v3.25.3
Segment Reporting (Tables)
 12 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information

Year ended 30 June 2025
  
Australian
operations
$’000
    
Canadian
operations
$’000
    
Corporate
$’000
    
Group /
unallocated
items and
eliminations
$’000
    
Total
$’000
  
Revenue
    
–
      
223,365
      
–
      
–
      
223,365
  
Total revenue
    
–
      
223,365
      
–
      
–
      
223,365
  
                                         
Underlying EBITDA
    
(1,751
)
    
(60,402
)
    
(4,762
)
    
–
      
(66,915
)
Underlying depreciation and amortisation expense (1)
    
(2
)
    
(39,908
)
    
(146
)
    
–
      
(40,056
)
Underlying earnings adjustments (2)
    
–
      
(264,880
)
    
(385,692
)
    
373,171
      
(277,401
)
Profit/(loss) from operations
    
(1,753
)
    
(365,190
)
    
(390,600
)
    
373,171
      
(384,372
)
Net financial expense
                                    
(358
)
Loss before income tax
                                    
(384,730
)
Income tax benefit
                                    
2,989
  
Loss after income tax
                                    
(381,741
)
                                         
Underlying exploration expenditure
    
–
      
27,345
      
–
      
–
      
27,345
  
Underlying capital expenditure (3)
    
–
      
19,629
      
98
      
–
      
19,727
  
Total underlying assets
    
264
      
646,079
      
445,711
      
(439,340
)
    
652,714
  
Total underlying liabilities
    
12
      
176,534
      
4,234
      
(3,512
)
    
177,268
  
                                         
Year ended 30 June 2024
                                        
Revenue
    
–
      
200,873
      
–
      
–
      
200,873
  
Total revenue
    
–
      
200,873
      
–
      
–
      
200,873
  
                                         
Underlying EBITDA
    
(193
)
    
(49,091
)
    
(4,870
)
    
–
      
(54,154
)
Underlying depreciation and amortisation expense (1)
    
(2
)
    
(33,207
)
    
(98
)
    
–
      
(33,307
)
Underlying earnings adjustments (2)
    
(5,930
)
    
(24,413
)
    
(40,760
)
    
39,496
      
(31,607
)
Profit/(loss) from operations
    
(6,125
)
    
(106,711
)
    
(45,728
)
    
39,496
      
(119,068
)
Net financial income
                                    
3,622
  
Loss before income tax
                                    
(115,446
)
Income tax expense
                                    
(3,576
)
Loss after income tax
                                    
(119,022
)
                                         
Underlying exploration expenditure
    
2,534
      
31,152
      
–
      
–
      
33,686
  
Underlying capital expenditure (3)
    
–
      
105,528
      
37
      
–
      
105,565
  
Total underlying assets
    
36
      
881,307
      
814,010
      
(750,307
)
    
945,046
  
Total underlying liabilities
    
119
      
138,474
      
14,106
      
(3,286
)
    
149,413
  
 
(1)
Underlying depreciation and amortisation expense is comprised of depreciation and amortisation expense and other non-cash inventory movements recognised within ‘Changes in inventories of finished goods and work in progress’. Refer to Note 7 for further details.
(2)
Refer to Note 4 (c) for further details.
(3)
Underlying capital expenditure excludes capitalised exploration expenditure.

Year ended 30 June 2023
  
Australian
operations
$’000
    
Canadian
operations
$’000
    
Corporate
$’000
    
Group /
unallocated
items and
eliminations
$’000
    
Total
$’000
  
Revenue
    
–
      
–
      
–
      
–
      
–
  
Total revenue
    
–
      
–
      
–
      
–
      
–
  
                                         
Underlying EBITDA
    
(247
)
    
(14,604
)
    
(8,614
)
    
–
      
(23,465
)
Underlying depreciation and amortisation expense (1)
    
–
      
(569
)
    
(65
)
    
–
      
(634
)
Underlying earnings adjustments (2)
    
–
      
2,578
      
–
      
–
      
2,578
  
Loss from operations
    
(247
)
    
(12,595
)
    
(8,679
)
    
–
      
(21,521
)
Net financial income
                                    
14,821
  
Loss before income tax
                                    
(6,700
)
Income tax expense
                                    
(3,649
)
Loss after income tax
                                    
(10,349
)
                                         
Underlying exploration expenditure
    
593
      
91,773
      
–
      
–
      
92,366
  
Underlying capital expenditure (3)
    
5
      
152,989
      
40
      
–
      
153,034
  
Total underlying assets
    
3,750
      
839,539
      
805,945
      
(639,661
)
    
1,009,573
  
Total underlying liabilities
    
17
      
124,084
      
9,804
      
2,223
      
136,128
  
 
(1)
Underlying depreciation and amortisation expense is comprised of depreciation and amortisation expense and other non-cash inventory movements recognised within ‘Changes in inventories of finished goods and work in progress’. Refer to Note 7 for further details.
(2)
Refer to Note 4 (c) for further details.
(3)
Underlying capital expenditure excludes capitalised exploration expenditure.
Reconciliation of Segment Information to Statutory Results
The following table reconciles the underlying segment information to the Group’s statutory results for the year:

   
2025
$’000
    
2024
$’000
    
2023
$’000
  
Underlying EBITDA
    
(66,915
)
    
(54,154
)
    
(23,465
)
Underlying depreciation and amortisation expense
    
(40,056
)
    
(33,307
)
    
(634
)
Underlying earnings adjustments
                        
Gain on remeasurement of deferred income (1)
    
4,546
      
–
      
–
  
Income from sale of tax benefits under flow through share arrangements (2)
    
6,084
      
5,294
      
2,578
  
Impairment and write down of financial assets (3)
    
–
      
(8,134
)
    
–
  
Impairment and write down of non-financial assets (4)
    
(271,310
)
    
(17,066
)
    
–
  
Loss on disposal of financial assets (5)
    
–
      
(1,264
)
    
–
  
Merger transaction and integration costs (6)
    
(12,521
)
    
–
      
–
  
Net movement in inventories relating to net realisable value adjustments (7)
    
(4,200
)
    
(10,437
)
    
–
  
Loss from operations
    
(384,372
)
    
(119,068
)
    
(21,521
)
Net financial income/(expense)
    
(358
)
    
3,622
      
14,821
  
Income tax benefit/(expense)
    
2,989
      
(3,576
)
    
(3,649
)
Loss after income tax
    
(381,741
)
    
(119,022
)
    
(10,349
)
 
(1)
Adjustment to profit/(loss) for the Canadian operations segment.
(2)
Adjustment to profit/(loss) for the Canadian operations segment. Refer to Note 16 (a) for further details.
(3)
Adjustment to profit/(loss) for the Canadian operations segment.
(4)
Adjustment to profit/(loss) for both the Australian operations segment of nil (2024: $5.9 million; 2023: Nil) and Canadian operations segment of $271.3 million (2024: $11.2 million; 2023: Nil).
(5)
Adjustment to profit/(loss) for the Corporate segment.
(6)
Adjustment to profit/(loss) for the Corporate segment. Refer to Note 7 for further details.
(7)
Adjustment to profit/(loss) for the Canadian operations segment. Refer to Note 11 for further details.
Major Customers
The Group generates revenue from external customers who individually account for greater than 10 per cent of the Group’s total revenue. The following table sets out the applicable revenue percentage generated from each of these customers:

   
2025
%
    
2024
%
    
2023
%
  
External Customer 1
    
67
      
45
      
–
  
External Customer 2
    
33
      
–
      
–
  
External Customer 3
    
–
      
29
      
–
  
External Customer 4
    
–
      
25
      
–