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].
布莱克万矿业(00159) - 2024 - 年度业绩