Financial Performance - For the fiscal year ending June 30, 2025, the company reported a loss of approximately HKD 34.6 million from continuing operations, compared to a loss of HKD 13.4 million in the previous year[10]. - The basic loss per share for the fiscal year was HKD 0.37, an increase from HKD 0.14 in the previous year[11]. - The company's net asset value as of June 30, 2025, was HKD 456.4 million, down from HKD 498.5 million in the previous year[11]. - Cash reserves as of June 30, 2025, were HKD 5.3 million, an increase from HKD 4.5 million in the previous year[11]. - The company has a net asset value of HKD 456,414,000 as of June 30, 2025, down from HKD 498,524,000 in 2024[73]. - The current ratio is 2.96 as of June 30, 2025, compared to 2.19 in 2024, indicating improved liquidity[73]. - The capital debt ratio is 0.16 as of June 30, 2025, up from 0.13 in 2024, reflecting a slight increase in leverage[73]. - The total employee cost, including director remuneration, was HKD 12,613,000 for the year ending June 30, 2025, compared to HKD 11,882,000 in 2024, reflecting an increase of approximately 6.15%[89]. Project Developments - The Marillana project has completed all on-site technical studies, confirming previous findings and optimizing the processing plant design[13]. - The company is working on updating environmental approvals and hydrological modeling for the Marillana project[13]. - The joint venture with Hancock Prospecting Pty Ltd is progressing towards the development of new port infrastructure at Stanley Point, which aims to alleviate logistical bottlenecks for the Marillana project[7]. - The company continues to advance exploration activities at the Punda Springs project outside of the Marillana project[13]. - The initial development plan is underway, with 18 drill holes completed, yielding approximately 622 tons of ore samples for metallurgical testing[24]. - The updated recovery rate from metallurgical tests is over 45%, significantly improving from the previously estimated average recovery rate of 37.3%[24]. - The project has established a partnership with Hancock and Roy Hill for the development of new iron ore export facilities at Stanley Point[31]. - Infrastructure construction for the Marillana project is projected to take 26 months post-final investment decision[36]. - The Marillana project covers an area of 82 square kilometers with a total resource of 1.414 billion tons at an iron grade of 42.2%[22]. - The estimated iron grade for the total mineral resource is 42.2%, with specific grades of 41.6% for proven and 42.3% for indicated resources[41]. - The Marillana project has a total ore reserve of 1.013 billion tons, comprising 967 million tons of Direct Shipping Ore (DSO) and 46 million tons of CID ore[43]. - The average iron content of the final product from the DSO is estimated to be 59.8%, with a silica content of 6.1% and an alumina content of 3.1%[44]. - The mining strip ratio for the Marillana project is 1.0:1, indicating a balanced ratio of waste to ore[42]. - The Ophthalmia iron ore project has a total mineral resource of 341 million tons with an iron grade of 59.3%[45]. - The company has agreed to transfer a 50% interest in the Ophthalmia project to Polaris, with the transfer responsibilities fulfilled as of December 8, 2021[49]. - Future development of the Ophthalmia project is contingent upon the availability of export infrastructure solutions related to the Marillana project[49]. - The Punda Springs iron ore project has identified three surface secondary enriched iron mineralization zones, with initial drilling including 11 reverse circulation holes totaling 582 meters in depth[55]. - Significant iron grades were recorded in Punda Springs drilling, with thicknesses of 20 meters at 57.3% and 22 meters at 57.7% iron content[59]. - A deep drilling program is planned for September 2025, estimating 15 to 20 holes with depths of 1,500 meters to further assess the mineral body[64]. - The Coondiner project has a total of 157.6 million tons of mineral resources with an average iron grade of 58.4%[52]. - The Sirius project has a total of 124 million tons of mineral resources with an average iron grade of 60.3%[52]. - The exploration results indicate significant potential for further mineralization, necessitating additional drilling to confirm continuity and extension of the mineral body[64]. - The Duck Creek iron ore deposit has an inferred mineral resource estimate of 21.6 million tons with an average iron grade of 55.91%[68]. Governance and Management - The company emphasizes high standards of corporate governance, focusing on transparency, accountability, and independence, which are crucial for shareholder value[108]. - The board has adopted corporate governance practices in line with the Australian Securities Exchange and Hong Kong Stock Exchange regulations, ensuring compliance and best practices[109]. - The board consists of eight members, including three independent directors, ensuring a balanced composition with diverse expertise and experience[112]. - The board held a total of 7 meetings during the fiscal year ending June 30, 2025, with all directors actively participating[113]. - The chairman, who is also a major shareholder, holds 60% of the shares in the parent company, ensuring alignment of interests[116]. - Independent non-executive directors have confirmed their independence according to the standards set by the Hong Kong Stock Exchange and Australian Exchange[112]. - The company has established various committees under the board, including audit, remuneration, and risk management committees, to enhance governance[111]. - The board's responsibilities include reviewing and approving the group's overall strategy, annual budgets, and significant contracts[110]. - The company provides directors with access to sufficient and reliable information to make informed decisions[114]. - The board has mechanisms in place to encourage independent viewpoints and opinions from directors[114]. - The company secretary assists in preparing meeting agendas and ensuring compliance with applicable rules and regulations[113]. - The board's procedures allow for meetings to be held via telephone or video conferencing, facilitating participation[113]. - The board consists of 2 non-executive directors, 3 executive directors, and 3 independent non-executive directors, ensuring a diverse skill set and experience[117]. - The board has 8 members with experience in senior leadership roles, including 4 with international experience and 5 with relevant industry experience in resources and mining[117]. - The company has a total of 6 directors with financing and capital management expertise, and 3 with risk and compliance knowledge[117]. - The chairman of the board is not an independent individual, as he is a major shareholder, which the board believes benefits shareholders at this stage of development[119]. - The role of the CEO has been vacant during the year, with Colin Paterson overseeing core iron ore operations as CEO of the wholly-owned subsidiary Brockman Mining Australia Pty Ltd[119]. - The company secretary has completed over 15 hours of professional training to comply with relevant regulations, ensuring adherence to corporate governance standards[126]. - All board meetings are conducted in English, and all directors are capable of communicating effectively in English[127]. - The company has established a nomination committee to oversee the selection and recommendation process for board candidates, ensuring compliance with corporate governance standards[121]. - The board is responsible for corporate governance functions and has adopted a written terms of reference to fulfill these responsibilities[125]. - Continuous professional development programs are in place for directors to maintain the necessary skills and knowledge for effective governance[124]. - The board has established multiple committees, including the Nomination Committee, to ensure governance and oversight, with all meeting records maintained by the company secretary[130]. - The Nomination Committee is primarily responsible for identifying suitable candidates for board membership and succession planning for senior management[132]. - The board currently consists of eight members, with one female director, resulting in a gender diversity ratio of 13%[139]. - The company aims to maintain the current female representation on the board and gradually increase it when suitable candidates are identified[139]. - The employee gender ratio is approximately 79% male to 21% female, reflecting the company's focus on exploration activities[140]. - The board has conducted an annual review of the effectiveness of its diversity policies and expressed satisfaction with their implementation[139]. - The Nomination Committee has recommended the re-election of retiring directors at the upcoming 2024 annual general meeting[141]. - The company has adopted a board diversity policy aimed at achieving a balanced mix of skills, experience, and perspectives[138]. - The Nomination Committee will continue to assess the independence of non-executive directors and review the board's structure and composition[141]. Risk Management and Compliance - The company acknowledges significant uncertainty regarding its ability to raise sufficient funds, which may impact its going concern assumption[160]. - The audit committee is responsible for overseeing the integrity of the company's financial statements, including annual and semi-annual reports, ensuring compliance with accounting standards and legal regulations[160]. - The audit committee evaluates the adequacy of the company's accounting control systems and oversees management's responses to any identified deficiencies[158]. - The company has established a risk management and internal control system designed to reasonably ensure no material misstatements or losses occur[172]. - The company’s internal control and risk management systems were deemed sufficient and effective as of June 30, 2025, with no defects found[174]. - The company has implemented a code of conduct to guide and enhance the behavior of directors, executives, and employees in their daily duties[177]. - The risk management committee oversees risk management and internal control processes, assessing risks related to the company's ongoing activities and future actions[169]. - The internal audit function has been outsourced to an independent management consulting firm, which evaluates the effectiveness of the internal control system annually[174]. - The audit committee discusses the internal control systems and risk management with management to ensure effective systems are in place[158]. - The company has adopted a securities trading policy applicable to all directors, ensuring compliance with the Australian Stock Exchange and Hong Kong Stock Exchange regulations[175]. Environmental, Social, and Governance (ESG) - The environmental, social, and governance report for the fiscal year ending June 30, 2025, has been prepared in accordance with relevant guidelines and regulations[191]. - The report covers all business operations, primarily focusing on the headquarters in Hong Kong and its subsidiaries in Australia, for the fiscal year from July 1, 2024, to June 30, 2025[192]. - The board retains full responsibility for the company's environmental, social, and governance management, aiming for sustainable development of mineral resources[193]. - The company is committed to environmental management practices to minimize its business activities' impact on the environment[194]. - The board will review the company's strategic planning and performance based on key performance indicators (KPIs) related to environmental, social, and governance (ESG) goals annually[194]. - The company aims to reduce its carbon footprint by integrating ESG initiatives into its strategy[194]. - Stakeholder engagement is crucial for improving the company's ESG performance, with formal channels established for timely communication[198]. - The company has identified significant stakeholders that have substantial financial and operational impacts and long-term strategic relationships[197]. - Key performance indicators for various stakeholders include compliance with laws and regulations, environmental performance, and labor standards[200]. - The company conducts annual reviews and monitoring of labor standards and regulatory updates to ensure compliance[200]. - A quality assurance framework is established before the first batch of ore delivery to ensure product responsibility[200]. - The company supports charitable organizations as part of its community engagement initiatives[200]. - Continuous communication with stakeholders is maintained to report on sustainability progress and future plans[196].
布莱克万矿业(00159) - 2025 - 年度财报