亚太资源(01104) - 2025 - 年度业绩

Consolidated Income Statement The Group's annual profit for FY2025 significantly decreased, primarily due to reduced total revenue and higher finance costs Consolidated Income Statement Key Financial Data (HK$ thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total Revenue | 353,131 | 1,188,528 | | Cost of Sales | (339,300) | (1,095,148) | | Gross Profit | 13,831 | 93,380 | | Other Gains and Losses | 358,334 | 380,428 | | Net Impairment Loss on Interests in Associates | (106,922) | (80,423) | | Administrative Expenses | (94,689) | (78,391) | | Finance Costs | (25,226) | (9,088) | | Profit Before Tax | 236,521 | 396,018 | | Profit for the Year | 240,774 | 363,441 | | Profit Attributable to Owners of the Company | 243,862 | 390,031 | | Basic Earnings Per Share (HK cents) | 17.76 | 29.39 | Consolidated Statement of Profit or Loss and Other Comprehensive Income The Group's total comprehensive income for FY2025 decreased, despite other comprehensive income shifting from a loss to a gain Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data (HK$ thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the Year | 240,774 | 363,441 | | Other Comprehensive Income (net of tax) | 20,955 | (13,624) | | Total Comprehensive Income for the Year | 261,729 | 349,817 | | Total Comprehensive Income Attributable to Owners of the Company | 265,135 | 375,696 | - Exchange differences arising from translating associates worsened from (HK$6,194) thousand in 2024 to (HK$10,067) thousand in 2025, indicating a negative impact of exchange rate fluctuations on associate values[3] Consolidated Statement of Financial Position Total assets increased for FY2025, driven by higher current assets, while total liabilities also rose, yet equity attributable to owners grew Consolidated Statement of Financial Position Key Data (HK$ thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total Assets | 4,567,122 | 4,219,922 | | Non-current Assets | 1,563,400 | 1,633,082 | | Current Assets | 3,003,722 | 2,586,840 | | Total Equity Attributable to Owners of the Company | 4,020,895 | 3,841,774 | | Total Liabilities | 546,227 | 360,639 | | Net Current Assets | 2,467,308 | 2,252,960 | - Inventory within current assets significantly increased by 253% from HK$62,355 thousand to HK$220,157 thousand[4] - Financial assets at fair value through profit or loss increased by 9.8% from HK$1,793,152 thousand to HK$1,970,043 thousand[4] - Bank and other loans increased by 67.2% from HK$280,105 thousand to HK$468,457 thousand[5] Notes to the Consolidated Financial Statements This section details the Group's accounting policies, financial performance, and position, including segment information and key financial items Note 1 Basis of Preparation and Accounting Policies This note outlines the preparation basis and accounting policies, including revised HKFRSs, which had no material impact on the Group's financials - The consolidated financial statements are presented in Hong Kong dollars and measured on a historical cost basis, with certain assets and liabilities presented at fair value[6] - Several revised Hong Kong Financial Reporting Standards (HKFRSs) were applied during the year, including those related to liability classification, non-current liabilities with covenants, sale and leaseback lease liabilities, financial statement presentation, and supplier finance arrangements, but had no material impact on the Group's financial position and performance[6] Note 2 Revenue The Group's revenue for FY2025 significantly decreased, primarily due to a substantial reduction in commodity trading (iron ore) revenue Revenue from Contracts with Customers by Major Product or Service Category (HK$ thousand) | Revenue Source | 2025 | 2024 | | :--- | :--- | :--- | | Commodity Trading (Iron Ore) | 340,757 | 1,169,403 | | Loan Interest Income | 12,374 | 18,774 | | Other Interest Income | – | 351 | | Total Revenue | 353,131 | 1,188,528 | - Commodity trading (iron ore) revenue decreased by 70.8% year-on-year, from HK$1,169,403 thousand to HK$340,757 thousand[8] - Loan interest income decreased by 34.1% year-on-year, from HK$18,774 thousand to HK$12,374 thousand[8] Note 3 Segment Information The Group manages its business through commodity, resource investment, and principal investment segments, with detailed performance and asset disclosures Note 3(a) Segment Results, Assets and Liabilities Segment results, assets, and liabilities are monitored, with resource investment contributing most to profit and commodity business incurring a loss Segment Results (HK$ thousand) | Segment | 2025 | 2024 | | :--- | :--- | :--- | | Commodity Business | (8,046) | 84,031 | | Resource Investments | 342,743 | 403,722 | | Principal Investments and Financial Services | 7,172 | 38,531 | | Total Reportable Segments | 341,869 | 526,284 | Segment Assets (HK$ thousand) | Segment | 2025 | 2024 | | :--- | :--- | :--- | | Commodity Business | 558,083 | 517,706 | | Resource Investments | 2,163,146 | 1,941,356 | | Principal Investments and Financial Services | 83,998 | 89,115 | | Total Reportable Segments | 2,805,227 | 2,548,177 | - The Commodity Business segment result shifted from a profit of HK$84,031 thousand in 2024 to a loss of HK$(8,046) thousand in 2025[13][15] - The Resource Investments segment result decreased from HK$403,722 thousand in 2024 to HK$342,743 thousand in 2025[13][15] Note 3(b) Geographical Information Revenue and non-current assets are geographically segmented, showing a significant decline in China revenue and asset concentration in Australia and China Revenue from External Customers (HK$ thousand) | Region | 2025 | 2024 | | :--- | :--- | :--- | | Hong Kong | 12,374 | 6,667 | | China | 340,757 | 1,181,861 | | Australia | – | – | | Philippines | – | – | | Total | 353,131 | 1,188,528 | Non-current Assets (HK$ thousand) | Region | 2025 | 2024 | | :--- | :--- | :--- | | Hong Kong | 2,973 | 1,505 | | China | 140,919 | 137,755 | | Australia | 1,412,906 | 1,472,391 | | Philippines | 6,368 | 8,553 | | Total | 1,563,166 | 1,620,204 | - Revenue from China decreased by 71.2% year-on-year, from HK$1,181,861 thousand to HK$340,757 thousand[18] Note 3(c) Major Customers Information This note identifies major customers contributing 10% or more to the Group's revenue, highlighting shifts in customer contributions for the year Major Customer Revenue Contribution (HK$ thousand) | Customer | 2025 | 2024 | | :--- | :--- | :--- | | Customer A | 147,852 | – | | Customer B | 55,188 | 670,195 | | Customer C | 45,230 | – | | Customer D | 39,028 | – | - Customer B's revenue contribution significantly decreased by 91.8% from HK$670,195 thousand in 2024 to HK$55,188 thousand in 2025[19] - Customers A, C, and D became new major customers in 2025, having contributed less than 10% to Group revenue in 2024[19] Note 4 Other Gains and Losses Other gains and losses were primarily driven by fair value changes in financial assets, alongside impairment and foreign exchange impacts Other Gains and Losses Key Items (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Net fair value gain on financial assets at fair value through profit or loss | 351,275 | 379,870 | | Net (impairment loss) / reversal of impairment loss on loans receivable | (4,267) | 24,086 | | Gain on loss of control of a subsidiary | 2,161 | – | | Net foreign exchange gain / (loss) | 3,209 | (4,082) | | Total | 358,334 | 380,428 | - Net impairment loss on loans receivable shifted from a reversal of HK$24,086 thousand in 2024 to an impairment loss of HK$4,267 thousand in 2025[21] - A gain of HK$2,161 thousand on loss of control of a subsidiary was recognized during the year due to a significant reduction in the Group's interest in the investee company[21] Note 5 Profit Before Tax This note itemizes expenses deducted from profit before tax, showing increased finance and staff costs, but significantly reduced cost of goods and exploration Profit Before Tax Deductions (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Finance Costs | 25,226 | 9,088 | | Staff Costs | 56,127 | 46,053 | | Cost of Goods Recognized as Expense | 339,300 | 1,117,125 | | Exploration Expenses | 4,690 | 22,516 | - Finance costs increased by 177.6% year-on-year, from HK$9,088 thousand to HK$25,226 thousand[22] - Cost of goods recognized as expense decreased by 69.6% year-on-year, from HK$1,117,125 thousand to HK$339,300 thousand[22] Note 6 Income Tax (Credit) / Expense The Group recorded an income tax credit for FY2025, a reversal from the prior year's expense, mainly due to deferred tax movements Income Tax (Credit) / Expense (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Current Tax | 5,961 | 5,362 | | Deferred Tax | (10,214) | 27,215 | | Income Tax (Credit) / Expense | (4,253) | 32,577 | - Deferred tax shifted from an expense of HK$27,215 thousand in 2024 to a credit of HK$10,214 thousand in 2025[23] Note 7 Dividends The Board recommended a final dividend of HK 11 cents per share for FY2025, an increase from the previous year's dividend - The Board recommended a final dividend of HK 11 cents per share for the year ended June 30, 2025, which is higher than the HK 10 cents per share for 2024[24] - In FY2024, the Company paid HK$130,249 thousand for the 2023 interim dividend, with HK$80,040 thousand paid in cash and HK$50,209 thousand settled by issuing 54,151,441 ordinary shares[25] Note 8 Earnings Per Share Both basic and diluted earnings per share decreased for FY2025, reflecting the reduction in profit attributable to owners Note 8(a) Basic Earnings Per Share Basic earnings per share, based on profit attributable to owners and weighted average shares, decreased to HK 17.76 cents Basic Earnings Per Share Calculation (HK$ thousand / thousand shares) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company | 243,862 | 390,031 | | Weighted Average Number of Ordinary Shares | 1,373,138 | 1,327,194 | | Basic Earnings Per Share (HK cents) | 17.76 | 29.39 | - Basic earnings per share decreased by 39.6% year-on-year, from HK 29.39 cents to HK 17.76 cents[26] Note 8(b) Diluted Earnings Per Share Diluted earnings per share for FY2025 was HK 17.64 cents, slightly lower than basic EPS due to potential dilutive shares from warrants Diluted Earnings Per Share Calculation (HK$ thousand / thousand shares) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company for Diluted EPS | 243,862 | 390,031 | | Weighted Average Number of Ordinary Shares (Basic) | 1,373,138 | 1,327,194 | | Effect of Potential Dilutive Ordinary Shares under 2027 Warrants | 9,347 | – | | Diluted Earnings Per Share (HK cents) | 17.64 | 29.39 | - The effect of potential dilutive ordinary shares under the 2027 warrants was 9,347 thousand shares, resulting in diluted earnings slightly lower than basic earnings[28] Note 9 Interests in Associates The carrying value of interests in associates decreased for FY2025, primarily due to higher recognized impairment losses Interests in Associates (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Interests in Associates (before impairment) | 2,394,172 | 2,338,149 | | Impairment Loss Recognized | (929,565) | (822,643) | | Total | 1,464,607 | 1,515,506 | Impairment Loss for Each Associate (HK$ thousand) | Associate | 2025 | 2024 | | :--- | :--- | :--- | | Mount Gibson Iron Limited | (171,800) | (71,303) | | Tanami Gold NL | 66,687 | (11,115) | | Mabuhay Holdings Corporation | (1,809) | 1,995 | | Total | (106,922) | (80,423) | - Impairment loss for Mount Gibson Iron Limited expanded by 141% from (HK$71,303) thousand in 2024 to (HK$171,800) thousand in 2025[29] Note 10 Interests in a Joint Venture The carrying value of interests in a joint venture increased to HK$94,146 thousand as of June 30, 2025 Interests in a Joint Venture (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Interests in a Joint Venture | 94,146 | 89,398 | - Interests in a joint venture increased by 5.3% year-on-year, from HK$89,398 thousand to HK$94,146 thousand[29] Note 11 Trade and Other Receivables, Prepayments, Deposits Total current receivables increased for FY2025, driven by new trade receivables and higher VAT receivables, despite a drop in dividends receivable Trade and Other Receivables (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Trade Receivables | 9,639 | – | | Other Receivables and Deposits | 36,234 | 8,439 | | VAT Receivables | 30,459 | 9,773 | | Dividends Receivable | 312 | 34,555 | | Total Current Assets | 84,647 | 65,503 | - Trade receivables were HK$9,639 thousand in 2025, compared to zero in 2024[30] - Dividends receivable significantly decreased by 99.1% from HK$34,555 thousand in 2024 to HK$312 thousand in 2025[30] Note 12 Trade and Other Payables Total trade and other payables increased for FY2025, mainly due to a significant rise in employee benefit provisions Trade and Other Payables (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Trade Payables Designated at Fair Value Through Profit or Loss | 4,768 | 3,688 | | Employee Benefit Provisions | 33,430 | 18,263 | | Other Payables Measured at Amortized Cost | 26,836 | 29,789 | | Total | 65,034 | 51,740 | - Employee benefit provisions increased by 83.0% year-on-year, from HK$18,263 thousand to HK$33,430 thousand[32] - The Group's trade payables for iron ore commodity purchases under provisional pricing arrangements are measured at fair value through profit or loss[32] Note 13 Share Capital Issued and fully paid share capital increased for FY2025, primarily due to the issuance of shares under the 2027 warrants Share Capital Movement (HK$ thousand / Number of Shares) | Item | Number of Shares | Amount | | :--- | :--- | :--- | | As at July 1, 2023 | 1,302,485,521 | 1,302,486 | | Shares Issued under Scrip Dividend Scheme | 54,151,441 | 54,151 | | As at June 30, 2024 | 1,356,636,962 | 1,356,637 | | Shares Issued under 2027 Warrants | 52,333,542 | 52,334 | | As at June 30, 2025 | 1,408,970,504 | 1,408,971 | - As of June 30, 2025, the total number of issued shares was 1,408,970,504, an increase of 52,333,542 shares from the prior year, mainly due to the exercise of 2027 warrants[33] Management Discussion and Analysis This section provides an overview of the Group's financial performance, strategic investments, segment operations, liquidity, and risk management for the year Financial Results The Group's profit attributable to shareholders decreased for FY2025, with the resource investment segment being the primary contributor to profit Profit Attributable to Owners of the Company (HK$ thousand) | Financial Year | Net Profit | | :--- | :--- | | 2025 | 243,862 | | 2024 | 390,031 | - Profit attributable to owners of the Company decreased by 37.47% year-on-year[34] - The Resource Investments segment generated a segment profit of HK$342,743 thousand, serving as the primary source of profit[34] Key Strategic Investments The Group's key strategic investments are in Australian-listed resource companies, with changes in ownership and performance noted Mount Gibson Iron Limited Mount Gibson recorded a net loss after tax in FY2025 due to production limits, higher operating costs, and impairment, but expects increased sales - Mount Gibson recorded a net loss after tax of AUD 82.2 million from selling 2.6 million tonnes of iron ore in FY2025[38] - The loss was attributed to production and grade limitations in the September quarter, increased operating costs from new pit access construction, and an AUD 90.4 million impairment expense due to weak iron ore prices[38] - Sales guidance for FY2026 is 3.0 million to 3.2 million tonnes, indicating an expected increase in production[38] Tanami Gold NL Asia Pacific Resources holds a 46.3% interest in Tanami Gold, a gold exploration company, which recently announced a 50% interest acquisition by Mount Gibson - Asia Pacific Resources held a 46.3% interest in Tanami Gold as of June 30, 2025[40] - Tanami Gold's primary business is gold exploration, holding a 50% interest in the Central Tanami Project[40] - Mount Gibson announced an agreement to acquire a 50% interest in the CTP joint venture and adjacent wholly-owned exploration tenements from Northern Star[40] Metals X Limited Asia Pacific Resources increased its stake in Metals X to 23.3%, with Metals X focusing on mine life planning and strong tin production, maintaining a positive outlook - Asia Pacific Resources' equity interest in Metals X increased from 22.8% as of June 30, 2024, to 23.3% as of June 30, 2025[41] - The Renison mine produced 5,692 tonnes of tin for the twelve months ended June 2025, with an estimated EBITDA of AUD 274 million[41] - The Group remains positive on the outlook for tin, given no significant increase in supply and rising demand from electrification trends[42] Dragon Mining Limited Asia Pacific Resources holds a 29.7% interest in Dragon Mining, a Nordic gold exploration and mining company, which saw a voluntary cash offer withdrawn and a new offer proposed - Asia Pacific Resources held approximately a 29.7% interest in Dragon Mining as of June 30, 2025[43] - Dragon Mining operates gold mines and processing facilities in Finland and Sweden, with an annual production of 20,000 to 30,000 ounces of gold concentrate[43] - APRL's voluntary cash offer for Dragon Mining was withdrawn, and a new conditional voluntary cash offer of HK$2.60 per share was made by Wah Cheong, an indirect wholly-owned subsidiary of a major shareholder[44] Prodigy Gold NL Asia Pacific Resources' holding in Prodigy Gold decreased to 29.6%, reclassified as an associate, focusing on exploration and non-core asset sales - Asia Pacific Resources' controlling interest in Prodigy Gold decreased from 44.3% to 29.6%, and it has been accounted for as an associate since October 30, 2024[36][45] - Prodigy Gold recorded a net loss after tax of AUD 3.5 million in FY2025[45] - The company's focus is on exploration in the Northern Tanami project area and continuing its strategy of divesting non-core assets[45] Financial Assets at Fair Value Through Profit or Loss The Group's financial assets at fair value through profit or loss primarily consist of resource investments, including a significant holding in Shougang Fushan Resources Group Limited Significant Investments The Group holds a significant investment in Shougang Fushan Resources Group Limited, which recorded a fair value loss during the year Shougang Fushan Investment Overview (HK$ thousand) | Metric | Data | | :--- | :--- | | Percentage of Shares Held | 2.8% | | Investment Cost | 252,452 | | Dividend Income | 12,151 | | Net Fair Value Loss | (44,248) | | Carrying Value (June 30, 2025) | 406,577 | | Percentage of Group's Total Assets | 8.9% | - Shougang Fushan produced 2.6 million tonnes of raw coking coal and sold 1.6 million tonnes of clean coking coal for the six months ended June 30, 2025[48] - Shougang Fushan recorded revenue of HK$2,101 million and profit of HK$481 million for the six months ended June 30, 2025[49] Resource Investments The resource investment segment recorded fair value gains but a decrease in segment profit, with a portfolio strategy to generate returns and manage risk Small-to-Mid Cap Mining Portfolio This portfolio achieved a 751% return since inception, outperforming its benchmark due to a strong gold overweight and broad commodity market recovery - The small-to-mid cap mining portfolio has achieved a 751% return over 8.75 years since its inception on October 1, 2016, significantly outperforming the benchmark's 27% return[52] - For the year ended June 30, 2025, the strategy recorded a 29.2% performance, compared to the benchmark's 28.5%, resulting in an alpha of 0.7%[54] - The portfolio's strong performance is primarily due to its significant overweighting in the gold sector, with gold exposure ranging from 40% to 70% since early 2024[55] Energy Portfolio The energy portfolio generated a 140% return since February 2020, shifting focus to companies benefiting from AI-driven power demand, particularly natural gas and uranium - The energy portfolio generated an investment return of 140% from February 2020 to August 2025[57] - During the year, the portfolio reduced its oil-related investments and largely divested from renewable energy, shifting focus[58] - The investment strategy now concentrates on companies benefiting from the electricity demand driven by Artificial Intelligence (AI), particularly natural gas and uranium companies that support base load power[58] Precious Metals The precious metals segment, primarily gold, recorded a net fair value gain, with gold prices strongly rebounding due to central bank purchases and geopolitical tensions - The precious metals segment recorded a net fair value gain of HK$510,007 thousand in FY2025[59] - The carrying value of the precious metals segment increased by 52.3% from HK$686,052 thousand in 2024 to HK$1,045,084 thousand in 2025[59] - Gold prices strongly rebounded in FY2025, rising from approximately US$2,300 per ounce to a high of US$3,500, closing at approximately US$3,300, driven by central bank purchases, geopolitical tensions, and anticipated global monetary policy easing[60] Bulk Commodities The bulk commodities segment recorded a fair value loss, with its largest investment in Shougang Fushan contributing to this loss - The bulk commodities segment recorded a fair value loss of HK$96,039 thousand in FY2025[61] - The carrying value decreased by 15.8% from HK$584,717 thousand in 2024 to HK$492,600 thousand in 2025[61] - The largest investment, Shougang Fushan, recorded a fair value loss of HK$44,248 thousand[61] Base Metals The base metals segment recorded a fair value loss, reflecting mixed price movements with copper rising while nickel and zinc declined - The base metals segment recorded a fair value loss of HK$2,286 thousand in FY2025[62] - During the year, copper prices increased by 2.8%, while nickel prices fell by 11.9% and zinc prices by 4.8%[62] Energy The energy segment recorded a fair value loss, with its carrying value decreasing, including a significant investment in Paladin Energy Limited - The energy segment recorded a fair value loss of HK$26,350 thousand in FY2025[63] - The carrying value decreased by 29.7% from HK$232,734 thousand in 2024 to HK$163,539 thousand in 2025[63] Others The Group recorded fair value losses from other commodity and non-commodity investments, including diamonds, manganese, rare earths, and lithium - Other commodity and non-commodity investments recorded a fair value loss of HK$47,054 thousand[64] - The carrying value decreased by 14.5% from HK$132,289 thousand in 2024 to HK$113,034 thousand in 2025[64] Commodity Business The commodity business recorded a segment loss for FY2025, primarily due to weak iron ore prices affecting Koolan Island iron ore offtake Commodity Business Segment Results (HK$ thousand) | Financial Year | Segment Result | | :--- | :--- | | 2025 | (8,046) | | 2024 | 84,031 | - The Commodity Business segment result shifted from a profit of HK$84,031 thousand in 2024 to a loss of HK$(8,046) thousand in 2025[65] - The loss was primarily attributed to weak iron ore prices[65] Principal Investments and Financial Services This segment, generating income from loans and other financial assets, recorded a profit for FY2025, diversifying revenue and managing business risk Lending The Group provides secured and unsecured term loans, with outstanding receivables of HK$83,578 thousand and an impairment loss provision for the year - As of June 30, 2025, outstanding loans receivable (net of loss allowance) were approximately HK$83,578 thousand, a slight decrease from HK$88,563 thousand in the prior year[68] - During the year, the Group made a provision for impairment loss on its loans receivable of approximately HK$4,267 thousand, compared to a reversal of impairment loss of HK$24,086 thousand in FY2024[68] - The Group manages credit risk through comprehensive credit assessment and approval procedures, along with regular monitoring of loan and interest repayments[69][70] Liquidity, Financial Resources and Capital Structure As of June 30, 2025, the Group maintained a healthy financial position with net current assets of HK$2,467,308 thousand and a zero gearing ratio Liquidity and Capital Structure Key Data (HK$ thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net Current Assets | 2,467,308 | 2,252,960 | | Current Ratio | 5.6 times | 7.7 times | | Borrowings (excluding lease liabilities) | 468,457 | 280,105 | | Gearing Ratio | Zero | Zero | - The current ratio decreased from 7.7 times in 2024 to 5.6 times in 2025, but remains at a healthy level[73] - Total borrowings increased by 67.2% year-on-year, from HK$280,105 thousand to HK$468,457 thousand[74] Foreign Exchange Risk The Group's assets are primarily in AUD, while liabilities are in USD and HKD, exposing it to exchange rate risk, which is monitored but not actively hedged - The Group's assets are primarily denominated in Australian dollars (AUD), while its liabilities are mainly denominated in US dollars (USD) and Hong Kong dollars (HKD)[75] - The Group does not actively hedge the risks arising from its AUD-denominated assets but monitors them closely[75] Pledge of Assets The Group pledged listed associates and securities with a fair value of HK$950,689 thousand to banks as collateral for banking facilities - The Group pledged certain listed associates and listed securities with a fair value of HK$950,689 thousand to banks as collateral for banking facilities[76] - The fair value of pledged assets significantly increased by 128.5% compared to HK$416,000 thousand in 2024[76] Employees and Remuneration Policy The Group determines employee remuneration based on market conditions and individual performance, with 16 employees and total staff costs of HK$47,550 thousand for the year - As of June 30, 2025, the Group had 16 employees, a decrease from 25 employees in the prior year[77] - Total staff costs and retirement benefit scheme contributions for FY2025 amounted to HK$47,550 thousand, an increase of 30.8% from HK$36,344 thousand in the prior year[77] Key Risks The Group employs a comprehensive risk management framework to address market, operational, and regulatory changes, overseen by the Audit Committee Financial Risks Financial risks, including market, credit, and liquidity risks, are managed through regular investment strategy reviews and monitoring of market factors - Financial risks are categorized into market risk (foreign exchange risk, interest rate risk, and other price risk), credit risk, and liquidity risk[79] - Credit risk refers to the risk of loss arising from a customer or counterparty failing to make payments as agreed[79] Operational Risks Operational risks are mitigated through strict internal controls, proper segregation of duties, and effective reporting to prevent losses from human factors or inadequate procedures - Operational risks may lead to losses due to human factors, inadequate or improper internal procedures and systems, or external events[80] - The Group mitigates and controls operational risks by establishing strict internal controls, proper segregation of duties, and effective internal reporting systems[80] Bonus Warrants Issue The Company proposed a bonus warrant issue on October 4, 2024, with 52,333,542 warrants exercised and 218,993,850 remaining unexercised as of June 30, 2025 - The Company proposed a bonus warrant issue on October 4, 2024, to eligible shareholders on the basis of one warrant for every five ordinary shares held[81] - As of June 30, 2025, 52,333,542 warrants had been exercised, while 218,993,850 warrant units remained unexercised[81] Plans for Major Investments, Acquisitions, Disposals, and Future Capital Assets The Group had no other major investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures, nor any plans for future major investments as of June 30, 2025 - The Group held no other major investments and made no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year ended June 30, 2025[82] - As of June 30, 2025, the Group had no plans for any major investments or capital assets[82] Capital Commitments As of June 30, 2025, the Group had no significant contracted but unprovided capital commitments - As of June 30, 2025, the Group had no significant contracted but unprovided capital commitments[83] Contingent Liabilities As of the announcement date and June 30, 2025, the Board was unaware of any significant contingent liabilities - As of the announcement date and June 30, 2025, the Board was unaware of any significant contingent liabilities[84] Significant Events After the Financial Year End No significant events affecting the Group occurred after the financial year-end and up to the announcement date - No significant events affecting the Group occurred after the financial year-end and up to the announcement date[85] Company Strategy The Board believes equity investment performance depends on market sentiment, influenced by various factors, and will seek value-maximizing opportunities - The Group will regularly review its investment strategies and take appropriate measures to respond to changes in market conditions when necessary[86] - The Group will also identify potential investment opportunities to maximize shareholder value[86] Outlook The Group anticipates a complex global economic outlook for FY2026, expecting strong demand for precious metals and selected commodities benefiting from energy transition and AI growth - FY2026 is expected to face a complex global economic outlook, including uncertainties in US trade policy and structural challenges in the Chinese economy[87] - Investment demand for precious metals is anticipated to remain strong, and selected commodities benefiting from energy transition and increased AI activity are viewed favorably for the long term[87] - Mount Gibson's acquisition of a 50% interest in the CTP joint venture and adjacent exploration tenements lays the foundation for its gold production business[87] Dividends The Board recommended a final dividend of HK 11 cents per share for FY2025, payable around December 16, 2025 - The Board recommended a final dividend of HK 11 cents per share for the year ended June 30, 2025, which is higher than the HK 10 cents per share for 2024[88] - The proposed final dividend will be paid to shareholders whose names appear on the Company's register of members on December 1, 2025, and will be paid around December 16, 2025[88] Closure of Register of Members and Warrants Share and warrant transfer registration will be suspended during specified periods to determine eligibility for the AGM and the proposed final dividend - To determine eligibility for attending the 2025 Annual General Meeting, the register of members and warrants will be closed from November 18 to November 21, 2025[89] - To determine eligibility for receiving the proposed final dividend, the register of members and warrants will be closed from November 27 to December 1, 2025[90] Repurchase, Sale or Redemption of Listed Securities Neither the Company nor its subsidiaries repurchased, sold, or redeemed any of its listed securities during FY2025 - Neither the Company nor any of its subsidiaries repurchased, sold, or redeemed any of the Company's listed securities during the year ended June 30, 2025[91] Compliance with Corporate Governance Code The Company fully complied with the Corporate Governance Code in Appendix C1 of the HKEX Listing Rules for FY2025 - The Company applied and fully complied with the Corporate Governance Code in Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited for the year ended June 30, 2025[92] Review of Results by Audit Committee The Group's final results for FY2025 have been reviewed by the Audit Committee - The Group's final results for the year ended June 30, 2025, have been reviewed by the Audit Committee[93] Scope of Work by BDO Limited The FY2025 consolidated financial statement figures in this announcement were agreed by BDO Limited, but their work does not constitute an assurance engagement - The consolidated financial statement figures for FY2025 contained in this announcement have been agreed by BDO Limited, the Group's auditor[94] - The work performed by the auditor does not constitute an assurance engagement, and therefore no assurance is provided on this announcement[94] Board of Directors The Company's Board of Directors comprises executive, non-executive, and independent non-executive directors, led by Chairman Mr. Arthur George Dew - The Board of Directors includes Executive Director Mr. Andrew Ferguson (Chief Executive Officer), Non-executive Directors Mr. Arthur George Dew (Chairman), Mr. Li Sing Hui, and Ms. Lam Lin Chu, and Independent Non-executive Directors Dr. Wong Wing Kuen, Mr. Wong Wang Chien, and Mr. Chow Kwok Wing[94]