Tax (Tables)

12 Months Ended

Jun. 30, 2025

Income Tax Expense Comprises Current and Deferred Tax

Income tax expense comprises current and deferred tax and is recognised in the Consolidated Statement of Profit or Loss, except to the extent that it relates to items recognised directly in the Consolidated Statement of Comprehensive Income.

	2025 $’000		2024 $’000			2023 $’000
Current income tax benefit/(expense)		1,226		(1,008	)		–
Deferred income tax benefit/(expense)		1,763		(2,568	)		(3,649	)
Total income tax benefit/(expense)		2,989		(3,576	)		(3,649	)

Reconciliation of Prima Facie Income Tax Expense

	2025 $’000			2024 $’000			2023 $’000
Loss before income tax		(384,730	)		(115,446	)		(6,700	)
Income tax on loss before income tax calculated at 30 per cent (2024 and 2023: 30 per cent)		115,419			34,634			2,010
Adjust for tax effect of:
Mining tax		144			73			(1,650	)
Non-assessable income		1,825			18			4,820
Non-deductible expenses		(12,217	)		(6,798	)		(4,366	)
Other assessable income		–			(1,926	)		–
Other deductible expenses		–			1,523			–
Prior period adjustments		5,887			–			–
Tax losses and temporary differences not brought to account		(94,967	)		(27,318	)		(4,463	)
Tax rate differential on non-Australian income		(13,102	)		(3,782	)		–
Total income tax benefit/(expense)		2,989			(3,576	)		(3,649	)

Deferred Income Tax Assets and Liabilities

Deferred income tax assets and liabilities are attributable to the following tax losses and temporary differences:

	Deferred tax assets						Deferred tax liabilities						Deferred tax charged/ (credited) to profit or loss ⁽¹⁾
	2025 $’000			2024 $’000			2025 $’000			2024 $’000			2025 $’000			2024 $’000
Temporary differences
Deferred income		2,016			1,989			–			–			(32	)		(117	)
Property, plant and equipment		–			5,565			22,816			69,003			(48,538	)		(25,642	)
Provisions		751			10,286			–			–			11,393			3,824
Tax losses		5,506			34,175			–			–			34,259			23,539
Other		–			3,927			–			2,960			1,155			964
Total		8,273			55,942			22,816			71,963			(1,763	)		2,568
Set off temporary differences		(8,273	)		(55,942	)		(8,273	)		(55,942	)		–			–
Total		–			–			14,543			16,021			(1,763	)		2,568

(1)	Deferred tax charged/(credited) to profit or loss does not reconcile to the movement in the respective deferred tax asset and deferred tax liability balances due to amounts charged/(credited) to equity.

Movement in Deferred Tax Balances

	2025 $’000			2024 $’000			2023 $’000
At the beginning of the financial year		16,021			13,983			10,174
Charged/(credited) to profit or loss		(1,763	)		2,568			3,649
Charged/(credited) to equity		285			(530	)		160
At the end of the financial year		14,543			16,021			13,983

Unrecognised Deferred Tax Assets and Liabilities

The composition of the Group’s unrecognised deferred tax assets and liabilities is as follows:

	2025 $’000		2024 $’000
Tax losses – capital		6,703		6,736
Tax losses – revenue		99,872		53,857
Temporary differences		91,929		1,810
Total unrecognised deferred tax assets		198,504		62,403