022 fiscal year)[115] Investments and Strategic Moves - The company increased its stake in Metals X Limited to approximately 21.2% as of June 30, 2023, making it an associate company, with a net loss attributable to the company of HK$10,632,000 from its major strategic investments for the fiscal year 2023[21] - The company increased its stake in Prodigy Gold to 49.9% in October 2022, resulting in an attributable post-acquisition loss of HKD 9,721,000 for FY2023[58] - The company holds a 46.3% interest in Tanami Gold, which has a cash balance of AUD 31,000,000 and a 50% interest in the Central Tanami project[42][62] - The company increased its stake in Prodigy Gold from approximately 19.8% to 49.9% following a rights issue in October 2022, which was later diluted to 49.8% due to further share issuance by Prodigy Gold[129] - The company's largest investment, Mount Gibson, has successfully increased productivity at the Koolan Island mine after completing a major waste removal project and is expected to generate free cash flow in the coming years[182] - The company holds a 43.50% stake in United Group through controlled corporate interests, represented by 566,697,630 shares[171] - Shougang Fushan Resources Group Limited holds a 16.51% stake in the company with 215,100,000 shares[171] - Old Peak Asia Fund Ltd. and OPG Holdings LLC each hold a 10.90% stake in the company with 142,178,000 shares[171] - PIA Ltd, acting as an investment manager, holds a 6.10% stake in the company with 79,492,000 shares[171] Commodity and Resource Performance - Mount Gibson's cash reserves, including term deposits and marketable investments net of debt, stood at AUD 139,000,000 as of the end of the fiscal year 2023, equivalent to AUD 0.115 per share[24] - Mount Gibson sold 3 million tons of iron ore in FY2023, with an after-tax profit of AUD 5,000,000, but was impacted by non-cash impairments totaling AUD 75,000,000[39] - Metals X recorded an after-tax profit of AUD 12,100,000 for the six months ending June 30, 2023, with a net asset value of AUD 331,700,000[44] - The Platts IODEX 62% CFR China index averaged USD 103 per dry ton in FY2023, with fluctuations ranging from a low of USD 73 in October 2022 to a high of USD 127 in February 2023[41] - Metals X's Renison mine produced 4,023 tons of tin (50% basis) in FY2023, a 15% year-on-year decrease, with an average realized tin price of AUD 36,429 per ton, down 24% year-on-year[43] - The average tin price in FY2023 was USD 24,420 per ton, with recent concerns over supply issues, including reduced production in Indonesia and potential mining bans in Myanmar, supporting prices around USD 25,000 per ton[64] - Shougang Fushan Resources Group reported an EBITDA of HKD 2,373,000,000 and a post-tax profit of HKD 1,519,000,000 for the six months ended June 30, 2023[80] - Shougang Fushan produced 2.7 million tons of raw coking coal in the first half of 2023, aligning with its annual target of 5.25 million tons[100] - The average benchmark market price for Shougang Fushan's refined coking coal products decreased by 30% year-on-year in the first half of 2023, and its share price dropped by 22%[101] - The commodities business recorded a divisional profit of HKD 3,470,000 in the 2023 fiscal year (compared to a profit of HKD 53,649,000 in the 2022 fiscal year)[114] Financial and Operational Metrics - The company did not issue any debentures during the year ended June 30, 2023[14] - The company did not have any equity-linked agreements that would require the issuance of shares as of the end of the fiscal year 2023[15] - The company's distributable reserves to shareholders as of June 30, 2023, were HKD 1,194,959,000, compared to HKD 892,656,000 in 2022[49] - The company's resource investment segment recorded a fair value gain of HKD 16,813,000 in the 2023 fiscal year, with a segment profit of HKD 92,801,000 after accounting for dividends and other investment income and expenses[83] - The mineral investment portfolio, focused on battery metals, base metals, precious metals, uranium, and other hard commodities, achieved a return of 461.2% since its inception in October 2016, outperforming its benchmark by 459.2%[84] - The energy investment portfolio, which expanded to include renewable energy in late 2019, generated a 103% return over the past three and a half years from February 2020 to August 2023[87] - The resource investment strategy generated a 16.3% return for the fiscal year ending June 30, 2023, outperforming the benchmark return of -3.2% by 19.5%[106] - The resource investment portfolio's net asset value increased from HKD 482.675 million to HKD 561.199 million during the fiscal year 2023, with a gain of HKD 78.524 million[106] - The precious metals segment, primarily gold holdings, recorded a net fair value gain of HKD 98.194 million for the fiscal year 2023[108] - Northern Star (ASX: NST) contributed a fair value gain of HKD 45.544 million and had a carrying value of HKD 76.837 million as of June 30, 2023[108] - Westgold Resources Limited (ASX: WGX) recorded a fair value gain of HKD 9.703 million and had a carrying value of HKD 44.114 million as of June 30, 2023[108] - Centerra Gold Inc. (TSX: CG) contributed a fair value gain of HKD 7.387 million for the fiscal year 2023[108] - Gold prices strengthened in the second half of the 2023 fiscal year, trading above $2,000 per ounce in April and May, but later retreated due to delayed expectations of a US Federal Reserve rate cut, with recent trading range between $1,900 and $1,950 per ounce[109] - The company recorded a net fair value gain of HKD 5,335,000 from other commodities (diamonds, manganese, rare earths, lithium, and mineral sands) and non-commodity-related investments, with a book value of HKD 113,025,000 as of June 30, 2023 (compared to HKD 177,578,000 as of June 30, 2022)[113] - As of June 30, 2023, the company's borrowings (excluding lease liabilities) were HKD 183,240,000 (compared to HKD 289,617,000 as of June 30, 2022), with undrawn credit facilities, bank, and other loan financing amounting to HKD 381,500,000[117] - The company's fair value of listed securities held for trading was HKD 256,100,000 as of June 30, 2023 (compared to HKD 491,157,000 as of June 30, 2022), which were pledged to a bank as collateral for bank financing[120] - The company's total number of employees increased to 28 as of June 30, 2023 (compared to 15 as of June 30, 2022), primarily due to the addition of Prodigy Gold as a subsidiary, with total remuneration and pension contributions amounting to HKD 24,295,000 in the 2023 fiscal year (compared to HKD 19,282,000 in the 2022 fiscal year)[122] - Outstanding receivables (net of impairment provisions) were HKD 346,074,000 as of June 30, 2023, compared to HKD 362,698,000 in the previous year, with impairment provisions of HKD 11,715,000 for the year[144] - Non-current assets stood at HKD 2,025,899,000 as of June 30, 2023, down from HKD 2,386,729,000 in the previous year, while net current assets were HKD 1,569,339,000, with a current ratio of 6.1x[144] - The company has no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the fiscal year ending June 30, 2023[151] - The company has no significant investment or capital asset plans as of June 30, 2023[151] - The company will regularly review its investment strategy to mitigate risks related to market sentiment, commodity prices, interest rate changes, geopolitical conditions, and macroeconomic performance[152] - The company will seek potential investment opportunities to maximize shareholder value[152] - AP Finance Limited provided an unsecured revolving loan facility of up to HKD 200,000,000 to the company, with an annual interest rate of HIBOR plus 3%, repayable within 12 months[198] - The loan facility was increased to HKD 300,000,000 and the final repayment date was extended to September 14, 2023[198] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.10 per share for the year, with the option to receive it in fully paid new shares instead of cash[35] Market and Economic Conditions - The Federal Reserve raised interest rates by approximately 500 basis points over the past twelve months to curb inflation, with similar actions taken by most developed countries' central banks[29] - The company remains cautious about the outlook for commodity prices, expecting short-term investment opportunities due to potential central bank rate cuts and strong demand for selected commodities related to energy transition trends[13] Subsidiary and Associate Performance - Prodigy Gold recorded a net loss after tax of AUD 5.2 million for the fiscal year 2023, with a cash balance of AUD 6.1 million as of June 30, 2023[98] - Northern Star, a major gold producer, produced 1.563 million ounces of gold in the 2023 fiscal year and generated free cash flow of AUD 359,000,000, with a target production of 1.6 to 1.75 million ounces for the 2024 fiscal year[89] - Tanami Gold NL is owned approximately 46.30% by the company through its wholly-owned subsidiary, making it an associated corporation under the Securities and Futures Ordinance[180] - Mount Gibson partially participates in investments and trading of listed securities in the resources and related industries through its subsidiaries[197]