Company Profile Company Overview Brockman Mining Limited and its subsidiaries primarily engage in the acquisition, exploration, and development of iron ore projects in Australia, listed in Hong Kong and Australia - The company's main business involves the acquisition, exploration, and development of Australian iron ore projects476 - The company is listed on the Main Board of the Hong Kong Stock Exchange and the Australian Securities Exchange, and is incorporated in Bermuda36502 Board of Directors and Principal Offices The company's board comprises non-executive, executive, and independent non-executive directors, supported by auditors, share registrars, and principal bankers to ensure compliance and transparency Board Members Composition | Category | Name | | :------------------- | :------------------- | | Non-Executive Directors | Gui Si Hai (Chairman) | | | Ross Stewart Norgard | | Executive Directors | Chan Kam Kwan, Jason | | | Gui Guan | | | Colin Paterson | | Independent Non-Executive Directors | Yip Fat Hsuen, Henry | | | Choi Yue Chun, Eugene | | | David Rolf Welch | - The company has auditors (Ernst and Young), principal share registrars (MUFG Fund Services (Bermuda) Limited) and its Hong Kong branch (Tricor Secretaries Limited), Australian branch (Computershare Investor Services Pty Ltd), and several principal bankers38 Chairman's Statement Marillana Project Progress and Challenges The company steadily advanced the Marillana iron ore project, collaborating on port and rail infrastructure investment decisions, while facing challenges in securing land access for logistics - The company continues to advance the Marillana iron ore project, collaborating with Mineral Resources Limited and Hancock Prospecting Pty Ltd's joint venture to jointly invest in and develop Stanley Point Berth 3 at Port Hedland and its supporting infrastructure65 - The main challenge for the project is obtaining consent from other landholders and Aboriginal native title holders within the infrastructure corridor to resolve logistics bottlenecks and realize project value65 - All necessary work for the Marillana project is proceeding according to schedule and plan, including simplifying the processing plant design and optimizing expected outcomes40 Management Discussion and Analysis Financial Review For the year ended June 30, 2023, the company reported a significant increase in loss after tax, primarily due to higher exploration and evaluation expenses, with net assets and bank cash decreasing Key Financial Indicators for FY2023 (HK$ '000) | Indicator | 2023 (HK$ '000) | 2022 (HK$ '000) | | :------------------- | :-------------- | :-------------- | | Loss after tax | 56,600 | 20,800 | | Operating loss | 66,700 | 40,300 | | Net assets | 511,200 | 590,100 | | Bank cash | 16,500 | 28,800 | | Basic loss per share | 0.61 HK cents | 0.22 HK cents | | Operating cash outflow | 19,200 | 20,200 | - The increase in loss after tax was mainly attributable to an increase in the Group's share of joint venture expenses to HK$47.4 million (2022: HK$14.0 million), partially offset by a recognized income tax credit of HK$16.7 million66 Business Review This business segment includes the Marillana, Ophthalmia, and other regional exploration projects, experiencing a significant increase in loss before tax due to higher exploration expenses, but Marillana made positive progress in metallurgy and infrastructure - The iron ore business segment includes Marillana, Ophthalmia, and other regional exploration projects68 Iron Ore Business Financial Performance (HK$ '000) | Indicator | 2023 (HK$ '000) | 2022 (HK$ '000) | | :----------------------------- | :-------------- | :-------------- | | Loss before income tax | 59,300 | 12,500 | | Total mineral exploration expenses | 50,200 | 17,700 | | Marillana joint venture expenses | 46,600 | 13,000 | | Ophthalmia joint venture expenses | 800 | 1,000 | Marillana Project Overview The Marillana project, a flagship iron ore project in Western Australia's Pilbara region, holds significant mineral resources and reserves, with development progressing in metallurgical testing, drilling, and environmental surveys, and port infrastructure collaboration with Mineral Resources and Hancock - The Marillana project, a flagship project, is located in the Hamersley Iron Province of the Pilbara region, Western Australia, with a 50% interest4972 - Metallurgical test results indicate that the modified process flowsheet can increase ore recovery to over 45% while maintaining product quality above 60.5% iron grade, significantly better than the 37.3% average recovery estimated in the reserves52 - A reverse circulation drilling program of 216 holes and 12,040 meters has been completed to infill mineral resource data, with infill resource drilling expected to commence in 202452 - Mineral Resources Limited has signed agreements with Hancock and Roy Hill to jointly investigate the development of new iron ore export facilities at Stanley Point Berth 3 in Port Hedland, with Roy Hill providing rail transport services52 Marillana Project Mineral Resources Summary (JORC 2012) | Mineral Type | Resource Category | Tonnes (million tonnes) | Iron Grade (%) | | :----------- | :---------------- | :---------------------- | :------------- | | DID | Measured | 169.5 | 41.6 | | | Indicated | 961.9 | 42.3 | | | Inferred | 273 | 42.0 | | Total | | 1,404.4 | 42.2 | | CID | Indicated | 84.2 | 55.8 | | | Inferred | 17.7 | 54.4 | | Total | | 101.9 | 55.6 | Marillana Project Ore Reserves Summary (JORC 2012) | Reserve Category | Ore Type | Tonnes (million tonnes) | | :--------------- | :------- | :---------------------- | | Proved | DID | 967 | | Proved | CID | 46 | | Total | | 1,013 | Marillana Project Ore Reserves (Final Product) | Reserve Level | Ore Sales Type | Tonnes (million tonnes) | Iron Grade (%) | Silica (%) | Alumina (%) | LOI (%) | | :------------ | :------------------- | :---------------------- | :------------- | :----------- | :----------- | :------ | | Proved | CID Product | 46 | 55.5 | 5.3 | 3.7 | 9.7 | | Proved | DID Product | 358 | 60.3 | 6.2 | 3.0 | 2.5 | | Proved | Total Ore Product Reserves | 404 | 59.8 | 6.1 | 3.1 | 3.3 | Ophthalmia Project Overview The Ophthalmia project, the company's second most important iron ore project, holds a 50% interest and 341 million tonnes of mineral resources, now prioritized for Marillana development with reduced work plans - The Ophthalmia project holds a 50% interest and is located north of Newman town in the East Pilbara region, Western Australia, being the company's most important iron ore project apart from Marillana81100 - The Ophthalmia project has been incorporated into the transfer of interest with Polaris, where Polaris will acquire a 50% interest, but both parties have agreed to reduce the Ophthalmia work plan to prioritize Marillana's development6182102 Ophthalmia DSO Mineral Resources Summary (JORC 2012) | Deposit | Category | Tonnes (million tonnes) | Iron Grade (%) | CaFe* (%) | Silica (%) | Alumina (%) | Sulfur (%) | Phosphorus (%) | LOI (%) | | :----------- | :-------- | :---------------------- | :------------- | :-------- | :----------- | :----------- | :--------- | :------------- | :------ | | Kalgan Creek | Indicated | 34.9 | 59.3 | 62.7 | 4.08 | 4.57 | 0.009 | 0.183 | 5.49 | | | Inferred | 24.4 | 59.5 | 63.2 | 4.38 | 3.90 | 0.007 | 0.157 | 5.81 | | Subtotal | | 59.3 | 59.4 | 62.9 | 4.21 | 4.29 | 0.009 | 0.173 | 5.63 | | Coondiner | Indicated | 140.5 | 58.5 | 62.0 | 5.18 | 4.46 | 0.007 | 0.176 | 5.71 | | | Inferred | 17.1 | 58.1 | 61.5 | 6.06 | 4.45 | 0.008 | 0.155 | 5.47 | | Subtotal | | 157.6 | 58.4 | 62.0 | 5.27 | 4.46 | 0.007 | 0.174 | 5.68 | | Sirius | Indicated | 105.0 | 60.4 | 63.7 | 3.54 | 3.97 | 0.007 | 0.18 | 5.22 | | | Inferred | 19.0 | 60.2 | 63.4 | 4.09 | 3.83 | 0.009 | 0.17 | 5.14 | | Subtotal | | 124.0 | 60.3 | 63.6 | 3.62 | 3.95 | 0.007 | 0.18 | 5.20 | | Ophthalmia Project | Indicated | 280.4 | 59.3 | 62.7 | 4.43 | 4.29 | 0.007 | 0.178 | 5.50 | | | Inferred | 60.5 | 59.3 | 62.8 | 4.73 | 4.03 | 0.008 | 0.160 | 5.50 | | Subtotal | | 340.9 | 59.3 | 62.7 | 4.49 | 4.24 | 0.007 | 0.175 | 5.50 | West Pilbara Projects The West Pilbara projects encompass four exploration mineral projects, with Duck Creek as the core, where a low strip ratio inferred mineral resource estimate for CID ore has been completed - The West Pilbara projects include four exploration mineral projects, centered around Duck Creek, located approximately 100-130 km northwest of Paraburdoo84 - An inferred mineral resource estimate for the CID ore body at Duck Creek has been completed, totaling 21.6 million tonnes at an iron grade of 55.9%, with an expected very low strip ratio84105 Duck Creek Project Inferred Mineral Resources Summary | Plateau | Category | Tonnes (million tonnes) | Iron Grade (%) | Alumina (%) | Silica (%) | Sulfur (%) | Phosphorus (%) | LOI (%) | | :------ | :------- | :---------------------- | :------------- | :---------- | :----------- | :--------- | :------------- | :------ | | 1 | Inferred | 4.5 | 55.5 | 2.86 | 4.75 | 0.025 | 0.033 | 11.71 | | 2 | Inferred | 7.9 | 55.56 | 2.97 | 4.19 | 0.058 | 0.037 | 11.79 | | 3 | Inferred | 2.6 | 55.84 | 4.41 | 6.02 | 0.021 | 0.065 | 8.85 | | 4 | Inferred | 1.5 | 55.31 | 3.58 | 7.42 | 0.015 | 0.076 | 9.12 | | 5 | Inferred | 3.0 | 56.08 | 4.16 | 6.54 | 0.020 | 0.068 | 8.35 | | 6 | Inferred | 2.2 | 58.17 | 3.22 | 4.92 | 0.016 | 0.106 | 7.62 | | All | Inferred | 21.6 | 55.91 | 3.35 | 5.15 | 0.034 | 0.053 | 10.35 | Mineral Resources and Ore Reserves Management Statement The company confirms that all mineral resource and ore reserve estimates are well-managed and internally controlled, with internal and external reviews by qualified professionals finding no significant issues - The company confirms that all mineral resource and ore reserve estimates are subject to sound management arrangements and internal control procedures at both the tenement and corporate levels87 - Internal and external reviews of the Marillana resource and ore reserve estimation procedures and results were performed by highly competent qualified professionals, with no significant issues identified87 Environmental Review The company is committed to operating responsibly and sustainably, adhering to environmental regulations for exploration and evaluation activities, and has robust systems in place to manage these requirements - The company is committed to operating in a socially responsible manner and fulfilling its tangible commitment to environmental sustainability to gain community respect and support88 - The company's projects are subject to environmental regulations related to their exploration and evaluation activities, and it believes it has adequate systems in place to manage these requirements, with no breaches identified88 Liquidity, Financial Resources, and Gearing Ratio As of June 30, 2023, the company's cash and cash equivalents, net assets, and market capitalization decreased, while liquidity and gearing ratios deteriorated, relying on equity and borrowings for short-term funding Liquidity and Capital Structure (HK$ '000) | Indicator | 2023 (HK$ '000) | 2022 (HK$ '000) | | :------------------------- | :-------------- | :-------------- | | Cash and cash equivalents | 16,495 | 28,797 | | Net assets | 511,212 | 590,137 | | Period-end market capitalization | 1,410,595 | 2,505,662 | | Current ratio | 0.28 | 1.83 | | Gearing ratio | 0.101 | 0.08 | - The company generally meets its short-term funding needs from equity and borrowings, with its ability to advance iron ore project development dependent on securing appropriate and timely funding113 - During the period, the company did not use any financial instruments for hedging purposes and had no outstanding hedging instruments114 Risk Disclosure The company faces commodity price, liquidity, project completion, exchange rate, social, political, and interest rate risks, with policies and procedures in place to mitigate these, reviewed by the Board, Audit Committee, and Risk Management Committee - The company faces key financial risks including commodity price risk, liquidity and funding risk, project non-completion risk, exchange rate risk, social and political risk, and interest rate risk91133134 - The company has adopted policies and procedures to control and mitigate these risks as much as possible, with their performance reviewed annually by the Board, Audit Committee, and Risk Management Committee93116 - The company does not use any commodity derivatives or futures for speculative or hedging purposes, and management will review market conditions periodically to determine the best strategy for managing iron ore price fluctuations as needed114 Significant Investments Held, Major Acquisitions and Disposals of Subsidiaries, Associates or Joint Ventures, and Plans for Future Material Investments or Capital Assets Aside from disclosures in the consolidated financial statements, there were no other significant investments, major acquisitions or disposals of subsidiaries, associates, or joint ventures, nor any plans for future material investments or capital assets during the year - Apart from those disclosed in the consolidated financial statements, there were no other significant investments held, nor any major acquisitions or disposals of subsidiaries, associates, or joint ventures, or plans for future material investments or capital assets during the year115 Directors and Management Board Members The company's board of directors consists of non-executive, executive, and independent non-executive directors, each possessing extensive experience in international shipping, port operations, accounting, corporate finance, resource exploration, and management - Mr Gui Si Hai, the Group's Chairman, has over forty years of experience in international shipping and port operations, founded Far East Holdings International Limited, and is involved in mining, property, and financial services122140 - Mr Ross Stewart Norgard is a Chartered Accountant with extensive experience in raising venture capital and business finance expertise123141 - Mr Gui Guan, an Executive Director, has extensive experience in international shipping, port operations, shipbuilding, mining, and finance, and is the son of Chairman Mr Gui Si Hai142 - Mr Chan Kam Kwan, Jason is the Company Secretary and a member of the Executive Committee, holding a practicing accountant certificate with extensive experience in corporate finance142 - Mr Colin Paterson, CEO of Australian operations, has over thirty years of experience in the resources industry, specializing in technical supervision of exploration projects, resource development, and project evaluation125143 - Mr Yip Fat Hsuen, Henry, an Independent Non-Executive Director, holds an MBA and is a Fellow of the Institute of Chartered Accountants in England and Wales, with extensive experience in finance and accounting126145 - Mr Choi Yue Chun, Eugene, an Independent Non-Executive Director, holds a Bachelor of Laws degree and is a solicitor of the High Court of Hong Kong, specializing in corporate finance and compliance matters for Hong Kong listed companies126146 - Mr David Rolf Welch, an Independent Non-Executive Director, holds a Bachelor of Commerce degree and has experience in strategy, business transformation, mergers and acquisitions, and business development127146 Hong Kong Senior Management Mr Hendrianto Tee serves as the Director of Business Development, bringing extensive experience in debt capital markets, investment, and advisory activities, particularly focused on project funding and development in the resources sector - Mr Hendrianto Tee, Director of Business Development, has worked in debt capital markets at several global financial institutions and covered the resources sector in Australia, Canada, and Indonesia in investment and advisory activities128146 Corporate Governance Report Corporate Governance Code and the Board The company maintains high corporate governance standards, fully complying with HKEX and ASX codes, with the Board overseeing strategy and delegating daily management to the Executive Committee, ensuring diverse skills and regular meetings - The company fully complies with the Corporate Governance Code set out in Appendix 14 to the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange and the Corporate Governance Principles and Recommendations (4th Edition) of the ASX Corporate Governance Council148 - The Board is responsible for the Group's overall strategic direction, establishing management objectives, and monitoring their achievement, aiming to enhance company and shareholder value148 - As of June 30, 2023, the Board comprised 8 directors, including 3 independent directors, possessing a wide range of professional knowledge and experience148 - During the year, the Board held six meetings to discuss the Group's overall strategy, operations, and financial performance148 Board Members' Meeting Attendance (as of June 30, 2023) | Director Name / Role | Board Meetings Attended / Eligible to Attend * | General Meetings Attended / Eligible to Attend * | | :------------------------- | :------------------------------------------- | :--------------------------------------------- | | Gui Si Hai, Chairman | 4/5 | 1/1 | | Ross Stewart Norgard | 5/5 | 1/1 | | David Rolf Welch | 5/5 | 1/1 | | Yip Fat Hsuen, Henry | 5/5 | 1/1 | | Choi Yue Chun, Eugene | 5/5 | 1/1 | | Chan Kam Kwan, Jason, Company Secretary | 5/5 | 1/1 | | Gui Guan | 4/5 | 1/1 | | Colin Paterson | 5/5 | 1/1 | Board Skills Matrix Overview | Experience, Skills & Capabilities | Board | Nomination | Audit | Remuneration & Performance | Sustainability | Risk | Executive | | :------------------------------ | :---- | :--------- | :---- | :------------------------- | :------------- | :--- | :-------- | | Total Non-Executive Directors | 2 | 1 | — | 1 | 1 | 1 | — | | Total Executive Directors | 3 | — | — | — | — | 1 | 3 | | Total Independent Non-Executive Directors | 3 | 3 | 3 | 3 | 2 | 1 | — | | Corporate Leadership Experience | 8 | 4 | 3 | 4 | 3 | 3 | 3 | | International Experience | 3 | 1 | — | 1 | — | — | — | | Resources Industry Experience | 5 | 2 | 1 | 2 | 1 | 2 | 2 | | Other Listed Experience | 6 | 3 | 2 | 3 | 2 | 2 | 2 | | Finance & Capital Management | 6 | 3 | 3 | 3 | 3 | 2 | 2 | | Risk & Compliance | 2 | 1 | 1 | 1 | 1 | 1 | 1 | | Male | 8 | 4 | 3 | 4 | 3 | 3 | 3 | | Female | — | — | — | — | — | — | — | - The roles of Chairman and Chief Executive Officer should be separate; the CEO position was vacant during the year, but Executive Director Mr Colin Paterson serves as CEO of wholly-owned subsidiary Brockman Mining Australia Pty Ltd, responsible for core iron ore business operations18148 - Mr Gui Si Hai, the Board Chairman, is primarily responsible for leading the Board, ensuring timely and proactive discussion of all major policy matters, and ensuring directors receive accurate, timely, and clear information18 - New directors receive an induction package from the Company Secretary, including information on directors' duties and ongoing responsibilities, and are continuously updated on Listing Rules and regulatory requirements18 - Each director should retire by rotation at least once every three years, with non-executive directors serving a three-year term; the appointment or re-appointment of directors is decided by the Board based on the Nomination Committee's recommendation18 Directors' Continuous Professional Development and Corporate Governance Functions The Board is responsible for corporate governance duties, including reviewing and monitoring director and senior management training, ensuring policy compliance, and establishing a code of conduct, with directors engaging in continuous professional development through reading and training - The Board is responsible for performing corporate governance duties, including developing and reviewing corporate governance policies, monitoring director and senior management training, reviewing company policy compliance, establishing a code of conduct, and monitoring compliance with the code521 Directors' Continuous Professional Development Activities | Activity Type | Non-Executive Directors | Executive Director Chan Kam Kwan | Gui Guan | Colin Paterson | Independent Non-Executive Director Yip Fat Hsuen | Choi Yue Chun | David Rolf Welch | | :------------------------------------------ | :---------------------- | :------------------------------- | :------- | :------------- | :----------------------------------------------- | :------------ | :--------------- | | Reading relevant materials | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | | Attending training courses (briefings, seminars, conferences, forums, and workshops) | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | Company Secretary and Board Committees The Company Secretary reports directly to the Board, ensuring compliant and efficient board procedures, while the Board has established various committees—Nomination, Remuneration and Performance, Audit, Risk Management, and Environmental, Health, Safety and Sustainability—each with specific terms of reference - The Company Secretary reports directly to the Board, ensuring board procedures comply with and activities are efficient and effective, and assists the Chairman in preparing meeting agendas and documents7 - Mr Chan Kam Kwan, the Company Secretary, received no less than 15 hours of professional training during the year, complying with the training requirements of Listing Rule 3.29 and ASX Principle 2.67 - The Board has established several committees in accordance with the Listing Rules and ASX Principles, including the Nomination Committee, Remuneration and Performance Committee, Audit Committee, Risk Management Committee, and Environmental, Health, Safety and Sustainability Committee, each with specific written terms of reference7 Nomination Committee The Nomination Committee identifies suitable candidates for the Board, its committees, and senior management, develops succession plans, and ensures the Board possesses the necessary skills, adhering to a formal nomination policy and selection criteria - The primary functions of the Nomination Committee include identifying suitable candidates for nomination to the Board, Board committees, and senior management, developing succession plans, handling the appointment and re-election of directors, and ensuring the Board has the required skills7 - The company has adopted a nomination policy to ensure changes in Board composition occur without undue interference and to establish formal, transparent procedures for director selection, appointment, and re-appointment9 - The nomination process includes determining required skills, identifying potential candidates, the Company Secretary providing resume details, the Board compiling a final list, assessing independence, unanimously agreeing on the best candidate, Chairman interviews, and finalization of the employment offer102728 - Selection criteria include business experience, public board experience, diversity (gender, age, cultural and educational background, ethnicity, professional experience, qualifications, skills, and length of service), highest ethical standards, sufficient time commitment, and independence1229 Nomination Committee Members' Meeting Attendance (as of June 30, 2023) | Director Name / Role | Meetings Attended / Eligible to Attend () | | :------------------------- | :--------------------------------------- | | Yip Fat Hsuen, Henry — Chairman | 1/1 | | Choi Yue Chun, Eugene | 1/1 | | David Rolf Welch | 1/1 | | Gui Si Hai | 1/1 | Board Diversity Policy and Workplace Diversity The company has adopted a Board Diversity Policy to achieve a balanced representation across gender, age, cultural and educational backgrounds, and professional experience, committing to workplace diversity and appointing at least one female director by December 31, 2024 - The Board has adopted a Board Diversity Policy, considering aspects such as gender, age, cultural and educational background, professional experience, skills, knowledge, and length of service153 - The Board annually reviews the implementation and effectiveness of the diversity policy and expresses its satisfaction154 - The company is committed to achieving workplace diversity and recognizes the benefits of employee and board diversity, including a large pool of high-quality and excellent employees, improved employee retention, and enhanced brainstorming170 - As of June 30, 2023, the ratio of male to female employees was approximately 86% to 14% (2022: 87% to 13%)155 - The company will appoint at least one female director by no later than December 31, 2024, to improve gender diversity169 Remuneration and Performance Committee The Remuneration and Performance Committee sets remuneration policy, advises the Board on executive and non-executive director and executive compensation, and regularly reviews board and individual director performance, ensuring competitive and long-term performance-linked remuneration structures - The Remuneration and Performance Committee aims to attract, retain, and motivate a high-quality team crucial to the company's success, fulfilling its duties according to its terms of reference156171 - Key responsibilities of the committee include reviewing and recommending remuneration policies, advising the Board on director and executive remuneration, reviewing performance-based remuneration, and ensuring directors do not participate in determining their own remuneration159 - The committee conducts annual performance reviews of the Board and Board committees, and reviews the performance of individual directors159 - The remuneration structure for non-executive directors allows for payment in the form of share options to preserve cash flow and align with the company's long-term performance159 - Remuneration arrangements for executive directors and executives are reviewed by the committee to ensure total compensation is internally equitable, externally competitive, and supports the company's strategy159 Remuneration and Performance Committee Members' Meeting Attendance (as of June 30, 2023) | Director Name / Role | Meetings Attended / Eligible to Attend () | | :------------------------- | :--------------------------------------- | | Gui Si Hai | 2/2 | | Yip Fat Hsuen, Henry, Chairman | 2/2 | | Choi Yue Chun, Eugene | 2/2 | | David Rolf Welch | 2/2 | Directors' and Key Executives' Remuneration For the year ended June 30, 2023, total remuneration for directors and executives was HK$5.568 million, a decrease from the previous year primarily due to reduced share-based compensation expenses Directors' and Executives' Remuneration (as of June 30, 2023) (HK$ '000) | Name | Fees (HK$ '000) | Salaries (HK$ '000) | Discretionary Bonus (HK$ '000) | Housing Allowance (HK$ '000) | Share-based Payment Expenses (HK$ '000) | Retirement Benefit Schemes (HK$ '000) | Total (HK$ '000) | | :------------------- | :-------------- | :------------------ | :----------------------------- | :--------------------------- | :--------------------------------------- | :------------------------------------- | :--------------- | | Gui Si Hai | — | — | — | — | — | — | — | | Chan Kam Kwan, Jason | — | 1,070 | — | — | — | 54 | 1,124 | | Gui Guan | — | 1,210 | — | — | — | 61 | 1,271 | | Lau Chun Kwai | 108 | — | — | — | — | — | 108 | | Yip Fat Hsuen, Henry | 228 | — | — | — | — | — | 228 | | Choi Yue Chun, Eugene | 228 | — | — | — | — | — | 228 | | David Rolf Welch | 229 | — | — | — | — | — | 229 | | Ross Stewart Norgard | 229 | — | — | — | — | — | 229 | | Colin Paterson | — | 2,018 | — | — | — | 133 | 2,151 | | Total | 1,022 | 4,298 | — | — | — | 248 | 5,568 | Directors' and Executives' Remuneration (as of June 30, 2022) (HK$ '000) | Name | Fees (HK$ '000) | Salaries (HK$ '000) | Discretionary Bonus (HK$ '000) | Housing Allowance (HK$ '000) | Share-based Payment Expenses (HK$ '000) | Retirement Benefit Schemes (HK$ '000) | Total (HK$ '000) | | :------------------- | :-------------- | :------------------ | :----------------------------- | :--------------------------- | :--------------------------------------- | :------------------------------------- | :--------------- | | Gui Si Hai | — | — | — | — | — | — | — | | Chan Kam Kwan, Jason | — | 363 | — | 720 | 777 | 50 | 1,910 | | Gui Guan | — | 1,083 | — | — | — | 50 | 1,133 | | Lau Chun Kwai | 240 | — | — | — | 117 | — | 357 | | Yip Fat Hsuen, Henry | 228 | — | — | — | 117 | — | 345 | | Choi Yue Chun, Eugene | 228 | — | — | — | 117 | — | 345 | | David Rolf Welch | 227 | — | — | — | 117 | — | 344 | | Ross Stewart Norgard | 227 | — | — | — | 117 | — | 344 | | Colin Paterson | — | 2,328 | — | — | 716 | 133 | 3,177 | | Total | 1,150 | 3,774 | — | 720 | 2,078 | 233 | 7,955 | Directors' and Key Executives' Remuneration Grouping (HK$ '000) | Remuneration Range | 2023 Number of Members | 2022 Number of Members | | :--------------------------------- | :--------------------- | :--------------------- | | HK$0 to HK$1,000,000 | 6 | 6 | | HK$1,000,001 to HK$2,000,000 | 3 | 3 | | HK$2,000,001 to HK$3,000,000 | 1 | 1 | | HK$3,000,001 to HK$4,000,000 | — | 1 | | Total | 10 | 11 | Audit Committee The Audit Committee oversees the company's financial reporting and internal control systems, reviews external auditor appointments, independence, and audit processes, and monitors the integrity of financial statements, ensuring compliance with accounting policies and practices - The Audit Committee is responsible for overseeing the company's financial reporting system and internal control procedures, fulfilling its duties according to its terms of reference161179 - Key responsibilities of the committee include making recommendations on the appointment, remuneration, and dismissal of external auditors, reviewing and monitoring the independence and audit process of external auditors, and formulating and implementing policies for engaging external auditors180 - The committee monitors the integrity of the company's financial statements and annual and interim reports, and reviews significant financial reporting judgments contained therein180 Audit Committee Members' Composition and Professional Skills (as of June 30, 2023) | Director Name / Role | Identity
布莱克万矿业(00159) - 2023 - 年度财报