20974 29Metals AR23 WEB V1 - Flipbook - Page 144
29Metals 2023 Annual Report
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Consolidated Financial Statements continued
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29Metals Appendix 4E and Annual Financial Report for 29Metals Limited and its Controlled Entities for the year ended 31 December 2023
Consolidated Financial Statements
Introduction
his section provides information about the overall basis of preparation of the onsolidated Financial Statements that the ompany considers will be
useful in understanding the onsolidated Financial Statements.
Note 1: Corporate information
29Metals Limited (‘ϮϵDĞƚĂůƐ’ or, the ‘ŽŵƉĂŶLJ’) is a or pro it company limited by shares, domiciled and incorporated in Australia. Shares in 29Metals
are publicly traded on ASX. 29Metals’ shares commenced trading on ASX on 2 uly 202 .
he registered office of the ompany is Level 2,
0 ollins St, Melbourne, ictoria 3000, Australia.
he nature of operations and principal activities of 29Metals Limited and its controlled entities (together the ‘'ƌŽƵƉ’) are mining and mineral production,
mineral concentrate sales, mineral e ploration and development and ancillary services.
he onsolidated Financial Statements of the Group for the year ended 3
the irectors dated 23 February 202 .
ecember 2023 was authorised for issue in accordance with a resolution of
Note 2: Basis of preparation
he onsolidated Financial Statements is a general purpose financial report which
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has been prepared in accordance with Australian Accounting Standards (‘^’) and other authoritative pronouncements of the Australian
Accounting Standards Board (‘^’) and the Corporations Act
( th);
complies with International Financial Reporting Standards (‘/&Z^’) and interpretations adopted by the International Accounting Standards Board
(‘/^’);
has been prepared on a historical cost basis e cept for certain financial instruments which have been measured at fair value through the profit or
loss;
is presented in Australian dollars with all values rounded to the nearest thousand dollars ($’000) unless otherwise stated, in accordance with
ASIC Corporations (Rounding in Financial / Directors’ Reports) Instrument 20
9 ;
adopts AAS and Interpretations that have been issued or amended and are effective from anuary 2023. he adoption of AAS and Interpretations
that have been issued or amended during the year did not have a significant impact on the financial report; and
does not early adopt AAS and Interpretations that have been issued or amended but are not yet effective. Refer to ote 3 for further details.
Going Concern
he onsolidated Financial Statements for the year ended 3 ecember 2023 have been prepared on a going concern basis, which assumes that the
Group will be able to realise its assets and meet its debts as and when they become due and payable.
For the purposes of assessing the appropriateness of preparing the onsolidated Financial Statements for the year on a going concern basis, the irectors
have had regard to the significant impact of the treme eather vent at apricorn opper in March 2023 on the Group’s financial results for the year
ended 3 ecember 2023, along with continuing recovery efforts, reflected in
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a Group loss after ta of $ 0,
$
3,000 (2022 $ ,222,000 loss), including non cash impairments of
0,000,000 to the apricorn opper segment; and
$2 ,000,000 to physical assets at apricorn opper damaged or lost;
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net cash outflows from operating activities of $3 , 2 ,000 (2022 $
recovery activities at apricorn opper; and
, 90,000 operating cash inflow), including operating costs associated with
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the Group re uired and obtained covenant relief under the Group corporate debt facilities (Refer to ote 2 ).
