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].
布莱克万矿业(00159) - 2024 - 年度财报