Financial Performance - For the fiscal year ended June 30, 2023, the company reported a net loss before tax of HKD 73,247,000, compared to a loss of HKD 31,865,000 in the previous year, representing an increase in losses of approximately 130%[7] - The total comprehensive loss for the year was HKD 78,924,000, compared to HKD 62,174,000 in the prior year, indicating an increase of approximately 27%[5] - The company reported a net loss before tax of HKD 73,247,000 for the year ended June 30, 2023, compared to a loss of HKD 56,556,000 in the previous year[49] - For the year ended June 30, 2023, the company reported a basic loss per share of HK$0.61, compared to HK$0.22 for the year ended June 30, 2022[126] - The group's loss before tax for the year ended June 30, 2023, was HKD 73.12 million, compared to a loss of HKD 31.73 million in 2022, reflecting an increase in losses[103] Revenue and Expenses - The company recorded no revenue for the fiscal year ended June 30, 2023, consistent with the previous year[3] - The company has not recorded any revenue during the fiscal year, primarily due to exploration and evaluation expenses related to its iron ore projects[7] - The group incurred joint venture expenses of HKD 47.4 million in 2023, compared to HKD 14 million in 2022[172] - The company incurred exploration and evaluation expenses of HKD 48,997,000, compared to HKD 16,271,000 in the previous year[130] - The group's exploration and evaluation expenses for the year were HKD 17.68 million, consistent with ongoing project development efforts[92] Assets and Liabilities - The company's cash and cash equivalents as of June 30, 2023, were HKD 16,495,000, down from HKD 28,797,000 in the previous year, reflecting a decrease of about 43%[7] - The company has a net current liability of HKD 44,473,000 as of June 30, 2023, compared to a net current asset of HKD 13,529,000 in the previous year[7] - Total assets decreased from HKD 765,225,000 to HKD 724,809,000, representing a decline of approximately 5.4%[29][53] - Total equity decreased from HKD 590,137,000 to HKD 511,212,000, a reduction of about 13.4%[31] - Total liabilities increased from HKD 175,088,000 to HKD 213,597,000, indicating an increase of approximately 21.9%[34] Financing and Liquidity - The company plans to secure project financing of approximately AUD 36,000,000 (about HKD 189,192,000) for initial development costs through a joint venture with Polaris Metals Pty Ltd[8] - The company has extended the repayment date of a loan from a major shareholder amounting to HKD 27,328,000 to October 31, 2024[10] - The company has taken measures to improve its liquidity, including replacing an existing loan of HKD 17,457,000 with a new loan of USD 3,300,000 (approximately HKD 25,740,000) from a major shareholder[16] - The company believes it has sufficient financial resources to meet its operational funding needs for the next twelve months, despite significant uncertainties regarding future fundraising[17] - The company plans to maintain funding flexibility through bank loans and/or equity financing to address liquidity risks[69] Current Financial Ratios - As of June 30, 2023, the current ratio is 0.28, down from 1.83 in 2022, indicating a significant decline in short-term liquidity[63] - The company's capital debt ratio is 0.101 as of June 30, 2023, compared to 0.08 in 2022, reflecting an increase in leverage[63] Market and Resource Estimates - The estimated mineral resource at Duck Creek is 21.6 million tons with an iron grade of 55.9%[78] - The total mineral resource at the Ophthalmia project is 340.9 million tons with an iron grade of 59.3%[77] - The total estimated mineral resources for the Duck Creek project amount to 21.6 million tons with an average iron grade of 55.91%[80] - The company has a total resource estimate of 1,404.4 million tons with an average iron grade of 42.2%[167] - Marillana project has a total estimated JORC compliant resource of 1.014 billion tons, with a 60.3% iron grade for Direct Shipping Ore (DSO) and 55.5% for CID[181][195][196] Operational Developments - The company is currently reviewing its accounting policy disclosures to ensure compliance with revised requirements[46] - The group has adopted several new standards and amendments effective from July 1, 2022, which did not have a significant impact on the consolidated financial statements[35][36] - The company is advancing environmental surveys and management plans to update baseline data, including flora and fauna studies, groundwater assessments, and greenhouse gas modeling[186] - The company is conducting research and development for transportation routes to connect the ore to the Roy Hill railway system[188] - The joint venture agreement with Polaris Metals has been finalized, with Polaris acquiring a 50% interest in the Marillana project[182][183] Employee and Workforce - The workforce consists of 14 full-time employees as of June 30, 2023, down from 15 in 2022[74] - The company has not made any significant acquisitions or disposals during the year, nor does it have future major investment plans[67] Risks and Compliance - The company continues to face various risks, including credit risk and interest rate risk, which are actively monitored and managed[58][60] - The company has no identified impairment indicators for its assets as of the reporting date[117]
布莱克万矿业(00159) - 2023 - 年度业绩